New merger on the cards
Motorhog, Car Transplants, FAB Recycling and DH Systems are merging to form a new company, Synetiq.
The new company will start trading on 1 March, and has said that after consultations with insurance companies and West Midlands Police, it will not accept cash payments for vehicle salvage.
West Midlands Police chief superintendent Chris Todd said, ‘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 added, ‘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.’
Meanwhile, Synetiq has deployed GDPR compliant processes across its 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.
