Transparency has become one of the cornerstones of consumer trust in today’s digitally connected market. In the automotive sector, the inclusion of accident data into vehicle verification reports can be a game-changer for all stakeholders from consumers and financial institutions through to auto dealers and insurers.
To address a long-standing industry gap, TransUnion has reintegrated accident data into our Auto Vehicle Verifications. The inclusion of accident data empowers auto dealers, original equipment manufacturers (OEMs), and insurers to make more ethical and informed business decisions.
For consumers, this data is the difference between knowing which vehicle might have been in a minor bumper-bashing and one that might have experienced significant structural damage. A vehicle is one of the most significant purchases a consumer can make. Making a well-informed decision is therefore critical especially when it comes to the used car market.
Developing trust
The inclusion of accident data in Auto Vehicle Verifications creates transparency in the automotive industry, enabling dealers to foster deeper connections with customers. By revealing accident data, the industry will demonstrate trustworthiness to consumers, and help the automotive industry address the preconceived idea of dishonest business practices across new and used vehicle sales.
It also improves the relationship between the person who is trading in a vehicle and the dealer. With the dealer having consent to check the accident history of the vehicle, the consumer is also showing that they are playing open cards and fully disclosing all the pertinent information.
Full disclosure
By providing accident data, dealers can safeguard their reputation because they will not sell vehicles that have been involved in accidents. Simply put, accident data stops written-off vehicles from being sold.
Not only does this make sense from an ethical perspective but is also a legal requirement. If a dealer knew the vehicle had been in an accident and did not disclose the information, then the consumer has the right to return a vehicle within a certain period under the Consumer Protection Act. The dealer must then either refund the customer or replace the vehicle with something similar in value. The ramifications of this are significant. The bank has financed an asset that the consumer no longer wants. The insurer has insured an asset that has been in an accident.
A comprehensive approach
By championing transparency, TransUnion is not just improving the dealer-consumer relationship, but also supporting ethical practices within the sector. This push towards openness and honesty can reshape the way vehicles are bought, sold, and insured. All of this is done while ensuring that consumers and dealers make informed decisions based on access to comprehensive and reliable accident data from a reputable industry association.
By providing the entire automotive ecosystem with access to accident data, the service can contribute to an environment where more informed decisions can help drive the sector forward and significantly reduce the risks typically associated with vehicle trading decisions. Through this initiative, TransUnion is promoting trust in the market by using Information for Good®.