autobiz offers the first ECB-compliant valuation: the Fleet Assessment Product
Since 2019, the European Central Bank (ECB) requires banking organisations specialising in car financing to monitor and evaluate the risk of their customer portfolio. Therefore, the car valuation specialist has, as a result, developed and had audited a fleet valuation tool: Fleet Assessment.
Fleet Assessment’s goal: to allow professionals - as accurately as possible - to value their vehicle fleets.
As an expert in the field of car valuation, autobiz has developed the Fleet Assessment tool to respond to a major requirement for car financing companies: to value their car fleets in order to better assess the risk.
In view of the very precise and strict ECB-required legislative framework (accounting standards to be used to value vehicle fleets according to fair value rules), autobiz is the first and only industry player in which to comply with the international IFRS13 standards. As a reminder, the standard in question guarantees that data communicated by autobiz is periodically audited by an external auditing company specialising in the valuation of material assets at “Fair Value”.
A "reliable, uniform, dynamic and thorough" method, according to an updated audit undertaken in November 2021
In November 2021, autobiz commissioned the asset valuation firm Chappuis Halder & Co, to audit its processes and certify that its method of determining market value complied with the International Accounting Standards Board’s (IASB) accounting principles, and subsequently confirmed the ECB's compliance with its recommendations.
The audit, updated in November 2021, effectively confirms that the autobiz Fleet Assessment evaluation method, has been assessed as hereunder:
- Reliable: it is based exclusively on the main infomediary websites of the countries concerned
- Uniform: it is identical in all 21 countries of operation
- Dynamic: it integrates, instantly, any new infomediary platform
- Thorough: it benefits from autobiz's historical positioning, i.e., data collection dating back to 2004, making them a major player in the sector
"As the market leader in vehicle valuation with a strong presence in the banking and vehicle financing world, it was only natural that we should be fully aligned with the ECB's recommendations. Fleet Assessment allows our customers to have accurate vehicle fleet valuations in which to better insure them on a daily basis. This independent audit, carried out for the third time, has clearly illustrated the validity of our methodology and the solidity of our position in a market that is constantly evolving". Emmanuel Labi, Managing Director of autobiz.
Since 2004, autobiz has been supporting all players in the European automotive industry with recovery and trade-in solutions. This support is based on 16 years of data history, along with the software, web and business know-how of the company's 160 employees. Today based in La Défense (92), autobiz also has offices in Berlin, Valencia (Spain) and Milan. autobiz supports more than 15 leaders in used car remarketing (manufacturers, banks, leasers, auctioneers, etc.) as well as 5 000 points of sale in 18 countries across Europe.