Chennai, Mar 11: AutoIndia.com, the pioneer of the online automotive marketplace in India, announced the launch of vehicle history 'SmartCheck' feature.
"SmartCheck" which has gone live at www.autoIndia.com is an interactive feature that serves data on over 1,00,000 used vehicles with problems relating to fraud, theft. AutoIndia.com, warns consumers to beware of a new type of automobile fraud viz. "Engine or Chassis Number Cloning." This is done using the engine or chassis number from one vehicle to mask the identity of a stolen vehicle. Unfortunately, these stolen vehicles end up in the hands of unsuspecting car buyers.
Based on 2007 Statistics, there are over 90 million motor vehicles in India.
Today in India, a vehicle is stolen approximately every five minutes, as per police records. Most of these are passenger vehicles. The highest incidents of thefts and frauds were reported in Delhi, followed by Mumbai and Bangalore both for two wheelers and passenger cars.
"A recent AutoIndia.com study shows a significant increase in stolen vehicles coming up for sale over the last five years," said Chandramouli, CEO at AutoIndia.com.
Chandramouli pointed out that SUVs and popular models of four wheelers and two wheelers are frequent targets. Insurance companies lose over Rs.1000 crores every year, and as much as 15 per cent of all motor claims are for theft or fraud.
As vehicle thefts increase, more and more consumers could find themselves paying for someone else's crime. AutoIndia advises customers to be cautious when purchasing vehicles and to do a vehicle history check through it's free 'SmartCheck'.