CARFAX Canada Launches History-Based Value

Rhea-AI Summary

CARFAX Canada has launched a new vehicle valuation offering named History-Based Value, designed specifically for dealers. This innovative valuation model automatically adjusts for each vehicle's unique history, including past damage and maintenance. History-Based Value is refreshed weekly to stay updated with market trends, providing dealers with accurate pricing tools. The launch comes in response to rising consumer expectations, as 1 in 3 car shoppers may reject offers perceived as unjustified. This makes CARFAX Canada's service essential for transparent and profitable vehicle dealings.

Positive

• Launch of History-Based Value offers unique vehicle valuation adjusted for history.
• Service is updated weekly, aligning with changing market conditions.
• Addresses consumer demand for transparency in vehicle pricing.

Negative

• None.

The next generation of vehicle valuation from the Canadian vehicle history experts

LONDON, Ontario--(BUSINESS WIRE)-- CARFAX Canada, the country’s leader in vehicle history, announces the launch of a new vehicle valuation offering for dealers, History-Based Value.

CARFAX Canada launches History-Based Value.

CARFAX Canada History-Based Value is the first and only valuation model in Canada that automatically adjusts for each vehicle’s unique history when determining how much it’s worth.

What has happened in a vehicle’s past – including any damage, how well it’s been maintained, how many owners it had, its mileage, where it’s located and what it’s been used for – can have a significant impact on its value today. With access to the most robust vehicle history data network in North America, CARFAX Canada is uniquely positioned to deliver vehicle values with unparalleled accuracy.

Made available to Canadian dealers this week, History-Based Value allows users to determine a vehicle’s value without the guesswork of manually adjusting for its past. More than ever, Canadian car shoppers want to know how their dealership arrived at a vehicle’s value. In fact, 1 in 3 car shoppers will reject a trade-in offer if they believe it’s not well thought-out and properly justified.¹ Dealers and consumers alike can trust in the values provided by CARFAX Canada History-Based Value because it objectively factors a vehicle’s history into the equation to generate VIN-specific values, easing tough negotiations and maximizing profits.

In today’s rapidly changing market conditions, it’s never been more challenging for dealers to accurately price vehicles in their inventory. History-Based Value is refreshed every seven days with the latest data, so it's always in tune with changing market trends.

“We’re thrilled to finally launch History-Based Value to our dealers,” shares Mark Rousseau, president and GM of CARFAX Canada. “Our customers have been asking for it and we’ve been hard at work perfecting the advanced machine learning technology within the model.”

“History-Based Value is a natural extension of our valuation capabilities,” continues Rousseau. “We all know that a vehicle’s history, especially damage history, is one of the biggest factors influencing its value. By combining the most comprehensive vehicle history network in Canada with our extensive valuation technology, we’re able to provide the smartest approach to valuing vehicles in Canada. No other valuation tool in Canada can automatically adjust for vehicle history like History-Based Value.”

How does History-Based Value generate a vehicle value?

• History-Based Value starts by analyzing millions of data records including actual sold data for similar vehicles
• Then, it factors the vehicle’s unique history into the equation including odometer reading, damage, service history, ownership history and use type
• Finally, the valuation is further fine-tuned based on market factors like location and seasonality

Dealers interested in a free trial of History-Based Value can contact their rep directly or sign up HERE.

About CARFAX Canada
CARFAX Canada, a part of S&P Global (NYSE: SPGI), is Canada’s definitive source of automotive information, delivering vehicle history, appraisal and valuation. Drawing on billions of data records from thousands of sources, its products enable used vehicle buyers and sellers to make informed decisions. CARFAX Canada is dedicated to transparency and is trusted to provide vehicle history and valuation information to dealerships, vehicle manufacturers, consumers, major auctions, governments, insurance providers and police agencies. www.carfax.ca

Connect with CARFAX Canada on Instagram, Facebook and LinkedIn.

¹ CARFAX Canada Driving Insights, 2022

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005988/en/

For further information or for an interview with a CARFAX Canada representative:

Brittney McKee, Director, Brand Marketing at CARFAX Canada

bmckee@carfax.ca

+1.226.680.1712

Source: CARFAX Canada

FAQ

What is CARFAX Canada's History-Based Value?

History-Based Value is a new vehicle valuation model from CARFAX Canada that adjusts for each vehicle's unique history.

How does History-Based Value determine vehicle worth?

It analyzes millions of data records, including sold data and unique vehicle history factors.

When was History-Based Value launched?

History-Based Value was launched this week.

How does History-Based Value benefit car dealers?

It provides accurate, dynamic pricing tools to help maximize profits and ease negotiations.

What is the ticker symbol for CARFAX Canada's parent company?

The ticker symbol for CARFAX Canada’s parent company, S&P Global, is SPGI.