Is CarFax’s Used Car Value Better Than MMR?

I recommend that you take a look at CarFax’s history based value

it is a beta product from Carfax and in my opinion a great tool to have in your appraisal arsenal.

We had the pleasure of meeting Carfax at our booth at the NADA conference in April, where they introduced us to the new tool. If used right it can enhance the way you appraise cars because for the first time ever, it uses the vehicle history to help calculate the vehicle’s true value.

CarFax has been showing value enhancements for years on the Carfax report, but with this tool, they will help dealer calculate wholesale value as well. It will take into consideration, accidents, the number of owners, if it was a rental or not, and the service and DMV history.

Not every dealer liked the old version at first, because in some cases it devalued the vehicle, especially when the car had an accident reported on the CarFax. But in the transparency world we live in, does it not make sense to highlight the truth about the car to your buyers/bidders? And if you use history based values when sourcing the cars in the first place you would not be impacted by the negatives on the report.

I really like this product and have made a 10-minute video to highlight its features and how dealers can use it in their appraisals. Take a look..

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