TransUnion is launching Digital Dealers Guide, a digital platform that will expedite the way people buy, sell, finance and even insure cars.<\/p>\n
TransUnion first printed its monthly Autodealer\u2019s Guide 55 years ago, with that same guide still used extensively across the auto industry – from finance institutions to insurance providers – to uniquely identify a vehicle derivative, and as a base for determining used vehicle values for trade and retail.<\/p>\n
The Digital Dealers Guide will sit within the widely-used 1Check app, said TransUnion’s Kriben Reddy.<\/p>\n
While the value is a given, based on market averages, Digital Dealers Guide enables users to search specific VIN numbers.<\/p>\n
This, with data from other sources, makes it possible to determine whether a vehicle has been driven harshly, involved in an accident, or stolen.<\/p>\n
Reddy pointed out that these factors can then be used in conjunction with mileage and condition adjustments to make a more realistic, accurate determination of the market value of a vehicle.<\/p>\n
The digitisation of the Autodealer\u2019s Guide means that available values will increase to 224 brands, covering a total of over 2,839 model ranges with 14,972 variants.<\/p>\n
An upcoming feature will also provide values of a new vehicle within its first 12 months of being sold, which has not been available traditionally.<\/p>\n
Insurance can no longer afford to be based on averages, said Reddy. “Accurate data relating to specific vehicles helps insurance to reassess their risk models, to make sure their risk premium is correctly adjusted.”<\/p>\n
The same applies to finance sectors who base their risk assessments predominantly on the person, not the asset, he said.<\/p>\n
\u201cBy having access to the data in the Digital Dealers Guide, this risk assessment can be done more accurately and this will have a positive impact across all sectors,\u201d said Reddy.<\/p>\n