CARFAX DATA: ODOMETER FRAUD UP ACROSS THE U.S.

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CARFAX Reports Over 2 Million Vehicles with Suspect Odometers, Ticker Symbol: CFAX - Odometer rollbacks are on the rise nationwide, with roughly 2.1 million vehicles affected, marking a 14% increase since 2021. Consumers lose an average of $4,000 in value from unknowingly buying a rolled-back car. Nine out of the top 10 states with the most vehicles affected saw increases in rolled-back odometers, with California leading at 469,000 affected vehicles.

Number of Vehicles With Suspect Odometers Tops 2 Million, up 14% Since 2021

CENTREVILLE, Va., Dec. 6, 2023 /PRNewswire/ -- CARFAX data shows that odometer rollbacks are on the rise nationwide. Roughly 2.1 million vehicles on the road have had their odometer rolled back – up 14% since 2021, or an additional 300,000 vehicles. Consumers lose an average of $4,000 in value from unknowingly buying a rolled-back car – and that doesn't include any unexpected maintenance costs.

Roughly 2.1 million vehicles on the road have had their odometer rolled back – up 14% since 2021.

Odometer rollbacks occur when an unscrupulous owner or seller of a car alters the miles that display on a car's gauge cluster. This might be done as a way to avoid mileage charges in a vehicle lease or to dramatically increase the value of a car. Today's technology makes rolling an odometer back easier than ever.

"Odometer fraud didn't go away with the introduction of digital odometers," said Patrick Olsen, Editor-in-Chief for CARFAX. "We're still seeing the number of vehicles on the road with a rolled-back odometer rise year-over-year. It takes con artists only a matter of minutes to wipe thousands and thousands of miles off a vehicle's odometer." Add to that simplicity a market where used car prices continue to run high, and it's an enticing situation for scam artists.

These are the 10 states nationwide with the most vehicles with rolled-back odometers. Nine of the 10 saw increases this year:

1. California: 469,000, up 7.2%
2. Texas: 277,000, up 12.8%
3. New York: 100,000, up 9.0%
4. Florida: 85,400, up 1.4%
5. Illinois: 79,000, up 7.6%
6. Pennsylvania: 69,600, up 2.1%
7. Georgia: 67,600, up 4.0%
8. Arizona: 57,000, up 4.8%
9. Virginia: 56,000, unchanged
10. North Carolina: 49,000, up 8.2%

Consumers can get a free Odometer Fraud Check as well as tips to protect themselves at www.carfax.com/odo.

Editor's note: Interviews with a used car expert from CARFAX are available at any time, including localized numbers on odometer fraud. Please contact Patrick Olsen at patrickolsen@carfax.com.

About CARFAX

CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database. 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 foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

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SOURCE CARFAX

FAQ

What is the current number of vehicles with suspect odometers according to CARFAX? Ticker Symbol: CFAX

Roughly 2.1 million vehicles on the road have had their odometer rolled back, marking a 14% increase since 2021.

How much do consumers lose on average from unknowingly buying a rolled-back car? Ticker Symbol: CFAX

Consumers lose an average of $4,000 in value from unknowingly buying a rolled-back car, not including any unexpected maintenance costs.

Which state has the highest number of vehicles with rolled-back odometers according to CARFAX? Ticker Symbol: CFAX

California leads with 469,000 affected vehicles, marking a 7.2% increase since 2021.

Where can consumers get a free Odometer Fraud Check and tips to protect themselves? Ticker Symbol: CFAX

Consumers can get a free Odometer Fraud Check and tips at www.carfax.com/odo.

How has the number of vehicles with rolled-back odometers changed in the top 10 states? Ticker Symbol: CFAX

Nine out of the top 10 states saw increases in rolled-back odometers, with California, Texas, and New York leading the list.

Who can be contacted for interviews regarding odometer fraud at CARFAX? Ticker Symbol: CFAX

Interviews with a used car expert from CARFAX are available at any time. Please contact Patrick Olsen at patrickolsen@carfax.com.