Brian Joss – It’s a conundrum facing dealers, private buyers and sellers alike – determining the vehicles authenticity and related market value for used vehicles.
A key factor to consider is whether the vehicle presented, to both dealers and or the public is authentic: not a cloned vehicle. As we all know the adage refers ‘let the buyer (and seller) beware!’
VehicleFacts, comes to the rescue with both an online service backed up by the optional service of a physical confirmation via DataDot Technology’s approved vehicle confirmation centres nationwide that provide consumers and dealers alike with live market-related information pertaining to the vehicle that is being bought or sold. Together with its partners Bid4Cars, CarFind and WePay4Cars the most accurate market and vehicle related data is collected and supported by the physical check of the vehicle to provide the consumer and dealer with the peace of mind that the vehicle presented is the genuine article.
Not only does it take the guesswork out of how much you should be paying or receiving for a vehicle, but it also provides valuable authentication information and where possible, historic information on that vehicle.
Using the VehicleFacts platform is a simple process. The site can generate two types of price related reports along with the Nation-Wide service of a physical confirmation report which is critical to completing this type of high value transaction.
The first is a so-called light report, which provides basic information such as the average retail value. It also includes the vehicle’s microdot status and confirms information such as VIN number, manufacturer, model, derivative, colour and year. However, it’s important to note this information can only be offered if the VIN is available and the vehicle has previously been microdotted.
The fact that average, high and low values are given is a particularly handy aspect as it gives an indication of what a vehicle should be worth whether it has low or high kms on the clock. This is supplemented by average retail price per Kms category which covers from less than 50 000 kilometres to more than 200 000 kilometres.
The light report is a valuable tool for prospective buyers looking to buy or sell a specific brand or model. Simply by submitting the make, model and year, buyers will get an indication of what they should be asking or paying for such a vehicle.
The second type of report available from VehicleFacts is the comprehensive version. Apart from all the information provided in the light report, it delves deeper into the vehicle’s available history as well as certain market trends which may impact on the price. This also shows a three-month analysis of supply and demand trends on the vehicle as well.
What makes the comprehensive report a particularly handy tool when the physical check is included, is the vehicle can be validated prior to any cash changing hands.
It is important to note that the VehicleFacts pricing does not replace the Mead &Mcgrouther trade and retail pricing but is a quick check to ascertain if the buyer and or seller are on the right track as it relates to current market trends.
Another benefit for dealers using VehicleFacts is related to the Second-Hand Goods Act, which came into effect in 2012. This requires that dealers record the microdot information of all used vehicles it buys and sells. The aim is to protect dealers and consumers by ensuring that the vehicle being traded has not been cloned or stolen.
VehicleFacts can provide participating dealers with a used car register that is in compliance with all the stipulations of the law. As with the reports available from the site, this would include information such as registration, colour, make, model, mileage and microdot information.
Training is provided for dealerships that wish to run this in-house.
VehicleFacts is part of the C2 Group of companies and is not linked to any retailer, so the services provided are aimed solely at providing buyers and sellers of used vehicles with reliable and up-to-date information that will assist them in making informed decisions.
Visit www.vehiclefacts.co.za for more information.
CAPTION: Accurate data: would-be car buyers examine vehicles on auction. Picture: Quickpic.