With rising vehicle theft and fraud, it’s more important than ever for dealerships to make sure they are not buying a stolen or otherwise encumbered vehicle.
According to the latest crime statistics published by the South African Police Service, 5 866 hijackings were reported across the country between April and June 2022, a 14% increase compared to the same period in 20211.
The rising levels of crime and fraud heighten the risk of buying a stolen vehicle, or one still subject to previous financing.
Crime is not the only risk auto professionals need to manage and mitigate. With so many vehicle derivatives ensuring correct vehicle descriptions and accurately estimating the value and correct retail price of a vehicle takes time and effort. If you get it right, you will maximise your profit, but get it wrong and you lose money.
Lightstone’s mobile app and online platform, LIVE, enables everyone in the vehicle sale, financing, and insurance space to access accurate data on a vehicle and its driver.
With LIVE you can get accurate vehicle valuations, validation of the VIN, engine number, make, model and type as well as police and financial interest information. The application links directly to our in-house and various third-party databases to produce up-to-date and accurate verification data on a vehicle.
Lightstone’s vehicle valuations are based on actual market transactions and updated on an ongoing monthly basis. This means they don’t lag behind the value fluctuations in the vehicle market (influenced by stock supply and demand) but track vehicle values on a continuous basis.
Business is complex but making informed decisions shouldn’t be. By accurately verifying and valuating a vehicle, you will reduce business risk and avoid harm to your business’s reputation.
At Lightstone, innovating to simplify business processes is at the heart of our business and we envisage making further enhancements to the app to further assist all parties in the vehicle sale, financing, and insurance fields.
*1 SAPS Crime Statistics, https://www.saps.gov.za/services/crimestats.php
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