What Are the Benefits of Plate History Checks for Businesses?

Business confidence in the UK plunged to a six-month low in July, thanks primarily to a lacklustre economic forecast and the looming shadow of Brexit.

 

This means that today's constantly expanding selection of entrepreneurs will be looking to spend conservatively in the months ahead, in order to protect their assets until the prevailing economic climate improves. Businesses will also be increasingly motivated to optimise the ROI on their spend, so that they can achieve more for less during difficult times.

 

If your business is looking to invest in new company cars, for example, you will want to consider investing in plate history checks to guarantee the viability of the vehicles that you intend to purchase. Here are some of the specific benefits associated with this practice:

 

1.      Check if Plates Have Been Transferred Across Different Vehicles

Historically, plate history checks were used to determine whether or not a single registration plate has been used across multiple vehicles. After all, while this is a perfectly legal practice and something that motorists can choose to do when trading in one car for another, it can also be used to hide a host of potential issues relating to finance, accidents and fraud.

 

So when you search on a specific registration plate, you may be presented with a number of vehicles with which it has a direct association. You can then search each of these in intricate detail, while determining how and why the vehicle registration was transferred in the first place.

 

2.      Check for Previous Accident Damage

 

In most instances, you will find that a vehicle's registration plate has only direct association. While this may provide some form of reassurance, it is important to look for other potential issues that could impact on the viability of your investment.

 

This is possible through resources such as HPI Check, which allow you to enter a cars' registration number and evaluate any previous accident damage that the vehicle has incurred. You will also be able to access detailed records about the extent of the damage caused and the total cost to the insurer.

 

You will even be able to determine whether or not the vehicle has been previously written-off, through a vehicle check, as this may suggest that the car has returned to the road despite not being in a fit condition to operate. This could present a real danger, to your customers, your drivers and the brand that you have worked too hard to build.

 

3.      Check for Outstanding Debt Burdens

Buying a car can be a complicated pastime, particularly when investing on behalf of your business venture. It is therefore not only crucial that you guarantee the quality and road-worthiness of the vehicles that you invest in, but must also safeguard your finance and its potential to deliver a return.

 

Performing registration plate checks can help with this, as they will prevent you from investing in a car that carries an outstanding debt burden in the form of financing or a logbook loan. These can stay with the car when they are not repaid in full, and in some instances, that can automatically carry over you as the new owner.

 

More importantly, this debt will carry over to your business, creating a burden of debt that can weigh heavy over time.