CARFAX Canada Presents: 2024 Year in Rear View

CARFAX Canada’s Vehicle History Reports Revealed Essential Information to Help Protect Canadians This Year

LONDON, Ontario--(BUSINESS WIRE)-- CARFAX Canada has released its highly anticipated, Year in Rear View 2024 report, showcasing key insights from millions of its Vehicle History Reports conducted over the past year. By utilizing a vast network of billions of data records from many trusted sources across North America, this comprehensive report highlights vehicle thefts, accident claims, liens, and other crucial data points impacting vehicle ownership in Canada.

CARFAX Canada’s Vehicle History Reports Revealed Essential Information to Help Protect Canadians This Year. (Graphic: Business Wire)

Vehicle theft remains an increasing concern for Canadians this year. According to the Canadian Police Information Centre (CPIC), 152,622 vehicles have been identified as actively stolen in Canada, half of which are SUVs. This year, the number of vehicles reported as stolen on CARFAX Canada Vehicle History Reports increased by 25%. VIN Cloning has also emerged as a significant fraudulent issue this year. Shawn Vording, President of CARFAX Canada explains, “VIN Cloning is the act of stealing a VIN (Vehicle Identification Number) from a legitimate vehicle and attaching this VIN onto another similar year, make, model, trim vehicle, typically stolen, essentially giving it a fake ID. Our insights suggest that there are 141,260 potential VIN Clones in operation in Canada.” Vording emphasizes, “This is a major issue for dealers, consumers, banks, and insurance companies as it allows scammers to sell a stolen vehicle to an unsuspecting party.” A CARFAX Canada Vehicle History Report can help Canadians, as the report not only flags actively stolen cars but also equips buyers with ways to detect cloned VINs and inaccurate vehicle data. CARFAX Canada works with many law enforcement organizations across the country to help identify stolen vehicles and protect millions of Canadians.

The total amount of accident claim damage found on CARFAX Canada Vehicle History Reports this year was more than $7.6 billion. Alberta leads the country in hail damage claims with $140 million, which is 300% more total damage claims than the next highest province, Ontario. Ontario saw an increase in extreme weather this year with over $12 million in damages due to wind-related occurrences.

Liens (money owed on a vehicle) continue to be a concern for used car buyers, with 42% of lien checks conducted revealing outstanding debt on vehicles. Year after year, this issue highlights the importance of knowing the history before you buy or sell your vehicle.

Lastly, the highest odometer reading recorded on CARFAX Canada reports this year was an impressive 999,998 kilometres on a 2010 Lincoln MKS.

Vording reminds everyone “It’s a critical starting point to use Canada’s most comprehensive vehicle History Report to help protect yourself when buying, selling or owning used vehicles.”

Click here to learn more and see the 2024 CARFAX Canada Year in Rear View video. The full analysis is based on data appearing on CARFAX Canada Vehicle History Reports run between September 1^st 2023, and September 1^st 2024.

Visit carfax.ca to learn more about the CARFAX Canada Vehicle History Report + Lien Check.

About CARFAX Canada

CARFAX Canada, a part of S&P Global (NYSE: SPGI), is Canada’s definitive source of automotive information, delivering vehicle history, valuation and service solutions. Drawing on billions of data records from thousands of sources, its products enable used vehicle buyers, sellers and vehicle service providers to make informed decisions. CARFAX Canada is dedicated to transparency and is trusted to provide vehicle history, valuation and service information to dealerships, vehicle manufacturers, consumers, service shops, major auctions, governments, insurance providers and police agencies. www.carfax.ca

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241126251543/en/

For further information or for an interview with a CARFAX Canada representative, please contact:

Kristy Pinder, Brand Director at CARFAX Canada

kpinder@carfax.ca

+1.519.854.0571

Source: CARFAX Canada