Maximizing Resale Value and Navigating EV Roadblocks: Insights from Carfax and a Journey Through Automotive History
In Wheel Time Podcast: Your Go-To Automotive Talk Show
Maximizing Resale Value and Navigating EV Roadblocks: Insights from Carfax and a Journey Through Automotive History
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Welcome to another In Wheel Time Podcast, a 30 minute mini version of the In Wheel Time Car Show that airs live every Saturday morning 8 to 11am central, your favorite go to spot in car podcast live streaming here on the In Wheel Time Car Talk Show.
Just ahead, patrick Olson, car Facts and talk about the used car market.
We got this week in Auto History and we'll get you caught up on the stories making automotive news headlines this week.
Howdy, along with Mike out of this world Mars.
We always need more.
Jeff Zekin, I'm Don Armstrong, glad that you could join us today on the In Wheel Time Car Talk Show.
Also joining us right now is Patrick Olson with Car Facts.
Patrick, good morning Good morning guys, thanks for having me.
Well, thank you very much for joining us today.
We always love to talk to Car Facts and how's business.
Business for us is good.
There's a lot of people out there looking for cars and we're trying to help them make sure they get the right car.
One of the new things we've added, to be honest, is we actually added new car listings to our site.
New car listings New cars that are on site.
Wow, you can get new cars there too.
Well, I had no clue.
So what's up with that?
I mean, do they steer you to a dealer?
Yeah, that's how all of our listings work, right, new en-us.
But we know that almost two-thirds of shoppers are considering both, and so we felt we were not helping out by not having new car listings.
So now we've added new car listings to our mix Interesting.
So how does that work?
Okay, so let's just say, for instance, that I'm in the market for a GMC Sierra Denali.
Yep.
Okay.
So what do I do?
Type in that and then Yep.
So just go to the carfaxcom page, like you normally would Put in the vehicle you're looking for, and there's just a little button that says new.
And so click new and we will show you all the new Sierra's within anywhere from 50 miles of your zip code to nationwide, depending on how unicorny you're looking for your truck.
Can you drill it down?
Can you make it unicorny?
You can, although for new we have fewer tools than we do for use.
Right For use we can help you identify one owner vehicles or no accident vehicles.
For new they're pretty much all the same, but you know we can say that have Apple CarPlay doesn't have, you know, a towing package.
Whatever it is that you're looking for, there are some filters on there to help you find the unicorn.
So are you able to track?
Say, mike goes out and buys a new Sierra Denali and he goes to Carfax.
So you've got that logged in somewhere, you've got that data placed somewhere.
Now can you follow that vehicle through Mike's ownership and then down to the next one by that?
Absolutely.
So what we follow is when that car gets registered, we'll be notified, we'll make note of that.
If it goes through a safety inspection, depending on which oil chain shop he takes it to, we'll track that as well.
And so we will see all of the touch points that Mike's trucks goes through over its life, including onto the next owner, or third or fourth or what have you.
But you have to take your, you have to take your truck to a place that actually reports that to Car Facts, correct?
That's absolutely right, and if you're one of those people who changes their own oil, we're not tracking that on the vehicle history report.
However, we do have a way that, if you change your own oil, you can upload a receipt of the oil you bought into the Car Facts Car Care app so that you can show them the next potential buyer.
Hey, I did the work here, the receipts for it.
I'll store it right in your app.
So if I, but if I go to someplace, a change shop to change my oil change, is there a way for me to find out which shops participate?
Because to me that Car Facts report is going to add value when I get ready to sell my vehicle.
That's absolutely right.
So a car with well documented service history over time.
We estimate it's worth about 2000, more than one that isn't.
So you can look at the shop and see if you know.
If they say their car fax affiliated, then you can be sure they're going to take that.
You can ask the person doing the work are you going to report this to Car Facts?
And again, if they don't, you can still upload your receipt into the Car Facts Car Care app so that you've got a record for the next potential buyer.
So this is registered by vehicle, not by dealerships.
This is all by Vin, right?
This is all by vehicle identification number, not by who's selling, so you can buy from someone who doesn't work with Car Facts at all, and we would still track that information in an effort to help whoever the next buyer is understand what your truck has gone through.
Yeah, but the majority of the dealerships I see nowadays are registered somehow or affiliated somehow with the Car Facts organization.
Absolutely no.
We definitely have a wide reach.
How does that work with with, let's say, a car dealership?
Do they pay you a fee to to register themselves to be able to input that information?
So the way it works is on a couple of different levels, so one.
The first level is there are a lot of dealerships we work with where they buy a subscription to look at vehicle history reports right, so every time they see cars coming through the auction, they want to know was there an accident?
How bad was the accident?
Where was the accident?
Is there signs of odometer tampering or there's signs of flooding?
So that is their first interaction with us is buying these reports to make sure that they're not buying a car that they're going to be stuck with later.
Secondly, a lot of them pay us to run their listings on our site.
We're very good at search engine optimization and we will often be one of the top one, two or three results when someone searches for Fimea Sierra Denali in Houston, and so a dealer, or find that a lot more cost effective than trying to run their own website and trying to fight the SEO wars with Auditrader or carscom KBB.
What have you?
Let me expand on that just a minute and throw this wrench into the, into the works.
Vroom had a very large presence here in the Houston area.
I think it was Texas Auto Direct, I'm not mistaken.
I think that they own that dealership, they must have had 3000 cars on the lot Quite a few.
So what happens when a company like Vroom goes out of business?
What happens to those cars?
How do you continue to keep track of all those cars that they assume have registered with Carfax?
Well, presumably all those cars that the whatever company holding company is left of Vroom when it's done will be unloading those cars, right, they need to pay off whatever debts they've got, yes, and whatever led them to close at the first place.
So they'll be.
They'll get retitled by somebody and every time they get retitled we'll know.
We work with all the DMVs and all the states to make sure that we're aware of that.
Just a short note on that.
I went by that dealership probably four or five days after that announcement and they it was pretty cleaned up.
There was probably maybe 200 cars left on that and a lot of the car carriers, the big, long ones that hold seven, eight, nine cars.
They were all lined up ready to load up and go.
But it was, they were cleaning it up pretty quick.
That was an old auto nation dealership when auto nation was in business and it was a huge, huge lot and they had a prep area, a huge garage where they prepped all the cars it was.
It was impressive back when it was auto nation.
I started with auto nation at that dealership.
There was a recon center behind it and the service center was state of the art back in the time.
But it was fun.
It was a lot of interesting things and a good concept at the time, yeah.
And to have a big dealership like that go out of business.
And the cars that I saw on the lot they were probably three, maybe five years old, but they were.
They were premier, pretty good looking cars yeah.
The used car market has been, you know has an, over the last year, had a pretty high prices, so I can imagine you know dealership like Vroom would want to target the cars you're going to get the best return on.
The good news for shoppers, though, is used car prices are coming down.
We track those month over month, and in January they dropped about anywhere from 500 bucks on average to a thousand bucks on average from a month before.
So we definitely think it's getting to be a better time to buy used car Do you think that that trend will continue?
I do, because right now a new car inventory on lots across the country are at a three year high, and so that is meaning that automakers are returning to doing low interest rate financing, cash rebates that kind of thing.
And as new for car prices come down, that inevitably puts pressure on used car prices to go down, because we have a choice between a new Honda court at 0.9%
and they use the court at seven or 8%, which is around current used car rates.
You might be tempted to get the new one instead.
So dealers need to compensate for that by lowering their used car price.
Okay, let's talk about EVs.
Do we dare?
Do we dare even talk about EVs, because it seems to be a hot topic these days?
Except in Chicago, where it was so cold they couldn't get them charged.
Yeah, we heard about that.
Yeah, um, I love EVs.
I gotta tell you, I think the the issue with EVs right now is twofold.
One is just owner lack of knowledge about how they work and what you have to make sure you do, um, and secondly, the infrastructure for charging in this country is really poor, and if we're, if we're gonna have mass adoption, we're gonna have to have a lot more and a lot better Chargers out there for people to use.
Yeah, well, and and what do you think about pricing?
I mean typically an EV For the most part and I'm just gonna use tesla as as as the benchmark here and not maybe, perhaps, uh hunday or something like that but a more upscale model of an EV.
Do people trade them in the same way that they would an ice car, where the ice car may have 35, 45 000 miles on it?
Do you?
Do you see that the mileage is more greater on an electric vehicle?
And, to be honest, I haven't studied a lot.
Actually, my expectation is kind of the opposite.
Because EVs need to recharge frequently, I kind of expect EVs to have fewer miles on the car than a nice car, um, because it's harder, frankly, and takes longer to recharge them.
So I think those drivers are being more selective about how and when they drive them.
I think in a lot of cases it's a second car in a family interesting interesting and.
I have a lot of work with a guy that has a tesla.
It's now a couple of years old, his wife has the gasoline engine, he's got the tesla the electric and there are occasions that he is now discovered, after living with this thing for a couple of years, that there are issues when it comes to finding a charging spot.
He regularly goes back and forth to san Antonio and that's probably at the outside edge Of the tesla's range, so he does make a stop before he gets to san Antonio from houston To recharge it for 30 minutes.
Well, that's 30 minutes In in my estimation that I could narrow that down to 25 minutes, or, I'm sorry, for five minutes If I went and got gasoline and the thing right and I think that more and more people are discovering this.
Do you agree?
I do, I absolutely do, and I think the people, for example, in chicago had the issues.
They didn't realize that you need the battery to be warmed up to a certain level Before that battery will accept a charge, and so their battery had run pretty far down.
It was too cold to accept a very strong charge and so a lot of the cars died while waiting to get to a charger because there was a long line.
And chicago is a little different, because a lot of those ev owners Live in apartments, like, for example, I put in a ev charger in my garage because I get test cars every week and about half of them these days are evs.
I want to make sure I can charge it, but without having your own charger.
Now you're reliant on the charges of the world and I think to me plug-in hybrids, once they become Costs what's the word for equivalent to ice cars could be the way from the future, but right now they're three to five grand more than the equivalent ice car and I think that is what is keeping them out of consumers hand.
But the idea of the idea of I could charge it for the 40 miles I commute every day and never pay for gas during the work week, but then I can fill it with gas when I want to go to grandma's for Thanksgiving or go on a summer trip or what have you.
Well, I understand that both Ford and GM of going let's put the brakes on the full EV thing for a moment and let's go back to the hybrid thing, and they're going to start building some hybrids because apparently they feel that that's the way to go.
What do you think about that?
Well, I think there are a lot of consumers out there who are very afraid of being stranded and, frankly, the news out of Chicago did not allay those concerns and I think Toyota is in a quiet way saying I told you so.
They did not run Palmel towards EVs and you know their Prius and their hybrid powertrain has been phenomenal now for about 20 years and there are still first generation Prius is chugging around out there 300, 400,000 miles.
So I think hybrids are a great alternative.
I'm driving a Hyundai Elantra this week.
That's a hybrid.
It gets something like 15 miles per gallon.
That's a great commuting car, you know.
It starts at like 24 grand, gets 50 miles plus gallon to the gallon.
You know it's got all the features I would want in it Other than the base level.
Does not have a powered driver seat, which I would have to have.
I'm six one, my wife is four, 11.
There's no way we're manually switching back.
Yeah Well, that memory seat comes in handy with that kind of a disparity, absolutely.
Yeah, so I assume that you are in Chicago.
No, I'm actually in Chattanooga, Tennessee.
Okay.
All right, I was going to ask you are you going to go to the Chicago auto show?
I used to be in Chicago for like 25 years and I used to go every year, but sadly I missed it this year.
Yeah, Well, I think it opens to the public this actually today and I know that this past week they had press days over there I'm just trying to get a feel, with the car show there, as far as Stalantis being not involved in it, the same thing that we just went through here in Houston and that leaves Opa I really have second thoughts about that.
I cannot out imagine an automaker like the size of Stalantis not having a display or some sort of involvement in car shows the size of Houston or Chicago.
No, I agree, and you know they've got big brands like Ram and Jeep.
That do you know relatively well for them.
I think Stalantis has to figure out who they want to be their CEO.
Back when they were Fiat Chrysler, you know really increased number of brands they brought to this country.
They brought back Fiat.
They, you know, amped up Maserati and a couple other brands here.
Now Chrysler has literally one nameplate and Dodge, I think, has three and Fiat has one in this country and at some point I think there needs to be a calling of the brands for Stalantis to focus on what really matters.
No one wants to see Dodge or Chrysler or Fiat go away, necessarily, but there comes a point where it's not sustainable.
Well, I'm sure that you saw the news this week that there's rumor that maybe, perhaps, pujo may be buying Stalantis.
Did you see that?
And in some ways I think it makes a lot of sense globally, but again, only if they, if they get rid of some of these poor performing nameplates.
Yeah, and I agree with you.
Okay.
Well, back to car facts.
We got a little sidetracked there, but I didn't realize the depth of your knowledge when it comes to the car, the new car market, and that's an exciting thing that you guys are doing.
Are you competitive?
I assume that you are showing what?
Are you showing the?
The actual window sticker of these vehicles?
Or how does the deal work Once you go to car facts and say, oh well, that's the car that I'm looking for and it's right down about 10 miles from my house?
How does that?
How does that play out?
So you're exactly right.
In many, many cases not all, but in many cases we do have the window sticker for the car already on the site and it just works the way it works with any other sort of third party site In terms of new cars.
You know, the dealer pays us a subscription fee and we list all of their cars on our site and then you know, when people say help me find a Sierra in Houston, they're going to come back and see car facts.
It was one of the top places for it.
I can tell you that we are already over a million listings nationwide on the site, so we have definitely ramped up in a hurry.
Probably find something in there, one or two.
And if you need to advertise, you know you got your old friends here in the in wheel time car talk show, so just let us know.
Yeah, we can keep you in mind.
For sure, if they ever put me in charge of advertising, you'll be my first car.
We appreciate that.
Well, you know it's always good to talk to you.
Car facts is the way to go.
You can find out about how new cars as well as used cars, and I want to know if that car that I'm looking at, that looks really good, that is wrecked or not.
I want to know.
I don't want to know the service history of it, I want to know if there's, you know, any warranty left on it and you guys can help me out with all the recall or recall.
Actually, it's funny you mentioned that, because accident and ownership are really one and two of what used car shoppers want to know when they're buying, people always think it's price and it's not.
They want to know is that what is in that history that's going to bite me?
Patrick, it's always great to talk to you.
Thank you so much for joining us today.
Let's talk again soon.
All right guys.
Thanks so much for having me Thank you, patrick Olson, with.
Car.
Facts.
So cool.
Yep, you're on the In-Wheel Time Car Talk Show.
Thanks for riding with us today.
Time now for this week in Auto History.
Mr Mars has Okay.
Yeah, sir, I do.
So a couple of things that we wanted to bring up here and show this week.
Yep, I'm getting there, did I?
catch you off guard.
Yeah, we were expecting to go to a break there, but we're good, we were.
Oh, we were, weren't we?
Yeah, yeah so in the you could have said that, yeah, I mean there's.
So one of the early things this week was when Henry Ford's Ford Motor Company took over the struggling Lincoln Motor Car Company.
Now the thing about this was Henry Lealum was in a little bit of a bind with Lincoln, so Ford bought the entire company for $8 million at his closeout sale.
Wow.
So also this week, daryl Lee-Waltrup was born.
What Say that again?
Daryl Lee-Waltrup, daryl Lee-Waltrup, daryl.
Lee-Waltrup.
Yeah, daryl Lee, daryl Lee.
I was trying to say it in my best Southern Redneck.
Well, another marble in your mouth.
Yeah.
So he became known as the premier stock car driver, a television broadcaster, analyst, author, and one of the things he did he was the first NASCAR driver to surpass $10 million in career race winnings.
Wow, Now also this week, Simone Kutkonutsen Swedish.
After graduating from MIT, he went from Southern to Swedish.
Yeah, that's right.
After graduating from, Just read the thing and listen.
We'd leave the accents out.
After graduating from MIT, he went to work for Pontiac.
In his first 16 years he worked at 106 different GM plants, became eventually became manager of GM and started pushing Pontiac's participation in NASCAR.
This is Bunky Kuttson, right, yeah, yeah, bunky Bunky.
He just couldn't say Kuttson.
Yeah, that was it, I tried.
I watched them up and tried to mimic it, but it didn't work.
Oh my God Mars.
So that's where we got the Pontiac, bonneville and some other cars like that.
Osmobile became a much more performance oriented brand under his direction.
He also, when he became general manager of Chevrolet, he also became the started pushing the performance models such as the Supersport and pushed the Chevelle.
Chevrolet Chevelle in 1964 was the first Chevrolet muscle car that came out.
Now, in 1804, john Deere there was really a John Deere was born up in Vermont and he has claimed to fame.
He started his company with building wrought iron plows that created a massive change in the farming industry and soon as he became he died in 18.
Did you read this ahead of time?
Yeah, but I'm cutting out some of it because I'm right behind.
He died in 1886, but it was 40 years after he died before there was actually a John Deere tractor, so he never was involved in the actual John Deere tractor.
Then James Dean, born this week in 1931, known as a race car driver.
He loved racing.
He was filming the movie giant.
The movie company would not let him go racing, so as soon as he finished filming that he headed for the track, age 24.
He was killed behind the wheel of his new Porsche 550 on the way to a racetrack.
Interesting thing I found in night.
George Barris bought that car after the wreck, Just sitting out on tour.
He was shipping it back from Florida in a sealed train car.
When it got back there he opened the train car.
The car was gone.
Nobody knows what happened to the car.
Yeah, there's a lot of spooky stuff involved in that car.
There's a lot of yeah, they think it's cursed.
A lot of people died.
Everybody they touched it.
Different story.
And then, finally, we have car, car, car, car.
Carmen Miranda was born this week in Portugal.
She started her life as a hat maker, became a singer in Brazil and finally came up to the United States with her famous hat, 46 years old, when she died of a heart attack.
Oh well, it was all the weight on her head, yes, that was this week in automotive history.
Thank you very much.
You're on the in real time car talk show.
Thanks for riding with us.
We've got more of the in real time car talk show coming your way after a very quick break, as soon as we get it all as soon as we get it together.
I'm sorry I messed it all up.
You're all right, but nobody stopped me, so they just let me go ahead and mess it up.
Well, we've got to load it, that's all Okay, you ready now?
Oh sure, no, are you really sure?
No, I am sure right now Do it All right.
Do it, do it, is it?
Yep?
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Transportation Secretary Pete Butt, a jig, on Monday said human drivers must pay attention at all times.
After videos emerged of people driving Teslas while wearing what appeared to be Apple's recently released Vision Pro headset, I saw that Amazing Butt the gig responded on X to a video that had more than 24 million views of a Tesla driver who appeared to be gesturing with his hands to manipulate a virtual reality field.
Apple's Vision Pro was released last week and blends three-dimensional digital content with a view of the outside world.
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Are you kidding me, really?
No-transcript.
That kind of you're, you're that kind of person.
Yes, that's pretty stupid.
Yeah, it is, yeah, but but it is.
You'd have to Be that kind of a person to somebody and how cool it is.
It's like, it's like looking through a camera driving, looking through a camera like a 35 millimeter camera, it's got a whole different perspective on the world.
Yeah, kaleidoscope.
Oh, I can only imagine.
I mean, oh, I'm getting close to that car I met.
It might as well put the brakes on oh, run into the car.
We're kind of that kind of a thing they have little stars and things like that to come up on the screen.
A part of the bank, I have to get your head.
Yeah, the stars, I'm sure that there's somebody that could be able to tell us Well, we really really here to be honest with you.
You're right.
All right time now for a quick break.
We'll be right back.
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About this episode
Patrick Olson from Carfax joins the In Wheel Time Podcast to discuss the evolving used car market and the newly added new car listings on their site. The conversation covers the importance of vehicle history in maximizing resale value, the impact of documented service history, and trends in the used car prices. The hosts also delve into the challenges of electric vehicles, including charging infrastructure and consumer concerns, while touching on the resurgence of hybrid vehicles as a viable option for many drivers.
Original notes
Ever wondered if meticulously maintaining your vehicle's service history could really beef up its resale value? Patrick Olson from Carfax joins us to confirm that yes, it can, and by up to $2,000! Our conversation with Patrick unveils the ins and outs of the Carfax platform's expansion to include new car listings, making it easier than ever to snag that GMC Sierra Denali of your dreams or a reliable pre-owned gem. Plus, we dive into the nitty-gritty of vehicle maintenance tracking through Carfax services and their Carfax Car Care app, a must-have for car owners and dealerships alike.
Switching gears, we tackle the electrifying topic of electric vehicles (EVs) and the roadblocks they face, from charging infrastructure woes to the impact of Jack Frost on battery life. Hear the real-deal experiences of EV owners and why plug-in hybrids might just be the bridge we need as our industry heavyweights like Ford and GM charge towards an electrified future. And speaking of surprises, Stellantis' strategy left us scratching our heads, considering their strongholds with powerhouses like Ram and Jeep.
In our feature, This Week In Auto History, we take a nostalgic cruise through auto history, celebrating monumental moments and legendary figures. From Ford's pivotal acquisition of Lincoln Motor Car Company to Darrell Waltrip's NASCAR milestones and Semon "Bunkie" Knudsen's automotive innovations, we honor the pioneers who've revved up the industry. We also share a moment of reflection on John Deere's plowing breakthroughs and the bittersweet tale of James Dean's racing passion.
Join us as we honor the legacies that fuel our car enthusiasm, and don't forget to tune in live or catch the replay for more engine-roaring tales and expert insights.
Be sure to subscribe for more In Wheel Time Car Talk!
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In Wheel Time Podcast: Your Go-To Automotive Talk Show
In Wheel Time Podcast | Automotive talk with Don Armstrong, Michael Marrs, and Jeff Dziekan
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