CARFAX Offers Free Flood Check to Southwest; Vehicles Totaled by Water Damage--Then Resold--May be Dangerous, Financial Nightmares to New Owners; CARFAX Steps Up Efforts to Inform Consumers

    FAIRFAX, Va.--July 16, 2002--CARFAX, Inc., industry leader and pioneer of the vehicle history report, announced today that they would make free CARFAX Flood Checks (www.carfax.com/flood) available to used car buyers and owners in Texas and surrounding states to assist them in avoiding flood-damaged wrecks.
    As more storms pound residents in Texas, damage estimates continue to rise. A recent news report put estimated financial losses to date at more than $1-billion. Adding insult to injury, in the coming months, scam artists will reclaim flood-damaged automobiles, clean them up, and try to sell them to unsuspecting buyers.
    Last year, as the southwest recovered from Tropical Storm Allison, Bruskin Research in conjunction with CARFAX, conducted a study to gauge consumer awareness of the problem of flood damaged vehicles. The study revealed that nearly two-thirds of the used car purchasers were unaware that water-damaged can be a major problem. Sixty-two percent (62%) said they were "completely unaware" it was a problem.
    When asked to rank six (6) major problems associated with pre-owned vehicles, consumers ranked flooding fifth.
    "Education is our main goal -- we want to make consumers more aware of the problem," says Scott Fredericks, vice president of CARFAX, "The free Flood Check is the first step consumers can take to protect themselves."
    Although vehicles being damaged by current flooding may take a while to hit the markets, past water-damaged wrecks are already on the market. CARFAX also recommends that anyone buying a used car get a complete Vehicle History Report and a thorough inspection from a trained, trusted mechanic.
    CARFAX is offering free, unlimited access to the Flood Check available immediately at www.carfax.com/flood.

    ABOUT CARFAX

    Founded in 1984, CARFAX pioneered the concept of the vehicle history report - the instant background check on any used car. CARFAX Vehicle History Reports can confirm a clean title history or identify serious problems with any used car, including salvage history, odometer fraud, flood damage and more. CARFAX helps millions of consumers and thousands of car dealers avoid buying used cars with costly hidden problems. Using the 17-character Vehicle ID Number (VIN), used car buyers can access nearly two billion vehicle history records from hundreds of different sources in the CARFAX nationwide database at www.carfax.com. Every CARFAX Report that confirms a clean title history is backed by the $5,000 Clean Title History Guarantee. CARFAX, Inc., based in Fairfax, Virginia, is a wholly owned subsidiary of the R.L. Polk & Co.