NEW CARFAX INSIGHTS ON ACCIDENT TRENDS

On January 28, 2023, CARFAX released data revealing trends in vehicle accidents across the U.S. Georgia recorded the highest accident rate, followed by Kentucky and South Carolina.

Rhea-AI Summary

On January 28, 2023, CARFAX released data revealing trends in vehicle accidents across the U.S. Georgia recorded the highest accident rate, followed by Kentucky and South Carolina. Conversely, Oregon led in the fewest accidents per 1,000 vehicles, trailed by Hawaii and Alaska. CARFAX estimated that vehicles with damage history lose about $400 in wholesale value and over $500 in retail value. Severe damage can cause losses exceeding $2,000 wholesale and $2,700 retail. Approximately 40% of U.S. vehicles have some damage, impacting their resale value significantly.

Positive

• CARFAX provides valuable vehicle history data that helps inform used car buyers.
• The ability of CARFAX reports to highlight previously unreported accidents can enhance transparency in vehicle sales.

Negative

• High accident rates in southern states may deter potential car buyers.
• The significant depreciation in value for vehicles with damage may lead to financial losses for sellers.

Argus Session date unavailable

-1.94% session move Open Argus

Details

News Market Reaction – SPGI

The recorded move for SPGI in the trading session of this news was -1.94%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Rates Often Vary by Region

DALLAS, Jan. 28, 2023 /PRNewswire/ -- CARFAX has new data that provides insights into where accidents happen around the country, including the states with the most and the fewest accidents per 1,000 registered vehicles in each state. Georgia tops the list for the most, and several other southern states had high rates as well. Here are the Top 10 states with the most accidents:

1. Georgia
2. Kentucky
3. South Carolina
4. Louisiana 
5. North Carolina
6. Alabama
7. Rhode Island
8. New Jersey
9. Indiana
10. Tennessee

"Several southern states suffer from higher accident rates," said Patrick Olsen, Executive Editor at CARFAX. "But when we look at the states with the fewest accidents, Oregon tops the list followed closely by several other western, mountainous states. It's interesting to see there is some regionality to the accident rates nationwide."

Here are the Top 10 states with the fewest accidents per 1,000 vehicles in each state:

1. Oregon
2. Hawaii
3. Alaska
4. California
5. Vermont
6. Pennsylvania
7. Maryland
8. Virginia
9. Montana
10. Washington

Accident history is the No. 1 thing used-car shoppers look for in a vehicle's history. CARFAX estimates that the average impact on value for a vehicle with damage in its past is almost $400 on the wholesale price and more than $500 on the retail price. Those numbers jump to an average of nearly $2,000 for wholesale and $2,700 for retail if the vehicle has sustained severe damage.

CARFAX estimates as many as 40% of vehicles on U.S. roads today have some damage in their history; that's about 110 million cars. Dealers can use the CARFAX Vehicle History Report to see if there has been damage reported to CARFAX, and also get help in determining where the impact was and the severity of the damage.

"I love what CARFAX has done over the years to get more data and to provide more detailed accident information," said Vaida Presniakovaite, President of Midway Autohaus in Bridgeview, Illinois. "I can usually tell whether it was a minor fender-bender with cosmetic damages or severe damage and the vehicle was towed. Or maybe it'll even tell me if the vehicle just hit a deer while it was driving down the road."

"Oftentimes CARFAX vehicle history reports will actually show an accident where others won't," said Jesse Eiermann, Used Car Manager at Empire Chevrolet in Huntington, N.Y. "That really does put an impact on the value of the vehicle. If you're not paying attention or you don't have CARFAX as a tool, you're going miss out and then run into some trouble later down the road."

CARFAX data shows one in four cars are sold within a year of being in a damage-causing incident.

Editor's note: Reporters are welcome to visit the CARFAX booth (#1215) at the NADA Show to learn more. Interviews are available including in-person at NADA. Please contact publicrelations@carfax.com.

About CARFAX

CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post and Glassdoor.com. Shop, Buy, Service, Sell – Show me the CARFAX®.

S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-carfax-insights-on-accident-trends-301732959.html

SOURCE CARFAX

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the states with the most accidents according to CARFAX data?

According to CARFAX, Georgia, Kentucky, and South Carolina have the highest accident rates.

Which states have the fewest accidents per 1,000 vehicles?

Oregon, Hawaii, and Alaska report the fewest accidents per 1,000 registered vehicles.

How much value do damaged vehicles lose?

Damaged vehicles lose approximately $400 in wholesale and over $500 in retail value, potentially more if severely damaged.

What percentage of vehicles in the U.S. have some damage history?

CARFAX estimates that around 40% of vehicles on U.S. roads have a damage history.

What is the role of CARFAX in the automotive market?

CARFAX provides critical vehicle history information that helps consumers and dealers make informed decisions when buying or selling cars.