Tag: What is AutoCheck

Vehicle History and Automotive Intelligence Engine marketing capabilities.

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!

At Experian, we like to share success stories with automotive professionals—especially when it relates to one of our solutions—AutoCheck! Below is a case study involving our client, LexisNexis. We discuss how they were able to help their customer, a large national insurance company utilize AutoCheck vehicle history data to help manage risk and ensure more accurate underwriting. The challenge: LexisNexis Risk Solutions is a leader in providing essential information to help customers assess, predict, and manage risk. So, when a national insurance client asked them to evaluate the automotive mileage data model they were currently using for their underwriting, LexisNexis was happy to help. The client wanted to make sure they were analyzing the most accurate, up-to-date mileage data available. They wanted to make sure they were best managing risk, while continuing to offer competitive rates and a high level of customer service to their prospects and client base. The approach: First, the LexisNexis team set out to validate the frequency of recent VIN-level mileage data being populated into the current mileage model. They prepared a data analysis for their client, comparing length of ownership to the age of the oldest reported odometer reading based on AutoCheck vehicle history data. Second, they reviewed the frequency of current AutoCheck mileage data records and compared that data to AutoCheck vehicle history records. They wanted to determine if there were more mileage records being reported currently versus in the past. The LexisNexis team analyzed a large sample of VIN records with impressive results. The solution and outcome: When the team compared data from mid-2020 to that from late 2021, the analysis confirmed there were more VINs populated with mileage records with the data pulled from late 2021. Specifically, 45% of VINs had mileage records from within the last three years that did not previously have a mileage record within that time frame. The national insurance company was thrilled with the lift in mileage data year over year! In summary, because AutoCheck vehicle history data is constantly enhanced and expanded, we can provide reliable, accurate data to industry leaders like LexisNexis so they can offer the best insights to their client relationships. Recent mileage data is a critical component to use when evaluating a vehicle’s history. Experian Automotive is committed to continuously expanding our AutoCheck vehicle history data overall, including the frequency and recency of reported mileage information. AutoCheck is the industrial-strength vehicle history report that automotive professionals trust to help manage risk and confidently underwrite more of the right vehicles. To learn more about the many benefits of becoming an AutoCheck subscriber contact us today.

It’s that time of year. All my tax documents are rolling in and I know I need to start working on my taxes. Like most Americans, I’m hoping to end up with a refund! In 2020, 170M people filed tax returns and according to the IRS, they issued almost $126M in refunds.¹ Additionally, 2020 surveys revealed that as much as 9 percent of over 100 million taxpayers spent their refunds on major purchases, including new or used cars!2 As a dealer, it’s not uncommon to see an influx of consumers looking to purchase a vehicle around tax refund time. This year, with the continued shortage of new inventory, dealers can look for consumer interest to remain focused on pre-owned vehicles. Take advantage of shoppers by optimizing your online presence Dealers can help buyers by making it easy for them to quickly find vehicle history information on all your online inventory. One of the best ways to do this is by providing an AutoCheck® Vehicle History Report on your Vehicle Detail Pages (VDPs). Be sure to provide this information on all consumer shopping portal sites where you list your inventory. Why is this important? Because seventy-eight percent of consumers visit two or more sites during their shopping journey.3 You need to do everything you can to quickly capture their attention, increase lead conversion and close rates for your inventory. So, why AutoCheck VHRs? Because AutoCheck is the only vehicle history report listed on all the top consumer vehicle shopping portals. Your VHRs are on display where consumers are shopping online. We work with all the top online automotive shopping sites to help dealers like you optimize your online presence. Consumers use VHR information to make purchase decisions Our research shows that consumers increasingly use vehicle history information to narrow their consideration pool and filter search result pages to help make purchasing decisions. This transparency about a vehicle’s history (that could include damage and accident information) is what consumers are seeking. It’s never been easier for dealers to share key vehicle history data to help consumers make an informed decision so they can turn to your dealership to purchase. For dealers that are not yet subscribers, here are a few other things you may not know about AutoCheck vehicle history reports. We do not re-market to shoppers or display competitive units as alternatives on your AutoCheck.com VDP listings. Our goal is to help your dealership sell your inventory. For dealers with an AutoCheck subscription, you can activate your vehicle listings for free on AutoCheck.com by calling client services at 1 888 409 2204. For dealers who are interested in learning more about the benefits of becoming an AutoCheck subscriber contact us today. Happy tax season! 1. https://www.cnbc.com/2021/03/31/will-you-get-a-tax-refund-or-owe-the-irs-32-percent-of-americans-dont-know.html 2. https://santanderconsumerusa.com/blog/do-people-really-buy-new-cars-with-their-tax-refunds 3. Car Buyer whitepaper. https://www.coxautoinc.com/wp-content/uploads/2021/02/Cox-Automotive-Car-Buyer-Journey-Study-Pandemic-Edition-Summary.pdf

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.

AutoCheck Vehicle History Reports on Vehicle Detail Pages Increases Lead and Sales Conversions