The company claims the move is in response to industry demand, and will enable businesses, for the first time, to take a unified view of global trends, and see efficiencies across all operations that use new and used vehicle data.

Commenting on the launch, Ian Rendle managing director of cap hpi said: “The automotive industry is undergoing seismic changes that require new levels of data insight if it is to exploit new opportunities. The new global code will provide a future-proofed platform that will unlock the ability to share vehicle data across international boundaries.

“We believe a single global code will help the industry drive innovation and growth throughout the vehicle lifecycle. Data led businesses will be able to scale internationally in a fraction of the time and with much less cost.”

cap hpi says the new code is numeric-based and will provide a future-proofed platform that enables a wide range of technology-based solutions. It will allow far greater levels of detail and accuracy when describing model, chassis and powertrain variants.

The existing cap code, which has underpinned the motor industry in the UK, will run alongside the new code and receive support indefinitely.

The company has recruited Joel Albyn, a former director of product management and global e-commerce strategy for Walmart, to lead the rollout of new data products and devise new digital strategies.

Rendle continued: “The unified methodology will create a globally accepted code that will help to drive quality through processes in new vehicle data, future and used valuations, and service, maintenance and repair. While existing, mostly UK, users of the current cap code will be supported into the future, we are confident they will see the benefits of a system that provides far greater accuracy and granularity.”

cap hpi will work with companies across automotive manufacturing, finance and fleet sectors to use the code to develop applications that help them work more efficiently and profitably. The company is recruiting teams in each country and undertaking detailed research to develop local solutions.

The international expansion will build on the expertise of the team in the Leeds-based headquarters, which will serve as the global base of operations.The company is launching into key markets in 2016, supported by the international network of parent company, Solera, which operates in over 75 countries.