CARFAX Canada, the country’s leader in vehicle history, announces the launch of a new vehicle valuation offering for dealers, History-Based Value.
What has happened in a vehicle’s past—including any damage, how well it’s been maintained, how many owners it had, the mileage, and what it’s been used for—can have a significant impact on its value today. With access to the most robust vehicle history data network in North America, CARFAX Canada is uniquely positioned to deliver vehicle values with unparalleled accuracy.
CARFAX Canada History-Based Value is the first and only valuation model in Canada that automatically adjusts for each vehicle’s unique history when determining how much it’s worth.
Made available to Canadian dealers in February, History-Based Value allows users to determine a vehicle’s value without the guesswork of manually adjusting for its past. The valuation engine objectively factors a vehicle’s history into the equation to generate VIN-specific values, easing tough negotiations and maximizing profits.
World events have caused chip shortages that have made the auto market fluctuate a lot lately. Most valuation models can’t keep up with the volatility of the market, but with History-Based Value, new data is added weekly, so valuations are always in tune with rapidly changing market trends.
“We’re thrilled to finally launch History-Based Value to our dealers,” shares Mark Rousseau, president and GM of CARFAX Canada. “Our customers have been asking for it and we’ve been hard at work perfecting the model.”
How does History-Based Value generate vehicle values? It begins by looking at millions of data records, starting with actual sold data from similar vehicles. It then factors in the vehicle’s unique history, such as odometer reading, prior damage, use-type, and ownership and service history. Plus, it adjusts for market factors such as geographic location and seasonality to produce a VIN-specific value. The end result is an extraordinarily powerful, highly intelligent valuation engine.
“History-Based Value was a natural extension of our valuation capabilities,” said Rousseau. “We all know that a vehicle’s history, especially damage history, is one of the biggest factors influencing its value. By combining the most comprehensive vehicle history network in Canada with our extensive valuation technology, we’re able to provide the smartest approach to valuing vehicles in Canada. No other valuation tool in Canada can automatically adjust for vehicle history like History-Based Value.”
Right now, most dealerships across Canada are still facing issues with low inventory and used car prices are beginning to cool off, so reliable valuations are becoming increasingly essential. Dealers interested in a free trial of History-Based Value can contact their CARFAX Canada rep or visit carfax.ca/accuracy to learn more.