Vehicle history reports are extremely useful, if not critical when buying a vehicle. These reports provide information on things like previous damage, maintenance, odometer rollbacks, and how many owners a vehicle has had. However, not all reports are created equal. Most of the popular vehicle history providers promise the world, but rarely deliver. By solving the problems most people encounter with current providers, VINchain is shaking up the industry with their revolutionary vehicle history reporting system.
Here’s a look at the problems most people encounter with current vehicle history reports:
The first thing consumers notice when looking for vehicle history reports is price. Reports on most vehicle history providers cost between $25 and $40 for a single report, with most having packages for multiple vehicles priced between $50 and $65. That’s a lot of money just to get the history of a vehicle.
A single report on VINchain, however, costs 25 VIN tokens, which, based on the current token price, is a mere 13 cents! What’s more, every time someone requests data, the person supplying the data also gets paid, every single time.
CarFax provides very good mileage and service records, while AutoCheck mainly gives information on number of owners and registrations. Both provide information on things like previous accidents, damage and odometer rollbacks. However, the data is limited and both companies don’t necessarily provide the same level of data. This is because there is no law that requires everyone involved to share information, many providers opt to sell their data, which means that vehicle history providers may not have access to those particular sets of data. In fact, many companies refuse to share information, meaning data is not transparent, making reports vulnerable to inaccuracies.
On the contrary, VINchain provides all vehicle data through its soon-to-be-launched innovative On-Board Diagnostic (OBD) device. Every single piece of data generated by a vehicle is logged through the OBD and is accessible to the consumer, fleet manager or dealership. The data is completely transparent, so one can see exactly where the data came from and when, which means the data can be trusted as true and accurate. And because information providers are compensated every time they share data, they are more likely to participate in the system.
No access to NMVTIS
The National Motor Vehicle Title Information System (NMVTIS) is a government database of vehicle history information designed to protect consumers from fraud and unsafe vehicles. It is currently starting to become law that reports include data from the NMVTIS. VINchain is currently the only vehicle history report provider with access to this vital system, ensuring that information provided is accurate and complete.
Reports can be used to mislead consumers
There have been countless cases where consumers were mislead by car history reports that gave vehicles a ‘clean’ report, only for buyers to discover major flaws and problems with the vehicles after they had already spent lots of money on a vehicle. Mistakes like these can cost consumers thousands of dollars not only in resale value, but also in overpaying for the vehicle in the first place. Speaking to ABC News, one vehicle appraiser says that an accident on a vehicle history report can lower a newer car’s value between 10 to 20 percent, even if the accident was someone else’s fault, since these types of details aren’t displayed.
Alarmingly, services like CarFax are known not to verify a lot of all information that is provided in reports, such as vehicles that have been seriously damaged, but were not declared a total loss. This means that there might be discrepancies between reported and actual data. What’s more concerning, is that a lot of used car dealerships know how to exploit these ‘loopholes’ in their system to mislead potential buyers.
Because VINchain provides detailed information from some of the most reputable sources in the automotive industry, in addition VINchain pulls data from individual drivers themselves, increasing the accuracy of the data, while compensating the drivers in return.
No real-time data
The problem with the majority of vehicle history reports is that data is static, which means it’s not a current report. For instance, there is often very long lag times between major accidents and when it shows on a vehicle history report, if it shows up at all due to accidents not being reported. This is a major concern when purchasing a vehicle.
VINchain gives dynamic data in real-time with the OBD device. The device collects detailed diagnostic information, as well as driving behavior, the current status of the vehicle, fuel consumption, and even its location. These are things a static report cannot provide.
While most vehicle history reports are fairly easy to read, they’re not always that clear in terms of where the information came from, and many accidents can be exaggerated or not clearly described, such as whether the accident was a minor fender-bender or a major accident. This lack of transparency makes these reports not very trustworthy.
VINchain’s data is completely transparent. Every piece of data can be traced back to who provided it and when it was provided, creating accurate, trustworthy data that consumers can rely on.
Considering the importance of vehicle history reports when purchasing new vehicles, it’s very concerning that there are so many problems with current vehicle history providers. However, with VINchain entering the market with their state-of-the-art OBD device and mobile app, this is set to change.