Carfax’s New History Report Enhancement Geared Specifically for Dealers
CENTREVILLE, Va. — Carfax recently rolled out a new tool the company believes can leverage the value of its Vehicle History Reports even further.
Executives explained the concept behind the Carfax History Impact is to give dealers a unique look at a vehicle's value. They detailed that by analyzing market pricing and millions of used-vehicle transactions, the Carfax History Impact can reflect vehicle alterations such as aftermarket parts or other special equipment or even incidents the vehicle has been in, which could affect retail book value.
Basically, the company said each vehicle has its own history and this new update is designed to help dealers get a better gauge of how the history impacts the value.
Officials said this is all based on the information in Carfax Vehicle History Reports and is intended to help dealers to make better determinations about prices for current lot inventories.
Carfax contends dealers have long considered vehicle history as a key factor when evaluating and pricing vehicles. The company stressed that the Carfax History Impact can gives dealers new insight about the market value to help stock the right vehicle at the right price.
In addition, executives think shoppers will have more confidence during the buying process, too, knowing how much the market value is adjusted based on vehicle history.
Two dealers that already subscribe to Carfax Vehicle History Reports shared how trial runs of the Carfax History Impact went at their stores.
The first to offer his opinion was John Donnelly of Findlay Automotive Group
"Before putting any car on our lot, it's important for us to know what a customer might expect to pay for that car," Donnelly indicated.
"The Carfax History Impact gives a clear understanding of how information reported to Carfax adjusts the retail book value that our customers already use in their research," he continued.
"We're confident that our vehicles are priced competitively in the market and we're holding gross on each sale," Donnelly added.
Another dealer executive who chimed in about the new tool was David Perrin, pre-owned sales director at Fairfax Honda.
"We have an unlimited Carfax account, so we're running a Carfax on everything prior to acquisition," Perrin noted.
"Whether at auction or on trade, it helps us ensure we're paying the right price for cars our customers want. In addition, we're not unknowingly purchasing or trading cars with hidden problems, which saves us money and builds customer confidence," he explained.
"Our sales staff gives every customer a Carfax Report and reviews it with them, reducing our days turn and getting us top dollar for our inventory," Perrin stressed.
Carfax emphasized that the company worked with thousands of dealers to develop the Carfax History Impact. For the past several months, the company indicated that the Carfax History Impact has appeared on all Carfax Vehicle History Reports run by subscribing dealers.
"For years used-car shoppers have asked for help determining how vehicle history affects value," noted Larry Gamache, communications director at Carfax.
"The Carfax History Impact shows you how much more or less than retail book value other consumers pay based on the reported history, taking the guesswork out," Gamache pointed out.
"Having more information about what the customer expects to pay at retail helps dealers acquire vehicles at the right price and ultimately make more money," he added.
The company advised its subscribers to contact their Carfax account manager for more information about the tool.