Data Sharing Is Key To Stopping Stolen Car Exports

According to law enforcement agencies, stolen car exports are now a “massive threat” to the car finance and leasing industries in the UK. AVCIS, the specialist car crime unit of the police, reported a recent large increase in cars under car finance agreements being illegally exported through UK ports to foreign countries.

AVCIS spokesperson Vince Wise stated that poor regulation regarding export procedures is making this possible.

Mr. Wise explained that criminals have an easy time exporting stolen cars to markets overseas and selling them there on the black market. Car finance companies are accused of failing to cooperate in addressing this issue.

The opportunity to intercept the cars is there, said Mr. Wise, but AVCIS efforts are restricted due to “a serious lack of communication” between large auto finance companies.

In Mr. Wise’s opinion, AVCIS could be more effective at stopping the criminal activity at the UK ports. IT just needs car financing competitors to share basic details. This information includes the type and quantity of stolen cars and details regarding overseas recoveries.

AVCIS will be more proactive in its work if it has this data.

Most of the cars that are stolen and shipped overseas are luxury automobiles, said Mr. Wise. The majority of these are on leasing agreements at time of export. Insurance companies are beginning to notice this trend and are becoming more reluctant to pay out this kind of claim.

This hurts car owners with legitimate losses.

Though this issue represents a major threat to car finance companies, none of them seems to want to do anything about the issue, stated Mr. Wise. He said that the police can only be effective if they have timely and accurate information regarding cars that are stolen and recovered.

If this situation goes unaddressed, it could affect the future of car loans.