With more than nine million vehicles registered in counties affected by Hurricane Sandy, Experian Automotive is warning consumers to be extra vigilant when shopping for a used car.
The firm said while the total number of vehicles damaged by the storm is still unknown, preliminary reports indicate that the number will be fewer than that of past hurricanes such as Katrina, Rita and Irene.
- SANDY NEWS: Dec. 7, 2012 SBA at $150 Million in Disaster Loans
- SANDY NEWS: Nov. 20, 2012: Storm Causes Surge in Car Leasing
Additional research using Experian Automotive's AutoCheckdatabase revealed that 1.6 million cars and trucks throughout the United States were designated as damaged by accidents or severe weather, including hurricanes, tornadoes or flooding, in the first half of 2012, the company said.
Of those, more than 425,000 or nearly 27%, lost their damage designation, or brand, when they were retitled as clean in another state, according to Experian Automotive.
Superstorm Sandy has increased the potential for more title-washed vehicles to find their way into the market, the firm warned.
“In the wake of any natural disaster, consumers need to be acutely aware that there will be damaged vehicles out there that will be cleaned up and sold to unsuspecting buyers,” said Scott Waldron, president of Experian Automotive.
With such a large number of title-washed vehicles on the road today, Waldron said consumers need to arm themselves with as much information as possible when shopping for a used vehicle.
Experian Automotive said it has launched a free online tool called Storm Scan, which will identify if a vehicle has suffered any major damage events possibly caused from the storm, or whether the vehicle has been titled or registered within the affected area in the past 12 months.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.