HPI, the vehicle information business, has been sold by Equifax to IMVA which operates the National Mileage Register in a £40m deal. HPI Group has been formed to embrace HPI and IMVA.

Today's announcement follows months of speculation about the future of HPI. HPI Group chief executive Martin Rowley said: "We have brought together the expertise and data resources of both companies to enable the industry and private used car buyers to tackle vehicle fraud."

The deal is worth £40m, which includes the acquisition price and investment in the new group.