Data consolidation trend becoming essential for true motor business intelligence - TransUnion
Buying, selling, insuring or financing a used motor vehicle can be risky as there are numerous factors that can influence the value of the vehicle or impact the transaction.
Traditionally, dealers, insurers and financiers have relied on a single source of information – the TransUnion Auto Dealers’ Guide – to calculate a fair market-related trade and retail value for each vehicle. The Guide provides the trade and retail values for every make, model, variant and age of vehicle based on data supplied by both independent and major groups of motor dealers as well as the major vehicle financing institutions in South Africa.
Subscribers to the TransUnion Auto Dealers’ Guides are also able to use tables provided by TransUnion to manually adjust the value of a vehicle based on its mileage, condition and factory-fitted optional extras.
In today’s tough economic and highly competitive market this is no longer enough, according to Mike von Höne, CEO TransUnion Auto Information Solutions.
“Having fast, convenient access to a variety of data sources and information about every individual vehicle is no longer a nice to have, but a must.
“Knowing that all vehicles of a particular make and model have a certain trade and retail value is useful, but what if the particular vehicle that you are considering was involved in a serious accident at some point in its history? What if the odometer has been tampered with to make it appear as if the vehicle’s mileage is lower than is being claimed?
“It’s also vitally important to be assured of the vehicle’s ‘legal’ status. You want to be sure that the vehicle is not being sought by the SAPS or that it may be a cloned vehicle. This will reduce the risk of the vehicle being confiscated by the authorities or becoming the subject of an ownership dispute,” von Höne added.
The TransUnion Auto Verification Reports confirm an individual vehicle’s main identifiers (registration, VIN and engine numbers), its make, model, variant, colour and year of manufacture; as well as its financial and accident claim history; police interest; IVID status; mileage and microdot history.
“By converging and consolidating the information used to prepare TransUnion’s verification reports with our valuation data, and by delivering this to the industry where and when they want it in a format that’s easy to use and understand, we will be able to provide the motoring and associated industries with invaluable business intelligence on which to base sound decisions,” von Höne added.
Von Höne noted that TransUnion had built its reputation as the trusted source in vehicle risk intelligence over many decades, producing vehicle values as a trusted industry partner for 50 years and vehicle verification reports for 30 years.
“Convergence is the next wave in information intelligence,” von Höne said. “In line with our commitment to innovation that serves the increasingly competitive vehicle market, TransUnion expects to be able to announce the availability of our first converged and consolidated motor vehicle business intelligence reports in the near future.”
As a global leader in credit information and information management services, TransUnion creates economic and competitive advantages for businesses and consumers. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive solutions that leverage data, advanced analytics and decisioning technology. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in more than 25 countries around the world. www.transunion.co.za.
TransUnion Auto Information Solutions is South Africa’s leading provider of information solutions for the automotive industry. The company was established in 2005 following the merger of motorONLINE (est. 2000), TransUnion HPI (est. 1997) and TransUnion Mead & McGrouther (est. 1960).