CARFAX Enhances Total Loss Valuation Report with Automated Calculation of Taxes and Fees

1. CARFAX enhances its Total Loss Valuation Report for better claims processing. 2. Partnership with Claim Toolkit improves automation of taxes and fees calculations. 3. Total Loss Valuation Report adopted widely by U.S. insurance companies since 2020. 4. S&P Global Mobility oversees CARFAX, enhancing its market presence in automotive. 5. CARFAX provides extensive vehicle history data to boost vehicle valuations.

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Why Bullish?

The enhancement of CARFAX's valuation tool strengthens its position in the automotive market, potentially increasing revenue. Similar past improvements have led to growth in companies relying on accurate valuation models, indicating positive impacts on SPGI.

How important is it?

As CARFAX is a part of SPGI, enhancements in its reports can reflect positively on SPGI's overall revenue and market strategy. The automotive sector is integral to SPGI's business model, thereby increasing the significance of these developments.

Why Long Term?

The integration of advanced features can enhance market share and customer retention over time. Historical growth in similar tools supports sustained demand for comprehensive vehicle valuation.

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CENTREVILLE, Va., April 3, 2025 /PRNewswire/ --

CARFAX, a leader in vehicle history and valuation, announced today the enhancement of its Total Loss Valuation Report to include automated calculation of taxes and fees. This enhancement is made possible through a partnership with Claim Toolkit, offering claims professionals the ability to more efficiently and accurately incorporate taxes and fees into final settlement amounts.

Since its launch in 2020, CARFAX's Total Loss Valuation Report has been extensively adopted by insurance companies across the United States, providing more accurate valuations for total loss claims and helping reduce cycle time.

"Claims professionals shared that automatically incorporating taxes and fees information into the CARFAX Total Loss Valuation Report would make the report more comprehensive and user-friendly," said Tom Scheffer, Director of Insurance Claims at CARFAX. "We're happy to provide this enhancement, helping our customers further streamline their total loss valuation process."

The CARFAX Total Loss Valuation Report is a valuable resource for total loss adjusters, enabling them to determine a vehicle's unique pre-accident value using CARFAX's VIN-specific History-Based Value. This value is derived from millions of used car listings and takes into account each vehicle's unique trim and options, mileage, condition, location, and hundreds of other attributes from CARFAX's vast vehicle history database. The CARFAX Total Loss Valuation Report is currently available for use in 48 states and the District of Columbia.

For more information about the CARFAX Total Loss Valuation Report, visit CarfaxForInsurers.com.

About CARFAX

CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®.

S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

About Claim Toolkit

Claim Toolkit is an industry-leading provider of claims management tools designed to streamline and improve the claims process for insurance companies. Their suite of innovative software products (Compliance, Auto Liability, Total Loss, and Audit) is designed to increase accuracy and efficiency, helping insurers deliver better service to their customers.

SOURCE CARFAX