Used Car Shopping and Comparison Now Easier and Faster
Automotive industry’s first numeric vehicle history scoring system now available on all AutoCheck® vehicle history reports
Schaumburg, Ill., September 17, 2007 – When you’re used car shopping, trying to understand the meaning of all the information on a vehicle history report can be a confusing and lengthy process. Should I buy a car that was a rental? How do I know the car isn’t a lemon?
Experian Automotive, a division of global information solutions company Experian® Inc., today announced that the AutoCheck Score is now available to consumers on all AutoCheck vehicle history reports at www.autocheck.com.
Just as credit scores revolutionized credit reporting, the new AutoCheck Score is changing the way used vehicles are bought and sold. The AutoCheck Score accomplishes this by distilling the large amount of information on a vehicle history report into a simple, numeric score. As the industry’s first and only vehicle history score, the AutoCheck Score empowers consumers with the confidence and information they need to more easily and quickly understand what a vehicle history report really says about a specific used vehicle’s history.
“Until now, many consumers have been on their own when it comes to weighing the factors on a used car’s vehicle history report in order to make their buying decision,” said Adam Goldfein, host of nationally syndicated radio show AutoScoop. “Instead of having to make assumptions about what it all means, the AutoCheck Score tells consumers what really matters when evaluating a vehicle’s history, providing them with more confidence in their vehicle purchase.”
The AutoCheck Score is listed as a number from one to 100 that accurately summarizes the individual items and events in a vehicle’s history in a way that consumers can readily understand. It is accompanied by the AutoCheck Score RangeSM, which compares it to other vehicles of similar age and class to better help consumers when evaluating a used vehicle.
“We’ve conducted extensive consumer research which has shown that 80 percent of consumers said that the AutoCheck Score made them more confident in making purchase decisions,” said Scott Waldron, president of Experian Automotive. “The AutoCheck Score is a direct response to the needs of consumers, allowing them to quickly and easily understand a vehicle’s past, compare it to the entire market of similar vehicles, and make more confident used vehicle purchase decisions.”
The AutoCheck Score is based on sophisticated statistical analysis compiling large amounts of information, similar to what goes into generating a credit score. This process capitalizes on Experian’s world class expertise in collecting, interpreting, analyzing and packaging information it in a way that people can easily understand and use.
Experian researchers developed the patent-pending AutoCheck Score algorithm by studying the histories of a randomly selected sample of vehicles across the United States. Through this, researchers discovered the true factors impacting vehicle histories and how they should be weighted against others. Some of the primary factors in the AutoCheck Score are reported accidents or frame damage, mileage, odometer history and number of owners, along with title brands such as Flood, Junk and Salvage.
Other factors include:
· The vehicle’s emissions history;
· Whether it has ever been repossessed or stolen;
· Whether the vehicle has ever been a government vehicle, police car or taxi;
· And whether it has ever been leased.
By weighing all of these information points, the AutoCheck Score provides a clear understanding of the full vehicle history report, helping to eliminate the need to base decisions on any one particular event that may or may not have an impact on the expected life and favorability of the vehicle.
AutoScoop is a nationally syndicated radio show empowering people with the knowledge they need to make good car-buying decisions. Broadcasting every weekend to 30 different radio affiliates, AutoScoop is hosted by Adam Goldfein. With over 12 years experience operating some of the largest import and domestic dealerships in the country, Adam brings a wealth of expertise and insider information to help consumers cut through the confusion and fear that many people face when buying a car. For more information on AutoScoop, please visit www.autoscoop.com.
About Experian AutomotiveExperian Automotive, a business unit of Experian® Group Ltd. (LSE:EXPN), delivers information solutions to manufacturers, dealers, finance and insurance companies, and consumers. Experian helps automotive clients increase customer loyalty, target and win new business, and make better lending and vehicle purchase decisions. Its National Vehicle Database, housing more than 500 million vehicles, along with Experian’s credit, consumer and business information assets, meets the industry’s growing demand for an integrated information source. Experian’s advanced decision support services help clients turn this information into improved business results. Experian technology supports several top automotive Web sites including eBay Motors, Yahoo! Autos, CarsDirect.com, CarMax.com and NADAguides.com. For more information on Experian Automotive and its suite of solutions, visit our web site at www.experianautomotive.com.
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ABOUT THE AUTHOR
Erick Laseca works on Experian Automotive's new AutcoCheck Score report for Burson-Marsteller in Chicago.