Tag: autocheck report

We recently collaborated with our integration partner, TrueCar, to analyze vehicle history data's impact on online listings. We analyzed millions of records over months of data and matched online listings to DMS sales to confirm closing rates. The short story – dealership Vehicle Detail Pages (VDPs) on TrueCar.com that offer consumers a Free Experian AutoCheck vehicle history report had a higher lead conversion rate. We expected the data to confirm that VDPs with a Free VHR would have a higher lead conversion rate. However, we uncovered additional insights that even surprised us! The most common search filter Consumers value transparency from a dealership and expect to be informed if a vehicle they are looking at has been in an accident. We learned from the study that when consumers used vehicle history data to filter their user's search results, the “accident” filter was the most common vehicle history data filter used. More than one-third of consumers using vehicle history data to filter search results use “accident” as a filter criterion. Why is this important? There are over 280 million vehicles in operation, and four out of ten of those vehicles have been in an accident. That means more than 100 million vehicles on the road have been in an accident—and 20% of vehicles on the road have had multiple events. Higher conversion rates (with a twist) Having been in the automotive data and analytics space for years, we were not surprised that the analysis continued to support our previous research that vehicle detail pages with a free vehicle history report have a higher lead conversation rate! Things started to get even more interesting, though: VDPs with a free AutoCheck VHR converted at a 27% higher rate. That holds true if the VDP page had a Free AutoCheck report available to the consumer, but if the consumer clicked on the free AutoCheck vehicle history report to view the details of the information, the lead conversion rate jumped to 318% (no, that’s not a typo). The lead conversion rate increased to 318% if the consumer viewed the AutoCheck vehicle history report!   VDP sale conversion rates And while we all appreciate a good lead conversion success story, we also wanted to analyze sale conversion rates. We learned that TrueCar VDPs that offered consumers a Free AutoCheck vehicle history report on behalf of a dealership had a higher sales conversion rate. Not only is the rate higher—the sale conversion rate is 50% higher for VDPs that offer a free VHR. Here are a few more interesting pieces of information we uncovered with this latest analysis: VDP’S without an accident close at about 200% higher than those with an accident Vehicles without frame damage had a 250% greater close rate Vehicles without a salvage indicator had a 634% greater close rate Consumers want to make informed decisions when purchasing vehicles, and automotive dealerships can help by providing them with a free AutoCheck Vehicle History Report on every Vehicle Detail Page. Help improve lead conversation rates, sale conversation rates, and build customer trust by offering vehicle history transparency. For dealers with an AutoCheck subscription, you can activate your vehicle listings for free on TrueCar by calling AutoCheck Customer Service at 1 888 409 2204. Dealers interested in learning more about the benefits of becoming an AutoCheck subscriber, contact us today!

There are over 280M cars and light duty trucks on the road and over 25% have at least one open recall. Do you know which of your online units have an open recall? Would it be helpful to your business if you had up-to-date recall information available every day—automatically? AutoCheck® dealerships can receive an emailed daily Open Recall Inventory Check Report as part of their AutoCheck subscription. The report (PDF format) will show dealers which of their online listings have an open recall. The report will list inventory that has open recall(s) based on pre-owned vehicles the dealer has listed on AutoCheck.com. Having an easily reviewable report delivered to your Inbox is a great way to stay on top of internal recall policies and procedures. Taking care of open recalls is good for business Taking action on recalls is also good for business. Consumers searching your online inventory want transparency from their dealer and running across a vehicle that has an open recall may not be in the dealer’s best interest. Taking care of that recall and ensuring that a consumer doesn’t stumble across it during the purchase process is good for consumer loyalty. Another AutoCheck dealer benefit is the option to list pre-owned inventory on CarZing and AutoCheck.com for no additional fee. AutoCheck is the exclusive vehicle history report provider on CarZing.com, so the CarZing vehicle details page will display both AutoCheck data elements and provide a link to the full AutoCheck report. Any AutoCheck dealer displaying their inventory on CarZing will automatically have their inventory available via the “Finding Vehicles” search features on AutoCheck.com. (Yes, you read that correctly – dealers can list their inventory on CarZing and AutoCheck.com for NO additional fee – it’s part of their AutoCheck subscription!) In addition, any dealer listing their inventory on AutoCheck.com can also receive the AutoCheck Open Recall Inventory Check report.  Please note that Experian provides the AutoCheck Open Recall Inventory Check Report based upon recall information reported and made available to Experian by the applicable automotive manufacturer(s). Clients should check the automotive manufacturer’s website for the most current recall information for all inventory vehicles. For dealers with an AutoCheck subscription, you can activate your vehicle listings for free on AutoCheck.com and CarZing.com, by calling client services at 1 888 409 2204. For dealers that are not yet subscribers, here’s a few other things you may not know about AutoCheck Vehicle History Reports. We do not re-market to shoppers, resell VDP leads or offer your competitors inventory for consideration on AutoCheck.com. Our goal is to help your dealership sell your inventory. For dealers who are interested in learning more about the benefits of becoming an AutoCheck subscriber contact us today.

As more consumers turn to the internet to research and purchase preowned vehicles, dealers have focused marketing efforts to the online marketplace to get their vehicles in front of shoppers. According to Think with Google, 95% of vehicle buyers use digital as a source of information and it takes 65% of buyers just three weeks to research vehicles online prior to purchase. With seventy-eight percent of consumers visiting two or more sites during their shopping “journey”1 how do dealers capture their attention, increase lead and sales conversions? Dealers need to share key data in a vehicle history report such as information related to reported accidents, odometer readings, open recalls, and whether the vehicle qualifies for buyback protection. These details help consumers better understand and make informed decisions when shopping. Case Study: How leveraging the AutoCheck VHR subscription increased lead and sales conversions Our integration partner, CarZing, an online auto shopping portal, offered a Free AutoCheck® Vehicle History Report on their Vehicle Detail Page (VDP) which increased lead and sales conversions. Together, we analyzed six months of lead activity on millions of vehicle listings on CarZing focusing on the 200 most popular vehicles by year/make/model. Key findings indicated that vehicle listings offering a Free AutoCheck VHR on the VDPs achieved a higher lead conversion rate than listings for the same year/make/model for vehicles without a Free AutoCheck report. Here’s a few highlights from the full report: Furthermore, when layering in available sales data, sales conversion is higher for vehicles featuring a free VHR available to consumers than vehicle listings that did not. Based on the results, CarZing’s Director of Operations, Frank Merle strongly encourages all AutoCheck clients take advantage of the exponential value that offering a free AutoCheck report brings to dealership VDPs. Dealers with an AutoCheck subscription can list their vehicles for free on AutoCheck.com and CarZing.com. Simply contact your Experian account executive or call 1 888 409 2204. For dealers that are not yet subscribers, here’s a few more things you may not know about Experian AutoCheck Vehicle History Reports. We do not re-market to shoppers, resell VDP leads or offer your competitors’ inventory for consideration on AutoCheck.com. Our goal is to help your dealership sell your inventory. For dealers who are interested in learning more about the benefits of becoming an AutoCheck subscriber contact us today. 1https://www.coxautoinc.com/wp-content/uploads/2021/02/Cox-Automotive-Car-Buyer-Journey-Study-Pandemic-Edition-Summary.pdf

When we think about vehicle history, we tend to imagine two audiences: dealers and consumers. After all, identifying any potential hidden defects could have a significant impact on a used car buying decision; vehicle history reports are an invaluable part of the process. But it’s not just dealers and consumers who can benefit. It takes three things to sell a vehicle: the car (dealers), the consumer and credit; we’ve covered the first two, so let’s focus on the third. Lenders take a plethora of information into consideration when making automotive lending decisions, including a borrower’s credit score, payment history and utilization rate. But these data points only reflect the risk associated with the borrower; there’s also inherent risk with the vehicle itself. I recently participated in a virtual workshop, The Risky Side of the Road, during Used Car Week 2020, where we discussed the value of leveraging vehicle history information to minimize risk with lending decisions. Extending a loan to a borrower hoping to purchase a used vehicle with unidentified defects exposes the lender to unnecessary risk; hidden damage and maintenance costs could impact a borrower’s ability to repay the loan. To minimize portfolio risk, we recommend lenders leverage vehicle history reports, such as AutoCheck, before making a lending decision. Hidden Damage Significantly Impacts Vehicle Value Let’s consider the universe of used vehicles that could potentially be sold and financed. According to Experian’s Q2 2020 Market Trends Review, there are more than 280 million vehicles on the road. And our research indicates that four out of 10 of the cars and light duty trucks on the road have been in at least one accident, and around 20% of vehicles have been in multiple accidents. What does this mean for a vehicle’s value? Even if a vehicle has been completely restored and repaired, the value of the vehicle diminishes. According to a recent Mitchell Industry Trends Physical Damage Report, in Q2 2019, the average diminished value for a vehicle involved in an accident was $3,151; and this doesn’t include the fiscal impact of other hidden defects, such as flood damage. And the loss in value trickles down to the consumer and lender. For instance, if a lender unknowingly extends a $10,000 loan to a consumer who purchases a used vehicle that was involved in an accident, the actual value of the vehicle may be around $7,000. If the consumer decides to sell the vehicle before paying off the loan, it is very likely they will be up-side down. If the consumer falls behind on payments and the vehicle is repossessed, it will be difficult for the lender to recoup any losses at auction. But that’s where vehicle history reports come into play. Tools, such as AutoCheck vehicle history reports, inform lenders about reported accidents and recall information, among other insights. In addition, the AutoCheck Score, enables users to compare a vehicle with vehicles of similar class and age and assess the likelihood it will be on the road in five years. The AutoCheck Score can also help gauge the value and drivability of a repossessed vehicle.  For example, according to Experian’s similarly titled white paper, The Risky Side of the Road, we found that the percentage of repossessed vehicles that were drivable was higher for vehicles assured by AutoCheck vehicle history reports (86.16%) versus those that were not assured (80.75%). Additionally, we found that repossessed vehicles that were drivable tend to have higher AutoCheck Score range. And unsurprisingly, vehicles that are drivable tend to perform better at auction, meaning a better return on investment for the lender. During these uncertain times, it is important for lenders to more precisely gauge the level of risk they take on. The more information lenders have about the used vehicles they are financing, the better positioned they will be to offer loan terms that minimize portfolio risk, while better meeting consumer needs. To view Experian’s white paper, The Risky Side of the Road, click here.

Including vehicle history reports in online vehicle listings create a more complete picture of the vehicle a consumer is looking at online.