NVOR announces their pre seed round led by Fuel Ventures.

To coincide with the commercial release by NVOR Limited of their Ownership Beyond Doubt service, Fuel Ventures is pleased to finally announce that we completed and led their pre-seed round of £150k investment in Q1 2022, following earlier private investment received by the company in 2021.

The Ownership Beyond Doubt service from NVOR has launched today, providing a digital validation for vehicle ownership. The Ownership Beyond Doubt registration captures both the vehicle and the customer details along with any financial interest through a range of verification checks which are entered at the point of sale by a participating dealer, confirming and validating the true ownership of the vehicle.

What is NVOR?

The National Vehicle Owners Registry (NVOR) is a database registry providing certificate based validation of a vehicle’s ownership. The purpose of the registry is to protect car buyers, car dealers, finance providers and owners from potential fraud, misrepresentation and theft. In what seems long overdue in the industry first, NVOR brings together actual validation of both vehicle, finance and customer data through a range of verification checks which are validated in a number of ways to confirm true ownership of the asset.

Why now?

For over 100 years since the birth of the motor car, there is still ambiguity and confusion of who owns a vehicle in the U.K, with no ability until now, of validating the true ownership.

The Ownership Beyond Doubt service from NVOR has launched today, providing a digital validation for vehicle ownership. The Ownership Beyond Doubt registration captures both the vehicle and the customer details along with any financial interest through a range of verification checks which are entered at the point of sale by a participating dealer, confirming and validating the true ownership of the vehicle.

Backed by private investment and London based VC Fuel Ventures, Investor Principle, Tom Hibbard said “We see NVOR as the fourth missing piece in the vehicle data industry and are excited to be part of this new service.”

The Ownership Beyond Doubt service is not a replacement to a current V5c document, but provides the missing piece in the vehicle data marketplace - ‘the ownership’. It is widely taken for granted that the V5c registration document acts as a proof of ownership of a motor vehicle.

The name and address details on this document results in the assumption that you are the legal owner - this is not the case.

This new online service focuses on the ownership not the keeper/user whilst a quick and easy registration process allows the motor trade to register the true ownership of both new and used vehicles, protecting customers, motor traders, finance providers, auction houses and insurance companies from potential fraud and misrepresentation.

Meet the founders

• Co-Founder of NVOR, Sean Butcher said: “We consider the company to be the vanguard in collating this essential and important information in order to establish a national vehicle ownership register and provide an extra source of data security for the ever evolving online vehicle sales landscape within the automotive industry, enabling the consumer, finance and insurance sectors to seek clarity and protect their valuable assets. In addition our service will support a more enhanced digital experience for policing and enforcement purposes, enabling secure information and data sharing, in order to build a more credible and richer intelligence picture of vehicle ownership in the U.K”.

According to a recent study by CarGurus, 63% of UK car buyers are now open to buying their new or used vehicle online. For the majority of consumers, their vehicle is the next most expensive financial commitment second to their home, it therefore makes sense that there is a registration and validation solution and data capture service for this purpose. Once an owner and their vehicle are registered a digital certificate is issued to the customer to their registered email address and mobile which includes their account log-in details.

What is this business model?

NVOR charge a one time fee of £99.00 incl VAT for the registration and the digital ownership record remains with the owner until the vehicle is sold. By finally bringing together the necessary information required to digitally validate the ownership of a vehicle and provide an unmatched automotive service, our value added product finally demystifies the ownership of a vehicle and helps to enhance customer retention for the car dealer.

What are the benefits of NVOR?

• Long-term benefit to consumer, car dealers finance and insurance companies security
• One payment for the life of the ownership of the vehicle
• Helps in the fight against vehicle finance fraud
• Proof of ownership verified via 6 point validation system by a registered dealer when selling and buying a vehicle
• Helps in the fight against misrepresentation
• Added security data across all motoring sectors

If you are an entrepreneur looking for investment, please apply here or email your deck at alexb@fuel.ventures or reach out to me on LinkedIn.