How Vehicle History Data Can Help Consignors Make More Informed Decisions Before Auction

Electric vehicles (EVs) are the topic of conversation in the automotive industry, but we’re continuing to see another fuel type pick up speed. With consumer demand shifting and drivers exploring more fuel-efficient options, the automotive market is leaning back into hybrids. In fact, new retail hybrid registrations grew to 11.5% through Q3 2024, from 9.5% through Q3 2023, according to Experian’s Automotive Market Trends Report: Q3 2024. Meanwhile, EVs increased from 7.7% to 8.2% year-over-year and gasoline vehicles declined to 70.4% this year, from 72.7% last year. Despite EVs gaining notable attention over recent years, some consumers may be factoring in the benefits of opting for a hybrid, such as the convenience of driving a longer distance without facing challenges as charging stations remain limited. As more manufacturers adapt to consumer needs and roll out additional vehicles, data shows 9.1% of 2024 model year vehicles in operation were attributed to hybrids, while 6.2% of 2024 model years were EVs through Q3 2024. Having more models enter the market has shifted the hybrid and plug-in hybrid electric vehicle (PHEV) market share, with the Toyota Camry making up 12.5% of the market share this quarter, a notable increase from 2.4% last year. On the other hand, the Jeep Wrangler 4xe went from having 4.5% of market share last year to 2.4% through Q3 2024. With many consumers continuing to have some concerns around EVs such as range anxiety and charging times, they’re seeking a more practical solution for their daily driving needs. The balance of fuel options provides more convenience—making hybrids an appealing choice for those wanting an EV alternative. It’s important for manufacturers to stay ahead of the competitive market as it’s constantly evolving. Leveraging the most current data can provide solutions that address both feasibility and consumer preference. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q3 2024 presentation on demand.

Quick Answer: A new consumer survey reveals that 90% of survey respondents would like to have more than one Vehicle History Report when shopping for a used car. Offering an Experian AutoCheck® VHR as a second Vehicle History Report is a smart, simple strategy to help you close more deals.   In today’s used car market, standing out from the crowd is more important than ever. As buyers become savvier and more informed, dealerships need to find new ways to build trust and close sales. One simple yet effective strategy? Offering a second Vehicle History Report (VHR) to your customers. Why VHRs Matter So Much Let’s face it—buying a car is a big deal. Most people don’t just walk onto a lot and pick the first car they see. They do their homework, and a big part of that research involves Vehicle History Reports. In fact, a recent survey found that 70% of people used a VHR the last time they bought a car. And it’s not just a one-time thing—83% of buyers say they’ll use a VHR for their next purchase too. Why? Because these reports provide crucial details like accident history, mileage accuracy, and service records that give buyers confidence in their decisions. The Case for Offering Multiple VHRs Here’s something that might surprise you: 90% of surveyed car buyers said they’d like to see more than one VHR when shopping for a used car. Think about that for a second. People want that extra layer of reassurance that only comes from cross-checking information. This is especially true for those who prefer buying from dealerships—these customers expect comprehensive, reliable data before they make a decision. How Multiple VHRs Can Give Your Dealership an Edge So, what’s the big deal about offering more than one VHR? It’s all about trust and transparency. Just like banks look at multiple credit reports before approving a loan, offering multiple VHRs can help you provide a fuller, more accurate picture of a vehicle’s history. This can reduce your liability and protect your dealership’s reputation. We have done some digging into this, and the results are eye-opening. For instance, in one case study, a dealership found additional damage events through an Experian AutoCheck® VHR that weren’t picked up by other VHRs. This kind of discrepancy shows just how valuable it can be to provide that second report—it helps ensure that all the facts are on the table, which protects both you and your customers. Meeting and Exceeding Customer Expectations Here’s something else to keep in mind: people expect dealerships to go the extra mile. The survey found that 86% of used car buyers believe VHRs should be provided for free by the dealership. By offering multiple reports at no additional cost, you’re not just meeting their expectations—you’re exceeding them. And that’s a surefire way to boost customer confidence, satisfaction, and, ultimately, your sales. What You Can Do Today Offering a second Vehicle History Report is a smart, simple strategy to help you close more deals. It shows your customers that you’re committed to transparency and that you care about providing them with all the information they need to make a confident decision. In a competitive market, it’s the little things like this that can make a big difference. Your customers—and your bottom line—will thank you. Experian Automotive is here to help you with your vehicle history data needs.  If you’d like to learn more about our AutoCheck solution and how we can support you, click below to have someone from our team contact you.

Vehicles with recalls are on the road. In fact, as of July 2023, there were over 15M vehicles on the road in the United States that have a recall that was reported for that vehicle between January and June 2023². Awareness of Open Recalls and the availability of remedies is important for our Automotive clients. As a result, we have added the National Highway Transportation Safety Administration (NHTSA) number and remedy availability flag to three of our Vehicle History Data Solutions: AutoCheck Vehicle History Report Dealers and consumers will be aware of open recalls and if there is a remedy available for the recall. This can alleviate consumer concern over an open recall if there is no remedy available facilitating consumer confidence in a vehicle purchase. AutoCheck Triggers Clients will be aware of any open recalls and the remedy viability in their vehicle portfolio. Many clients use AutoCheck Triggers to make business decisions regarding their vehicle portfolio. Auto AccuSelect Adding the NHTSA recall number and remedy availability flag to Auto AccuSelect allows clients to be aware and take action regarding the vehicles they are evaluating. It is critical to know open recall information, as well as the overall history of a vehicle before buying or selling a used car. Experian Automotive’s vehicle history data solutions, such as a the AutoCheck vehicle history report, can help you buy and sell vehicles with confidence. AutoCheck has 98.96% of manufacturer coverage for recall data based on vehicles in operation. If you’d like to learn more about a recent analysis Experian Automotive conducted about the number of recalls reported for the first half of 2023, where those events were reported and where those vehicles are currently in operation, click to view our Recall Insights Infographic.