CARFAX Canada Presents: 2022 Year in Rear View

Rhea-AI Summary

CARFAX Canada has released its annual Year in Rear View, analyzing vehicle history data from the past year. In 2022, the volume of Vehicle History Reports rose by nearly 15%, reflecting Canadians' desire to investigate used vehicles' pasts. Key findings include 1.3 million accident claims totaling $4.8 billion in damages, with $2.6 billion occurring in Ontario. Additionally, there were 800,000 lien instances and over 33,500 weather damage claims reported.

Positive

• Vehicle History Report volume increased by nearly 15% in 2022.
• 1.3 million accident claims reported, indicating high vehicle history awareness.
• Total accident claim damage reached $4.8 billion.

Negative

• The high number of accident claims indicates significant safety concerns.
• Over 9,300 vehicles reported as actively stolen.

CARFAX Canada Vehicle History Reports Uncovered Critical Information for Canadians This Year

LONDON, Ontario--(BUSINESS WIRE)-- The annual Year in Rear View from CARFAX Canada has arrived! This yearly roundup looks at vehicle history data that appeared on CARFAX Canada reports, painting a picture of the vehicles that were on the market over the last year. Only Canada’s history experts are poised to bring Canadians a look at cumulative stats around accidents, stolen vehicles and other crucial data points.

The CARFAX Canada Year in Rear View – a look back at information that appeared on reports from last year. (Photo: Business Wire)

In 2022, CARFAX Canada saw Vehicle History Report volume increase by almost 15%. This suggests more Canadians looking to purchase a used vehicle wanted to be aware of anything concerning in the vehicle’s past – and they were right for thinking so.

Over the last year, CARFAX Canada reported:

• 1.3 million accident claims
• $4.8 billion dollars in accident claim damage
• $2.6 billion of that damage was found in Ontario alone¹

“With the used vehicle market as hot as it was over the last year, Canadians were smart to consult CARFAX reports in order to make confident buying and selling decisions,” says Shawn Vording, VP of Product & Sales at CARFAX Canada. “As the data shows, unfortunately vehicle accidents are not uncommon. We'd like to remind everyone to drive safely, especially in January as this is consistently the month with the highest amount of accident claims reported to CARFAX Canada.”²

While accident history is very important, CARFAX Canada Vehicle History Reports also include other important information about a vehicle’s history. Over the last year CARFAX Canada also found:

• Over 800,000 instances of liens (money owing on a vehicle)
• Over 33,500 weather damage claims, with the vast majority of them in Alberta
• Over 56,000 salvage brand records reported
• Over 9,300 cars listed as actively stolen³

“This data is a stark reminder that knowing a vehicle’s history is critical to getting a safe vehicle at the right price,” continues Vording. “The benefit of having access to hundreds of thousands of data sources and billions of records is that we can help identify these kinds of trends for Canadians.”

Use Canada’s #1 vehicle history report to help protect yourself when buying used this season. Visit www.carfax.ca.

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, 3		Based on data appearing on CARFAX Canada Vehicle History Reports run between October 1st 2021, and October 1st 2022.
2		Based on data appearing on CARFAX Canada Vehicle History Reports run over the last 5 years.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221128005724/en/

For further information about CARFAX Canada 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 were the key findings in CARFAX Canada's Year in Rear View report for 2022?

CARFAX Canada's Year in Rear View report for 2022 revealed a 15% increase in report volumes, with 1.3 million accident claims totaling $4.8 billion in damages.

What impact did the used vehicle market have on CARFAX Canada in 2022?

The hot used vehicle market in 2022 led to increased demand for CARFAX reports as Canadians sought to make informed buying and selling decisions.

How many accident claims did CARFAX Canada report for Ontario in 2022?

In 2022, CARFAX Canada reported $2.6 billion of the total $4.8 billion in accident claim damage occurred in Ontario.

What was the volume of vehicle history reports generated by CARFAX Canada in 2022?

CARFAX Canada generated nearly 15% more Vehicle History Reports in 2022 compared to the previous year.