The used car market in the U.S. is worth $89 billion, and continues to grow every year. But even with 41 million used cars changing hands annually, consumers, dealers, and lenders struggle to know their true value before purchase or sale.
To give lenders, dealers, and buyers a more comprehensive picture of vehicle health and a more accurate valuation of used cars, CarDr.com today announced its launch and seed funding of $5M from Red Fort Capital.
CarDr.com’s artificial intelligence-powered (AI) used car inspection uses the company’s proprietary On-Board Diagnostic (OBD) scanner to pull more than 300 vehicle diagnostic data points and generates a comprehensive vehicle inspection report and reliability rating.
“The combination of CarDr.com’s state-of-the-art AI-powered inspection protects used car buyers, dealers and lenders from unnecessary risks and costly mistakes,” said Parry Singh, chairman and founder of CarDr.com.
“CarDr.com provides deep insight into a car’s health and protects a buyer from purchasing a faulty or overpriced used car,” Singh added. “CarDr.com’s AI Suggested Fair Market Valuation gives buyers, dealers, insurance companies, and lenders more confidence in their used car purchase or financing decisions.”
CarDr.com pulls and analyzes vehicle health data to detect:
- Fraud: VIN and odometer rollback fraud
- Mechanical Reliability: Engine performance and mechanical issues
- Diagnostic Issues: Diagnostic trouble codes and state emission compliance
- Damage: Historical, exterior, and interior damage
CarDr.com’s vehicle inspections benefit:
- Banks and Credit Unions – CarDr.com brings more certainty to auto lenders by giving better insight into what a car is worth, allowing banks and credit unions to capitalize on the $89 billion used-car market.
- Auto Dealers – CarDr.com provides a competitive advantage for car dealers by enabling them to accurately appraise trade-ins and existing used car inventory, as well as detect odometer and VIN fraud.
- Buyers – CarDr.com gives buyers greater transparency into the health of a used car to avoid car trouble down the road and negotiate a fair market price for the vehicle.
“You can think of a typical car inspection as a routine wellness check or physical exam,” said Singh. “CarDr.com gives a much more comprehensive look into car health by providing the equivalence of an in-depth MRI.”
To learn more about CarDr.com and the science behind AI-powered car inspections, visit CarDr.com.
