CARFAX: ODOMETER ROLLBACKS ON THE RISE

Rhea-AI Summary

Odometer fraud is increasing, with CARFAX reporting over 1.9 million vehicles on the road having their odometers rolled back, marking a 7% rise from last year. Consumers could lose an average of $4,000 when unknowingly purchasing a car with a manipulated odometer. Public Relations Director Emilie Voss emphasized that digital odometers do not eliminate this issue, as fraudsters exploit the current used car market for quick profits. CARFAX provides a free tool to check for odometer fraud and offers protective tips, accessible at www.carfax.com/odo.

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• None.

Negative

• Increase in odometer fraud with over 1.9 million vehicles affected.
• Average consumer loss of $4,000 due to purchasing vehicles with rolled back odometers.

Digital Odometers Can Be Easily Manipulated, Costing Unsuspecting Buyers Thousands

CENTREVILLE, Va., Dec. 15, 2022 /PRNewswire/ -- Alarming new numbers from CARFAX show odometer rollbacks are on the rise nationwide. More than 1.9 million vehicles on the road have had their odometer rolled back - a 7% increase from the previous year. Consumers lose an average of $4,000 in value from unknowingly buying a rolled back car, and that doesn't include unexpected maintenance costs.

"Many people think odometer fraud disappeared with the invention of digital odometers," said Emilie Voss, Public Relations Director for CARFAX. "But that couldn't be further from the truth. We're still seeing the number of vehicles on the road with a rolled back odometer rise year-over-year. It takes con artists a matter of minutes to wipe thousands and thousands of miles off a vehicle's odometer, and unfortunately these swindlers likely see this unprecedented used car market as a way to make quick buck."

CARFAX offers a free Odometer Fraud Check tool and tips to protect yourself at www.carfax.com/odo.

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 exclusive services like 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 and is nationally recognized as a top workplace 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 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 does the latest CARFAX report say about odometer fraud?

The report reveals a 7% increase in odometer rollbacks, affecting over 1.9 million vehicles.

How much money do consumers lose on average from odometer fraud?

Consumers lose an average of $4,000 when unknowingly buying a car with a rolled back odometer.

How can I check for odometer fraud on a vehicle?

CARFAX offers a free Odometer Fraud Check tool available at www.carfax.com/odo.

What is the significance of the CARFAX report for investors in SPGI?

The increase in odometer fraud may affect the reputation and trust in vehicle history reports related to SPGI.