Used car research is becoming more important than ever in an environment where consumers are purchasing more used vehicles. Despite used cars being significantly cheaper than new cars, they can also be a terrible investment if the car has been in the wrong hands. This is why most consumers depend on vehicle history reports before making a financial commitment. How has blockchain technology entered this market to change the way consumers assess vehicle history reports?
Used Car Markets
During the global pandemic this year, consumers across the globe have been forced to change their financial behavior. With many people fighting to keep their jobs, disposable income has taken a significant hit. This type of environment has fueled the used car markets. As people continue to slash expenses and travel less, many do not see the value in purchasing a brand new car.
CarMax, the nations largest player in used cars recently reported record growth for the second quarter ending August 31, 2020. The fact that CarMax saw high net sales and operating revenues during a time when most people were social distancing, goes to show how popular this market is right now.
With more people purchasing used vehicles, a standard vehicle history report has never been more important. CARFAX tends to be a popular provider in this space, as many dealers across the country supply customers with these reports. A company in the blockchain space is taking on CARFAX and other providers, by offering a more transparent and informative solution pertaining to vehicle history reports.
Who is this this company, and how is blockchain revolutionizing vehicle history reports?
According to EpicVIN, they are the first company to leverage blockchain technology for vehicle history reports. Unlike traditional providers, EpicVIN data can be considered more secure and transparent due to being stored on immutable blockchain infrastructure. Traditional providers can easily source information for customers, but there is essentially nothing stopping them from altering the data on a specific vehicle. Data on the blockchain is transparent, because no central party can manipulate data once it is recorded.
According to a press release by the company, EpicVIN vehicle reports include:
- Previous owners
- Odometer readings
- Title information
By collecting and assessing vehicle identification numbers ( VINs ), EpicVIN can provide used car research for over 350M used cars in the United States. It is important to note that EpicVIN sources data on used cars that were manufactured after 1981.
How Does EpicVIN used car research separate itself from competitors in this market?
Vehicle history reports are not anything new. A majority of people buying cars are consuming these reports on a daily basis. For example, CARFAX and AutoCheck are leaders in this market right now. According to a blog post by EpicVIN, they believe that their infrastructure separates them from these direct competitors in various ways.
Used Car Research Affordability
EpicVIN strives to provide vehicle reports at a fraction of the cost to its competitors. At a price tag of just $14.99, the cost is drastically lower than other companies that charge upwards of $39.99 per report. In addition, EpicVIN provides additional value by including vehicle images in each report. In an environment where many people are buying cars over the internet, this can be a valuable tool to consumers, especially if the listing has limited coverage.
As mentioned above, EpicVIN is the first service provider to leverage blockchain technology. When data is stored on a blockchain, it is immutable, meaning data is supported by encryption and control mechanisms to ensure it is valid. Once data is recorded on the blockchain, it can not be altered to benefit the central party. For companies not leveraging blockchain, nothing is stopping them from altering vehicle data to increase the cars price tag. Data recorded on a blockchain can ensure consumers that the car is worth its asking price, and is not hiding undisclosed issues or problems.
In a direct comparison to CARFAX, EpicVIN states that its reports include a more “voluminous and detailed information report.” With a car being one of the biggest financial commitments, using a source like EpicVIN seems like a no-brainer.