Experian is expanding on its commitment to equip dealers with the data needed to buy and sell used electric vehicles with confidence, especially since battery health is pivotal in valuating used EVs.
On Thursday, Experian announced a new alliance with Recurrent, as the Recurrent Battery Report for used EVs will be offered alongside Experian’s AutoCheck reports.
The Recurrent Battery Report offers additional data and attributes on an EV’s battery health, including battery insights, weather impact and more.
While dealers and consumers alike have historically looked to a vehicle’s milage as an initial barometer for condition, Experian acknowledged range and battery longevity are more informative for used EVs, which have not been available with a vehicle history report until now.
The Recurrent Battery Report is designed to bring additional transparency to the used EV purchase process — augmenting the information of the AutoCheck report to answer specific questions about the purchase of a used EV.
“Our new alliance with Recurrent ensures data attributes unique to EVs are easily accessible for all parties whether looking to buy or sell a used EV—which is essential knowledge in today’s evolving market,” said John Gray, Experian’s president of automotive for North America.
“As EVs continue to grow in popularity, offering the Recurrent Battery Report with AutoCheck reports will bring a level of assurance dealers have been previously unable to attain when buying or selling used EVs, increasing transparency and easing range anxiety for consumers,” Gray continued in a news release.
The Recurrent Battery Report is designed to answer common questions from used EV shoppers.
Each report includes a Range Score, which compares a vehicle’s current max range to the original range for that make, model, and battery pack configuration. For example, a Range Score of 94 means that the vehicle is expected to get 94% of its original range.
Generated through a VIN-specific inspection that combines each vehicle’s history and battery data, the Recurrent Battery Report compares the vehicle to thousands of others in the Recurrent database.
Recurrent’s proprietary algorithm provides battery performance and range projections across most manufacturers and EV models. Additionally, the report shows projected range in different weather conditions, which often decreases in the cold, and what range an owner should expect after three years of ownership.
“Car dealerships are getting lots of new questions from their customers about range and battery health,” Recurrent CEO and co-founder Scott Case said in the news release. “How does actual EV range vary from EPA? How does range fluctuate in freezing conditions? And how does that change over time? The Recurrent Battery Report provides these answers as an excellent complement to the existing AutoCheck VHR, providing a complete solution suite for used EV acquisition and sales.”
Experian clients can now add the Recurrent Battery Report to their existing AutoCheck subscriptions.
To learn more about the new alliance and see examples of the reports, visit the Experian Booth No. 423) at NADA Show 2023 through Sunday in Dallas.
For dealers not attending the show, more information can be found at https://www.experian.com/automotive/vehicle-history-services or https://www.recurrentauto.com/.
Put two seemingly identical used vehicles side by side. Just by looking at them, could you tell which one was a better value?
Without knowing their histories, probably not.
That’s part of the message of a new CARFAX television ad campaign that aims to show “how using accident and damage history can ensure accurate vehicle pricing,” the company said in a news release.
Using the CAR FOX character and the help of some humor — including a jean-shorted dad with the classic sandals-and-socks combo — the campaign’s three spots aim to show “how two cars that look alike can have very different accident histories,” and thus, different value propositions.
“CAR FOX continues his mission of helping used-car buyers avoid overpaying,” said Tracey Holupka, CARFAX director of brand, in a news release. “Our hope is these ads convey that there’s more to a vehicle than meets the eye.
“Every used car has a history that determines its value. CARFAX has the most accident and damage information, so we’re well-positioned to help used-car shoppers understand what they should be paying for any specific vehicle,” Holupka said.
The 15-second “Car Fox & Twins” ad plays off the notion that although twins (be they human or vehicular) may look the same, they could be quite different from each other.
The “Car Fox & Dad” and “Car Fox & Miss Jane” spots — each with 15- and 30-second varieties — emphasize that even trusty old Pops (with cellphone clipped to belt) and your beloved kindergarten teacher (with her special unicorn stickers) likely can’t tell a vehicle’s value without knowing its history.
CARFAX worked with creative studio Framestore on the campaign. The nationwide spots started airing on network and cable stations this month.
VINData Products LLC has added Manheim Market Report and Black Book wholesale and retail vehicle values to its vehicle history reports, saying the vehicle values provide accurate, independent information for auto dealers.
The company said the reports help used-car dealers more effectively source the right vehicles for their markets, and they can also help boost profits.
Each VINData History Report now contains Black Book wholesale, retail and trade-in values, and it includes refinements for vehicle condition and location.
On the other hand, MMR values are based on millions of Manheim transactions from the previous 13 months. They are adjustable for mileage, region, color and AutoGrade condition.
Gary Lupe, sales director for Reliable Auto Sales, said the addition of Black Book and MMR data is extremely important.
“We use the information to better value, price and market our vehicles against our competition,” Lupe said in a news release.
Reports without wholesale value scan be printed for consumers. Dealer prices are as low as $2.49 each. Or, dealers can opt into a new unlimited plan for $0.99 per report with a $30 monthly fee.
The valuation data enhances the NMVTIS title, junk/salvage/insurance loss, open lien/theft, active/unrepaired recall information already in VINData History Reports.
“This ground-breaking integration of Black Book data in VINData History Reports aids dealers by providing the industry’s most precise VIN-specific valuation,” said Jared Kalfus, senior vice president, revenue, for Black Book. “We look forward to benefitting both VINData and their dealership clients.”
“The more information dealers have access to, the better decisions they can make,” said Manheim Digital Solutions senior vice president, Zach Hallowell.
Hallowell also said, “By having access to MMR in VINData History Reports, independent dealers can more effectively compete in the marketplace.”
VINData Products president, Adam Siner said the company seeks to provide trusted data at the best price possible for customers. “Adding valuations just makes sense,” Siner said.
