New CARFAX 'Buyback Guarantee' Makes Purchasing a Used Car as Risk-Free as Buying a New Car

FAIRFAX, Va.--March 10, 2004--CARFAX(R), the pioneer of the vehicle history report, is making shopping for a used car as risk-free as buying a new one with the launch of its new CARFAX "Buyback Guarantee." With this guarantee, CARFAX will buy back any vehicle a consumer or dealer finds had a severe problem reported by a Department of Motor Vehicles (DMV) that was not included in the CARFAX report.

The CARFAX Buyback Guarantee comes on every CARFAX report that doesn't show any DMV-reported problems. Consumers can get a CARFAX Vehicle History Report backed by the Buyback Guarantee at www.carfax.com or at a participating dealership. There are more than 25,000 dealerships across the country that subscribe to CARFAX.

"CARFAX promises to cover severe problems reported by DMVs in our vehicle history reports," said Scott Fredericks, Vice President, CARFAX. "These are the problems that could potentially jeopardize the safety and reliability of vehicles, and put consumers and their families at risk. CARFAX stands behind the accuracy of its reports, and if we miss a DMV-reported problem, we will purchase that car back for what the buyer paid."

State DMVs record serious problems, including total loss events such as severe wrecks, major odometer problems and Lemon history, by reporting those issues on vehicle titles. CARFAX Vehicle History Reports cover these problems from DMVs in all 50 states and Canada, in addition to disclosing many other types of data. Because CARFAX is so confident in its coverage, it is willing to assume the risk of buying a used car.

"I'm in the process of buying a used car," said Alyssa Oliveri of Washington, DC. "Using CARFAX lets me shop without the worry. I feel confident that the CARFAX Buyback Guarantee reduces the risk I might otherwise have assumed."

CARFAX research indicates that 87 percent of consumers are more likely to purchase a car once they have been able to review a CARFAX report. CARFAX expects its Buyback Guarantee to make its vehicle history reports an even more steadfast tool in increasing consumer confidence when shopping for used cars.

About CARFAX

Since 1986, CARFAX has been helping people uncover the truth about used cars. The CARFAX Vehicle History Report - available at www.carfax.com and car dealerships nationwide - provides an instant background check on any used car. Vehicle history reports help consumers and dealers avoid used cars with costly hidden problems, including major accident and salvage history, odometer fraud, flood damage and more. CARFAX makes buying a used car as risk-free as buying a new car by backing every vehicle history report with the CARFAX Buyback Guarantee. CARFAX will buy back any vehicle that has a severe problem reported by a Department of Motor Vehicles (DMV), but not included in the CARFAX report. Based in Fairfax, Va., CARFAX is a wholly owned subsidiary of R.L. Polk & Company.