VinAudit.com's founder and CEO David Wu argues that while CARFAX is a well-known vehicle history provider, it is really a "brand eponym" ripe for being replaced by lower-cost alternatives. Just like Kleenex.
August 6, 2012 (Newswire) - For decades, one company has dominated the vehicle history market: namely, CARFAX. With few alternatives available for vehicle history reports, CARFAX gets away with charging as much as $34.99 for a single vehicle history report.
"I just needed to prove that a car I was selling had a clean history, so I scoured the web for a 'free vehicle history report'", explains David Wu, VinAudit.com's founder and CEO. "Unfortunately, there was no such thing as free vehicle history, and I felt ripped off when I resorted to paying $30 for a basic report." After this experience, Wu went on to found VinAudit.com -- a vehicle history reporting service offering a radically lower-cost alternative to CARFAX.
Working hand in hand with the National Motor Vehicle Title Information System (NMVTIS), US federal database for vehicle data, VinAudit.com was able to make this relevant vehicle information open and accessible to the public at a reasonable cost.
Since VinAudit.com's initial release in early 2012, the service has served thousands of consumers nationwide over the Internet in addition to having with a rapidly growing presence in the automotive industry. VinAudit.com along with partner's and affiliates served as one of the main alternatives to CARFAX providing an approved compliance solution with this new requirement that took effect on July 1st, 2012.
The newly launched Assembly Bill 1215 required California car dealers to properly disclose vehicle history information before their customers purchase a car. Seeking a low-cost compliance solution, over 500 used car dealers in California have chosen VinAudit.com as their exclusive source for vehicle history reports.
"We're just getting started," Wu says optimistically, "One day, vehicle history may even become free."