Information on CarFax
When buying a used car, knowing as much as possible about the vehicle can save you from making a very costly mistake. CARFAX provides you with the information you need when buying a used car.
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Function
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CARFAX is a company that provides history reports on used cars and light model trucks made in or after 1981. The company uses the vehicle identification number, also known as the VIN, to generate a report containing important information about a car's history. CARFAX also offers other products, such as CARFAX Hot Listings and CARFAX Safety and Reliability Reports.
History
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Created in 1984 by Ewin Barnett III, CARFAX broke new ground with the idea of vehicle history reporting. The company sold its first vehicle history report in 1986 and has since accumulated over 6 billion vehicle history records. CARFAX is a subsidiary of the R.L. Polk and Company, based in Fairfax, Virginia. CARFAX partners with Kelley Blue Book, Cars.com, Yahoo! Autos, and the National Auto Auction Association, among others.
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Significance
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Potential car buyers can be assured that they are getting a quality vehicle based on the information that CARFAX makes available. Not only does CARFAX help consumers make informed buying decisions, but they also provide assistance in locating used cars and crash test results through CARFAX Hot Listings and CARFAX Safety and Reliability Ratings.
Report Details
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Some of the information included on a CARFAX Vehicle History report includes odometer readings, number of owners, title information, service records and whether the vehicle was used as a rental car or taxi. The report may also contain flood damage history and note if the vehicle has been in an accident that caused the airbags to deploy.
Benefits
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CARFAX offers an exclusive assurance known as the CARFAX Buyback Guarantee. This guarantee states that if the report issued by CARFAX is missing serious information from a car's history--such as whether it has been rebuilt, salvaged or bought back by the manufacturer as a "lemon"--they will purchase the vehicle back for its full price.
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