ACCIDENT AND CRITICAL DAMAGE INFORMATION FOR ACCURATE VEHICLE PRICING
LA VEGAS, March 12, 2022 /PRNewswire/ — The unprecedented used car market makes understanding vehicle history more important than ever. Accident history is the first thing used car buyers look for in a vehicle’s history, and rightly so: CARFAX estimates that the average impact on the value of a vehicle damaged in the past is about $300 on the wholesale price and $400 on the retail price. These numbers climb to an average of nearly $1,200 for wholesale and $1,500 for the retail trade if the vehicle has suffered serious damage.
CARFAX estimates that up to 40% of vehicles on US roads have suffered damage in their history; it’s about 110 million cars. CARFAX data also shows that one in four cars are sold within a year of a claim. Dealers can use the CARFAX Vehicle History Report to see if any damage has been reported to CARFAX, and also to get help determining the severity. Most reports detail where the impact occurred and the severity of the damage.
“It’s such a benefit to not just see ‘accident’ or ‘damage’,” said Randy Bowman, General Manager at West Point Buick GMC. “When you can see ‘minor’ or ‘serious’ it helps explain to customers whether it was a fender crease in a driveway versus a major crash where the airbags deployed. It helps Not only does our customers know this information in advance, but it helps us protect our investment in our inventory.”
The CARFAX Vehicle History Report makes it easier for auto dealers to find and assess damage and ensure they’re getting the best inventory at the right price. It’s critical for dealers to know if a vehicle has suffered damage or else they could overpay hundreds or even thousands of dollars, directly affecting their bottom line. CARFAX has a free estimate tool, Value based on historywhich takes into account location and market conditions as well as vehicle-specific information, such as reported accidents.
“The great thing about CARFAX History-Based Value is that it really compiles all the information into one source,” said Steve Rosenberg, General Manager at Cronin Hillsdale Chrysler Dodge Jeep Ram. “It tells you the accident, maintenance and ownership history of the specific vehicle you are considering. All of these things influence both wholesale and retail value. This helps us when acquiring and then when we go to sell, customers love this information. History-Based Value is an invaluable resource, and it makes our job so much easier.”
Tens of thousands of dealers – and millions of consumers – use CARFAX History-Based Value to help determine the most accurate prices. CARFAX recently added three more ads to its national advertising campaign highlighting how understanding a car’s accident and damage history can ensure accurate vehicle pricing. Each features CAR FOX showing how two cars that look alike can have very different crash histories.
The spots humorously show used-car buyers trying to tell the difference between two vehicles that look identical – but have vastly different values – based on their individual history. The commercials, titled “CARFAX Bestie”, “CARFAX Friday Night Rides” and “CARFAX Twins 2.0” air on network and cable television stations nationwide. The ads remind car buyers that the only way to get the most accurate price based on the car’s history is to search CAR FOX and buy on CARFAX.com. Every vehicle listed on CARFAX.com comes with a free CARFAX vehicle history report provided by the dealer and many also include the original window sticker. the original window sticker can help buyers determine what features are included in the model they are considering and help buyers better understand the price.
Watch the new Carfax ads on: https://vimeo.com/showcase/carfaxtvadlibrary
How to read accident and damage information on a CARFAX Vehicle History Report: https://www.carfax.com/blog/how-to-read-accident-information-on-a-carfax-vehicle-history-report
Editor’s Note: Journalists are invited to visit the CARFAX booth (#1527W) at the NADA Show to learn more. Interviews are available, including in person at NADA. please contact Emilie Voss at [email protected] or call 703-934-2664 ext. 4462.
CARFAX, part of S&P Global Mobility, helps millions of people every day buy, service and sell used cars with confidence through innovative solutions powered by CARFAX vehicle history information. Expert in vehicle history since 1984, CARFAX offers exclusive services such as CARFAX Used Car Ads, CARFAX car maintenance, Value based on CARFAX history and the lighthouse CARFAX®™ Vehicle History Report consumers and the automotive industry. CARFAX has the largest vehicle history database in the world and is nationally recognized as one of the best places to work by The Washington Post and Glassdoor.com. Shop, buy, service, sell – Show me the CARFAX™.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s leading provider of credit ratings, benchmarks, analytics and workflow solutions for the global capital, commodity and automotive markets.