As car purchases rise, vehicle history reporting company plans to double revenue in 2021

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Used auto reporting company on track to double revenue as demand for cars increases. (iStock)

Drivers are increasingly interested in car history reports – which can help them spot mechanical issues, allow them to view performance records and also crash history – amid an increase in vehicle demand, new data suggest.

The carVertical car history reporting platform has announced that it plans to double its turnover from 2020 while extending over several continents. It comes as auto research and buying website CarGurus reports that used vehicle prices have risen 17% so far in 2021.

If you’re in the market for a car and want to see how much you can save, consider lowering the cost of your auto insurance. Visit Credible to compare multiple vendors at once and choose the one that’s right for you.

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Demand for cars remains high

The rise in car prices is due, in part, to a shortage of semiconductor chips preventing automakers from creating enough new vehicles to meet growing demand. Used car market auto dealers are also seeing increased activity due to repressed demand from the coronavirus pandemic and increased cash flow from government stimulus checks.

Some buyers, however, saw relief at the end of the summer. Used car prices fell in August – the first time in seven months, down 1.4% from the previous month, according to the Ministry of Labor.

Other ways to lower your auto costs include changing auto insurance. In the auto insurance industry, loyalty doesn’t often pay off. Visit Credible to compare several lenders and see which one has the best monthly premiums for you.

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How to reduce your auto costs

There are several ways to ensure that car buyers can cut costs when purchasing a vehicle amidst chip shortages and high demand. As car prices rise and demand remains strong, here are some tips for cutting costs:

Consider the new in relation to the occasion

Car sales and prices continue to increase for all types of vehicles. A new car is not only more expensive to start with, it also costs more to repair and maintain. Plus, auto insurance gets cheaper every year as the automobile ages.

Compare insurance companies

Auto insurance companies often give discounts for a variety of reasons. Some companies may offer better discounts for teenage drivers or younger drivers with good student discounts, while others may offer better rates for those with a longer driving history or good discounts for drivers. . Visit Credible to fill in your information once and see premium options from several companies.

Work on improving your credit

Better credit scores help car buyers lower their auto costs on several fronts. Drivers with good credit can get a lower interest rate on their car loan and lower their monthly payment. Credit scores are also factored into your auto insurance payment, so drivers with a higher score will have lower insurance premiums.

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If you’re looking for ways to lower your auto costs, contact Credible to speak with an auto insurance expert and get all of your questions answered.

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

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