CENTREVILLE, VA – Carfax has enhanced its Vehicle History Reports with a new tool — the Carfax History Impact. Every used car has a unique history that differentiates its value from other like vehicles. By analyzing market pricing and millions of used car transactions, the Carfax History Impact reflects the amount consumers have adjusted a vehicle’s retail book value based on the information in Carfax Vehicle History Reports. Dealers are using this tool to better determine the right price for their cars.
“Before putting any car on our lot, it’s important for us to know what a customer might expect to pay for that car,” said John Donnelly of Findlay Automotive Group. “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. We’re confident that our vehicles are priced competitively in the market and we’re holding gross on each sale.”
Dealers have long considered vehicle history as a key factor when evaluating and pricing used cars for their inventory. The Carfax History Impact gives dealers new insight about the market value to help stock the right cars at the right price. In addition, used car shoppers have more confidence during the buying process knowing how much the market value is adjusted based on vehicle history.
“We have an unlimited Carfax account, so we’re running a Carfax on everything prior to acquisition,” said David Perrin, Pre-Owned Sales Director at Fairfax Honda. “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. 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.”
Carfax worked with thousands of dealers to develop the Carfax History Impact. For the past several months, 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,” said 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. 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.”
Carfax subscribers are encouraged to contact their Carfax Account Manager for more information.