CarFax Car Values and their NEW Price Calculator

[mikeelmore]

Great, another "Value Tool" to really muck up the water's. In my humble opinion, another great reason not to put too much stock in doing business with the mega corp's. But then again, that's just my opinion

 

[Alex Snyder]

I want to play devils advocate here.... (and I may or may not agree with what I post...lol)

This feature is a closing tool and really hurts nobody smart enough to use it that way...

Lets say it says a vehicle is worth $350.00 less than book value.

How does that hurt you at all?

Unless you own the vehicle for way too much $$$ it is not going to hurt to sell the vehicle for $350 under a book value that does not even exist.

I think this was implemented as a closing tool to get people into a buying mindset and out of a shopping mindset. It assures them it is a safe bet and a good deal to purchase that vehicle for $x.xx +/- "book value".

That's exactly how they're intending us to take it. What they haven't mentioned yet is that they also prefer used car managers to put the "book" value on the car when the CarFax is originally pulled. I must admit that this could be used as a decent closing tool but it is definitely going to take some time to get used to it.

I'm still wondering who invited CarFax to this pricing party and why they even wanted to come?

 

[eddyshaf]

I want to play devils advocate here.... (and I may or may not agree with what I post...lol)

This feature is a closing tool and really hurts nobody smart enough to use it that way...

Lets say it says a vehicle is worth $350.00 less than book value.

How does that hurt you at all?

Unless you own the vehicle for way too much $$$ it is not going to hurt to sell the vehicle for $350 under a book value that does not even exist.

I think this was implemented as a closing tool to get people into a buying mindset and out of a shopping mindset. It assures them it is a safe bet and a good deal to purchase that vehicle for $x.xx +/- "book value".

I could not agree more with these statements - This is an opportunity, not an obstacle.

In fact, the last time I checked, a good salesperson welcomes objections so he/she can overcome them on the road to the sale. If you are the dealer then you have the CarFax value information at your fingertips and can plan the proper responses to any objections.

Aren't most of your cars priced competitively for the market? Can't you justify/back up the reason your car is slightly more expensive? Did you know that you can plug in whichever of the "book values' you select? How many instances will there be where the CarFax pricing adjustment is in your favor as a dealer? Don't you already use the CarFax as part of the sales process to enhance value?

Our CarFax representative has been in constant communication with us about this change for almost two months, so it is absolutely no surprise to us.

I am surprised by some of the names on this forum who are opposed to this additional bit of information being supplied to the public - what happened to 'transparency' and 'openness'?!?

@ Joe - Are you saying that people asking for a Kleenex is a knee jerk reaction to a need to wipe their noses? I think you might be missing the bigger issue...what is wrong with associating your brand with another nationally recognized and respected brand?

 

[AutoArchitech]

Look at it on the opposite side, you can use it to show them the trade is worth less.......

 

[Jarrett]

I have been thinking this over for many days now as we recently noticed this "improvement".

Their product is one of a great many tools consumers use to complicate their buying process. The fact that they are expanding their business model into "New ground" by entering the valuation game tells me they are frightened. The information is not the total value consumers desire, it is the ability to find something on the internet that supports their pre-determined opinion.

I am sure if you search hard enough, I would bet there is a site that will tell you the sky is purple, if you want to believe it is.

This new feature makes me as unexcited about Carfax as I was when it first appeared in our industry. It did however help us save time determining salvage title and disclosed damage when taking a trade-in.

 

[Alex Snyder]

I am very disappointed with CarFax's ability to follow-through on their communication promises.

I was originally promised they would answer the questions I posed in the comment string of this article: CarFax Car Values and their NEW Price Calculator by Tuesday of last week.

Then they said they couldn't respond on any blog or forum and asked if they could respond by email - I said sure. No email.

Then I got a call Thursday morning saying they weren't going to respond to those questions at all, but would release a press release instead. That was due last Friday. I still have not seen that.

I wonder what they're going to pull this week?

I just want to know how they come up with these values.

 

[Alex Snyder]

Looks like the Press Release is coming out shortly. Got an early edition: CarFax History Reports with NEW value service Press Release

 

[mikeelmore]

What a difference a day makes? How and where does Carfax come up with this wonderful new information? We have always been able to promote the "known" pricing guides as just that, a guide, not an absolute fact. With a Carfax report, they have built a reputation as being a complete expert on that particular vehicle "life's history" and to be an absolute authority on that vehicle. That has been an excellent selling tool, that is a fact. Now along they come, arbitrarily assigning a value for that vehicle, they are now stating they are the absolute pricing authority?

I don't like this new report, no sir, not at all if it's going to put me in a position of having to defend my price against this absolute authority! That in my opinion, is just plain bull....!

 

[Bruce Novicky]

A carfax with a -$50 value just helped me close a deal today.

Who cares where they get the value from, they let you use whatever book value you want.

 

[Jerry Thibeau]

A carfax with a -$50 value just helped me close a deal today.

Who cares where they get the value from, they let you use whatever book value you want.

Get back to us with the results when you come across one with a -$850 value.