CARPROOF’s New Valuation Tool Aims to Revolutionize the Used Car Appraisal Process
LONDON, ON, April 4, 2016 – CARPROOF Corporation has launched its highly-anticipated new appraisal tool, the CARPROOF Vehicle Valuation Report (VVR).
CARPROOF has spent three years acquiring data, and the last year developing, testing and gathering valuable and enthusiastic feedback from pilot dealers. This feedback was then used to refine the tool to suit optimal dealer workflows. Powered by True Retail Sold™ values, VVR offers a new approach to vehicle valuation that is expected to fundamentally change the way Canadian automotive dealers appraise used vehicles.
“VVR alters the valuation and appraisal game by providing dealers with actual retail sold values – what comparable vehicles sold for, rather than just what they are listed for,” says Chris Afonso, VP of Dealer Sales at CARPROOF. “In addition, VVR appraises vehicles based on wholesale sold data from ADESA, odometer and damage adjustments, and listing prices. This comprehensive data set is packaged together in an intuitive, user-friendly customer experience that empowers dealers to make smart, informed decisions.”
With VVR as the cornerstone of CARPROOF’s new suite of valuation products, the company that previously focused solely on vehicle history is working tirelessly to become the industry standard in valuation. After extensive testing during VVR’s pilot phase, industry giants like The Birchwood Automotive Group are excited about how the tool can enhance their business. “This is a product unlike any we have seen before. It is simply the most accurate valuation tool in the market,” says Scott Greer, Director of Used Vehicles with The Birchwood Automotive Group. “VVR gives me confidence to make accurate and efficient buying and pricing decisions.”
CARPROOF’s Vehicle Valuation Report has generated a great deal of industry buzz, largely revolving around the exceptional amount of data used to determine accurate numbers. The data is updated and cleansed daily based on the strictest standards, with the result being a product that incorporates CARPROOF’s damage data with never-before-seen valuation comparisons.
CARPROOF, a unit of IHS Markit (Nasdaq: INFO), is a world-class data company that creates insight through information for the automotive industry. Offering solutions in vehicle history, appraisal, valuation and more, the CARPROOF name is synonymous with trusted, impartial and comprehensive used vehicle data. CARPROOF’s products are used by dealerships, vehicle manufacturers, consumers, major auctions, governments, insurance providers and police agencies across Canada, to help users buy, sell and appraise vehicles with full transparency. Based in London, Ontario and founded in 2000, CARPROOF has been named one of Canada’s 50 Best Managed Companies, and was also honoured with Deloitte’s 2013 Technology Fast 50™ and Fast 500™ awards. For more information about CARPROOF, visit www.carproof.com.
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