After the recent news of the merger between UK salvage and dismantling companies; Motorhog, Car Transplants, FAB Recycling and DH Systems, SYNETIQ the new name for the merged companies announce that they will NOT be accepting cash payments for vehicle salvage when SYNETIQ starts trading from the 1st of March.
No Cash for salvage – providing complete transparency
In consultation with insurance companies and spearheaded by West Midlands Police, SYNETIQ have taken the voluntary step to rule out cash transactions and provide complete transparency and traceability.
West Midlands Police Chief Superintendent Chris Todd welcomed SYNETIQ’s decision and urged other salvage auction houses to follow suit. “SYNETIQ are setting a great example: they are listening to police concerns over the rise in stolen cars and are taking steps to make it more difficult for crime gangs to exploit the salvage vehicle industry.”
Allianz’s Chief Claims Officer, Graham Gibson said “We fully support SYNETIQ’s decision to decline cash payments for vehicle salvage. As one of the largest commercial and fleet vehicle insurers in the UK we agree that the responsible management of salvage is important and doing all that we can to support this important area and helping to make Britain’s roads safer is top of our agenda.”
Richard Martin – Group MD of SYNETIQ said “I am delighted that SYNETIQ is leading the industry with regard to compliance and transparency. We have worked closely with our clients and the authorities and will continue to drive up standards and trust, in both our business and the industry.”
GDPR – Protecting personal data, whatever form it is held in
Modern vehicles increasingly hold more and more data about their owner and drivers. This can range from sat-navs to integration with mobile phones or black box systems for insurance tracking.
SINETIQ have deployed GDPR compliant processes across their business to ensure that personal data is guarded at every step. All personal data is removed from vehicles and systems before they are disposed of to ensure that data isn’t inadvertently ‘sold on’ with the vehicle or any components.
Their IT systems are all hosted within the UK so when they work with insurance companies to process a claim personal data never leaves our shores.