CARFAX Canada Presents: 2024 Year in Rear View

Rhea-AI Summary

CARFAX Canada has released its Year in Rear View 2024 report, revealing significant insights from millions of Vehicle History Reports. Key findings show that 152,622 vehicles are currently reported as stolen in Canada, with a 25% increase in theft reports this year. The report identified 141,260 potential VIN clones in operation. Total accident claim damages exceeded $7.6 billion, with Alberta leading in hail damage claims at $140 million. Additionally, 42% of lien checks revealed outstanding debt on vehicles. The report aims to help protect Canadians during vehicle transactions by providing comprehensive vehicle history information.

Positive

• Comprehensive data collection from billions of records across North America
• Strong market position in vehicle history reporting services
• Collaboration with law enforcement organizations across Canada

Negative

• 25% increase in vehicle theft reports
• 141,260 potential VIN cloning cases identified
• 42% of vehicles checked have outstanding liens
• $7.6 billion in accident claim damages

Insights

Market Research Analyst

The release of CARFAX Canada's Year in Rear View report reveals concerning trends in the automotive sector that could impact S&P Global's (SPGI) risk assessment and insurance analytics business. The 25% increase in vehicle theft reports and 141,260 potential VIN clones represent significant fraud risks that could affect insurance premiums and claims processing. With $7.6 billion in accident claim damages and 42% of vehicles showing outstanding liens, this data highlights growing risks in the automotive finance and insurance sectors. These trends could drive increased demand for SPGI's risk assessment tools and data analytics services as financial institutions and insurers seek to better evaluate and price these risks.

CARFAX Canada’s Vehicle History Reports Revealed Essential Information to Help Protect Canadians This Year

LONDON, Ontario--(BUSINESS WIRE)-- CARFAX Canada has released its highly anticipated, Year in Rear View 2024 report, showcasing key insights from millions of its Vehicle History Reports conducted over the past year. By utilizing a vast network of billions of data records from many trusted sources across North America, this comprehensive report highlights vehicle thefts, accident claims, liens, and other crucial data points impacting vehicle ownership in Canada.

CARFAX Canada’s Vehicle History Reports Revealed Essential Information to Help Protect Canadians This Year. (Graphic: Business Wire)

Vehicle theft remains an increasing concern for Canadians this year. According to the Canadian Police Information Centre (CPIC), 152,622 vehicles have been identified as actively stolen in Canada, half of which are SUVs. This year, the number of vehicles reported as stolen on CARFAX Canada Vehicle History Reports increased by 25%. VIN Cloning has also emerged as a significant fraudulent issue this year. Shawn Vording, President of CARFAX Canada explains, “VIN Cloning is the act of stealing a VIN (Vehicle Identification Number) from a legitimate vehicle and attaching this VIN onto another similar year, make, model, trim vehicle, typically stolen, essentially giving it a fake ID. Our insights suggest that there are 141,260 potential VIN Clones in operation in Canada.” Vording emphasizes, “This is a major issue for dealers, consumers, banks, and insurance companies as it allows scammers to sell a stolen vehicle to an unsuspecting party.” A CARFAX Canada Vehicle History Report can help Canadians, as the report not only flags actively stolen cars but also equips buyers with ways to detect cloned VINs and inaccurate vehicle data. CARFAX Canada works with many law enforcement organizations across the country to help identify stolen vehicles and protect millions of Canadians.

The total amount of accident claim damage found on CARFAX Canada Vehicle History Reports this year was more than $7.6 billion. Alberta leads the country in hail damage claims with $140 million, which is 300% more total damage claims than the next highest province, Ontario. Ontario saw an increase in extreme weather this year with over $12 million in damages due to wind-related occurrences.

Liens (money owed on a vehicle) continue to be a concern for used car buyers, with 42% of lien checks conducted revealing outstanding debt on vehicles. Year after year, this issue highlights the importance of knowing the history before you buy or sell your vehicle.

Lastly, the highest odometer reading recorded on CARFAX Canada reports this year was an impressive 999,998 kilometres on a 2010 Lincoln MKS.

Vording reminds everyone “It’s a critical starting point to use Canada’s most comprehensive vehicle History Report to help protect yourself when buying, selling or owning used vehicles.”

Click here to learn more and see the 2024 CARFAX Canada Year in Rear View video. The full analysis is based on data appearing on CARFAX Canada Vehicle History Reports run between September 1^st 2023, and September 1^st 2024.

Visit carfax.ca to learn more about the CARFAX Canada Vehicle History Report + Lien Check.

About CARFAX Canada

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

Connect with CARFAX Canada on Instagram, Facebook, YouTube and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241126251543/en/

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

Kristy Pinder, Brand Director at CARFAX Canada

kpinder@carfax.ca

+1.519.854.0571

Source: CARFAX Canada

FAQ

How many vehicles are currently reported as stolen in Canada according to CARFAX's 2024 report?

According to CARFAX Canada's 2024 report, 152,622 vehicles are currently identified as actively stolen in Canada, with half being SUVs.

What was the total accident claim damage reported by CARFAX Canada in 2024?

The total accident claim damage found on CARFAX Canada Vehicle History Reports was more than $7.6 billion.

What percentage of vehicles checked had outstanding liens in CARFAX's 2024 report?

According to the report, 42% of lien checks conducted revealed outstanding debt on vehicles.

How much did Alberta report in hail damage claims according to CARFAX's 2024 data?

Alberta led the country with $140 million in hail damage claims, which was 300% more than the next highest province, Ontario.