Insights from CARFAX Canada's 2024 Comprehensive Vehicle Report

Insights from CARFAX Canada's 2024 Comprehensive Vehicle Report

CARFAX Canada has unveiled its eagerly awaited Year in Rear View 2024 report, providing vital insights drawn from millions of Vehicle History Reports completed throughout the past year. Leveraging an extensive network of billions of data records from reliable sources across North America, this all-encompassing report sheds light on critical issues such as vehicle theft, accident claims, liens, and other important metrics that impact vehicle ownership in Canada.

Vehicle Theft Trends

The growing concern of vehicle theft has prominently surfaced this year in Canada. Reports indicate that 152,622 vehicles are currently identified as stolen, with a notable portion being SUVs. Alarmingly, the frequency of vehicles flagged as stolen has escalated by 25% compared to previous reports. Additionally, VIN Cloning has emerged as a concerning fraudulent trend. Shawn Vording, President of CARFAX Canada, elaborates that “VIN Cloning occurs when a vehicle’s VIN is misappropriated and affixed to a stolen vehicle of similar make and model, essentially creating a fraudulent identity. Our findings indicate 141,260 potential VIN Clones may be in circulation within Canada.” This pressing issue presents substantial challenges for dealerships, consumers, banks, and insurance companies, complicating the sale of stolen vehicles to unsuspecting buyers.

Importance of Vehicle History Reports

The advantages of utilizing a CARFAX Canada Vehicle History Report are significant, as it not only highlights actively stolen vehicles but also assists buyers in identifying cloned VINs and inaccuracies in vehicle data. CARFAX Canada collaborates with law enforcement agencies nationwide to help detect stolen vehicles and safeguard countless Canadians.

Accident Claims Overview

This year, the total assessed damage from accident claims reached over $7.6 billion across Canada. Alberta topped the list with $140 million in hail damage claims, reflecting a staggering 300% increase compared to the next highest province, Ontario. Ontario also faced challenges, recording over $12 million in damages from wind-related incidents.

Understanding Liens

Used car buyers must remain vigilant regarding liens, as 42% of lien checks conducted revealed outstanding debts on vehicles. This ongoing concern underscores the necessity of understanding a vehicle’s history prior to making a purchase or sale.

Remarkable Vehicle Statistics

This year, the highest odometer reading recorded on CARFAX Canada reports was an impressive 999,998 kilometres, noted on a 2010 Lincoln MKS. Such statistics not only fascinate but also serve to highlight the diverse experiences of vehicle ownership across the country.

Protecting Yourself When Buying a Vehicle

Shawn Vording also reminds potential buyers, “Using Canada’s most comprehensive vehicle history report is crucial for safeguarding yourself when buying, selling, or owning used vehicles.”

Conclusion

In summary, CARFAX Canada’s Year in Rear View 2024 report reflects significant issues that Canadian vehicle owners face. By remaining informed and checking vehicle histories, Canadians can actively take measures to protect themselves.

Frequently Asked Questions

What is the main focus of CARFAX Canada's 2024 report?

The report highlights vehicle theft trends, accident claims, liens, and other crucial data influencing vehicle ownership in Canada.

How many vehicles were reported as stolen in Canada?

According to the report, 152,622 vehicles have been identified as stolen, primarily SUVs.

What is VIN Cloning?

VIN Cloning is the fraudulent act of using a legitimate vehicle's VIN on another stolen vehicle of similar characteristics, creating a false identity.

What was the total accident claim damage recorded this year?

This year, the total accident claim damage surpassed $7.6 billion in Canada.

How can vehicle history reports help buyers?

vehicle history reports help identify stolen vehicles and detect inaccurate data, safeguarding buyers from possible fraud.

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