Protecting Public Interest in the Used Car Market
On November 5, 2024, CITA, in collaboration with carVertical, hosted an enlightening webinar titled “How does the protection of the public interest shape used car market transparency?”. Led by carVertical’s Head of Communications, Matas Buzelis, the event addressed critical issues surrounding odometer fraud, a common and costly problem that artificially inflates car values. Citing recent data, carVertical highlighted the financial impact of odometer manipulation across Europe, with buyers in some countries overpaying by up to 25% for tampered vehicles.
The speaker discussed carVertical’s “Market Transparency Index,” a signature tool that leverages millions of vehicle history reports to rank and compare transparency levels across several countries. The index evaluates critical factors such as odometer fraud rates, historical damage records, import data, and average vehicle age, which are crucial for consumers to make informed decisions and avoid scams.
Cross-border car trade, which offers consumers a wider selection of vehicles and competitive prices, was also explored. However, it was noted that this trend can lead to increased fraud due to inconsistent data exchange between countries. carVertical highlighted the importance of robust digital data and collaborative efforts among institutions to mitigate these risks and safeguard consumers.