CAP powers underwriting solution

Innovative used car underwriting system Underwrite-it is enjoying major success, thanks to strategic partnership with CAP.

The web-based system streamlines the underwriting process by linking dealers and traders via their specialist fields. This ensures the swiftest and highest financial returns by matching cars with the most appropriate trade buyers.

Underpinning the Underwrite-it system is CAP’s iD to VRM lookup – which offers instant matching of vehicle registration mark to CAP iD codes – plus CAP used values, technical and specification information.

Underwrite-it is now helping dealers across the home counties and south coast to trade unwanted part-exchanges swiftly and efficiently while maximising returns to enhance the profitability of deals.

One dealer signed a contract with Underwrite-it within hours of trialling the system when it revealed a source prepared to pay £2,000 more for an unwanted part-exchange than his regular underwriting contacts.

The system also delivers advantage to dealers by incorporating the industry standard benchmark used values of CAP, together with CAP’s essential technical and specification data to ensure the most accurate identification and valuation of individual models and derivatives.

Underwrite-it is the brainchild of Paul Tuvey, an experienced motor trader for more than 20 years.

He said: “Looking for underwrites on some vehicles can be time consuming at best and hit and miss at worst. I originally envisaged Underwrite-it as an effective solution to the problem of where to turn if you’re offered something out of the ordinary, like a left hand drive Fiat Barchetta but it is proving to have much wider applications than that.

“For example, we have dealer customers who are using it as a straight forward way of purchasing stock. It offers them the chance to widely advertise their needs and establish trusted sources for the right kind of vehicles.”

The experience of Underwrite-it customers has also shown that the system can be harnessed in a customer-facing environment, for example as a way of managing unrealistically high expectations when it comes to agreeing a part-exchange value.

As well as CAP pricing providing a robust and trusted benchmark for vehicle values in the system all technical data fields are automatically populated with CAP’s current and historic new vehicle data. Again, this provides a high level of comfort for the user faced with an increasingly complex marketplace often featuring literally hundreds of derivatives of the same model.

Paul Tuvey added: “We needed valuation data that our customers could trust and we also wanted a way to populate the features and specification fields of the system with all the relevant data for every vehicle. As soon as we talked to CAP it was clear that they could meet our needs exactly. Better than that, it became obvious that we could not only work together – but we could be strategic partners.”

Among Underwrite-it’s satisfied customers is Perry Lee, a director of Peter Cooper Volkswagen where it is installed at three sites. He said: “The system is simple and effective. It fits well with our process and the incorporation of CAP data gives us comfort that we can trust the valuations and technical information it offers.”