While the company will continue to use its own Cap HPI live data stream, the new product will help body shops, insurers, and their clients receive a more fair, accurate, and time-sensitive car assessment, according to the US-based automotive services provider.
"We now provide insurers with a variety of data points, including real-time information, on which to base their decisions." In order to provide a highly accurate solution to the market, our goal is to ensure that MVM has the most comprehensive data possible," said Christopher Wright, Vice President–North Europe, Solera.
MVM is used by claims handlers to more correctly evaluate a vehicle's pre-accident worth so that they may make suitable settlement offers to customers based on reliable market data.
Handlers can offer the customer a fair and up-to-date settlement value by using Cap HPI's live valuation data, which analyzes a variety of datasets to determine a true current value. This guarantees that the valuation choice is made in accordance with the Financial Conduct Authority's (FCA) Treating Customers Fairly policy.
"Real-time 'live' data is crucial for insurers to guarantee they deliver fair settlement to clients while maintaining their profit margin," said Derren Martin, Cap HPI's director of valuations.
As a result of ongoing global events, the new and used car market has become so strained and complicated that vehicle prices fluctuate on a daily basis. In these ever-changing times, our award-winning values data helps decrease risk."
In 2022, the accident repair industry will face a slew of new obstacles. Electric cars (EVs) and hybrids, according to Activate Group, take longer to fix in bodyshops than gasoline and diesel counterparts due to more "complicated" procedures.
Solera explained the necessity for live market data on the Audatex platform by stating that a semiconductor scarcity and the COVID-19 epidemic had halted the production of new cars, resulting in a 2% increase in 2020 and a 30% increase in 2021.
Last week, Martin classified June's used car market as "steady," noting that the average used car had dropped 0.4 percent month-on-month over the previous two weeks, to three years and 60,000 miles, and that he projected June's values to fall by roughly 0.8 percent.
However, he warned that if restricted supplies do not keep prices at historic highs, the industry might turn into a "bloodbath."
"Cap HPI's valuation data remains the primary source of automotive valuation data for the UK used car market," Wright said. Insurance companies, on the other hand, require composite data to ensure that their values are accurate, reliable, and timely in such a volatile market."