Carfax peers into the future to predict reliability based on vehicle’s individual history
Image courtesy of Carfax.
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From its beginnings, Carfax has been focused on a car’s past — how many owners it’s had, accidents it’s been in, maintenance records.
Now it is looking into the future.
The provider of vehicle history reports has added an assessment of future reliability to its reports, giving consumers a VIN-specific evaluation of what’s ahead for that individual vehicle.
In a news release, Carfax said its reliability information for specific vehicles, based on their ownership, service and damage history, is an industry first, as other such assessments are made using general information, such as make and model.
The company said its new metric offers for a “long-term perspective” that can help car buyers and owners make better informed decisions.
“This marks an important milestone for Carfax and for the people who rely on our data every day,” chief product officer Paul Nadjarian said. “With more than 151,000 data sources and more than 35 billion records, we’re introducing a powerful new insight into a vehicle’s lifecycle.
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“Much like a crystal ball, our future reliability will help shoppers understand the road ahead, including what repairs to anticipate and what they might cost, and soon, insights into how long that car will last — empowering consumers to buy with confidence and help them plan ahead.”
Future reliability now appears at the top of Carfax Reports as part of a newly redesigned header that shows a vehicle’s story at a glance through the lenses of past (ownership, service and damage history), present (history-based value), and future.
Carfax said dealers are already reporting increased consumer confidence with the addition of future reliability on the Carfax Report, sharing a more complete picture of the vehicle and enabling more informed conversations.