CarDr.com Inc - News, Press Releases & Press Relations
CarDr.Com Launches New Smartphone App For Automotive Dealers To Save Time And Money By Providing On-board Diagnostics And Immediate Appraisal Data
Features Palm-Sized On-board Diagnostics (OBD) Scanner That Delivers Immediate OEM Level Diagnostics and Real-Time Vehicle Valuation Market Data
CHICAGO, July 7, 2021 /PRNewswire/ -- CarDr.com, an automotive technology company, announces the launch of its smartphone Vehicle Appraisal Application. The new automotive technology delivers original equipment manufacturer (OEM) accuracy appraisal data via a smartphone and pocket-sized Bluetooth On-board diagnostics (OBD) scanner. Within minutes, the new proprietary app generates vehicle inspection reports, reliability ratings, fair market valuations and is available by subscription.
The patent-pending app was created for car dealers, appraisers, wholesalers and inspectors to:
- Detect VIN fraud with 100% accuracy and OBD trouble codes with 90+% accuracy
- Deliver more than the OBD standard generic level code report so the fair value of a used vehicle can be estimated immediately
- Reveal hidden OBD faults from the chassis and body modules that can lead to significant sales margin erosion in used car purchases
- These hidden codes can often cost more than $2,000 to correct
- Create dynamic reports for each vehicle appraised, take photos, add appraisal notes and view previous appraisals
- Integrate with real-time vehicle industry information sources including:
- Manheim MMR
- Kelley Blue Book
- J.D. Power
- Black Book
"CarDr.com' s Vehicle Appraisal Application is the ultimate tool for dealers to 'buy right' and 'sell better' by eliminating costly mistakes of hidden proprietary ("C" and "B") OBD codes - reducing appraisal time to minutes. CarDr.com's state-of-the-art appraisal smartphone system allows dealers to understand the vehicle's true condition and history by using real-time industry-leading data sources and patent-pending diagnostics that can reduce the dealership's appraisal time from hours to minutes." said Parry Singh, Chairman and Founder of CarDr.com.
ABOUT CARDR.COM, INC.
CarDr.com, an automotive technology company, provides industry-leading software, hardware and services for vehicle valuation and inspection. The company's Vehicle Appraisal Application delivers original equipment manufacturer (OEM) accuracy appraisal data via a smartphone and pocket-sized Bluetooth onboard diagnostic (OBD) scanner. The app generates vehicle inspection reports, reliability ratings and fair market valuations within minutes. Launched in 2020, Chicago-based CarDr.com is backed by Red Fort Capital, a $1.2 billion private equity firm and S&P investment-grade finance company Parry Singh founded in 2003. To learn more, visit CarDr.com or call 1-800-932-1120.
CarDr.com Raises $5M to Launch Artificial Intelligence-Powered ‘MRI for Used Cars’
Auto lenders, dealers, and car buyers turn to next-gen inspection technology to detect fraud and better understand the health of second-hand vehicles
CHICAGO – Dec 10, 2020 – 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 is the first of its kind. CarDr.com’s proprietary On-Board Diagnostic (OBD) scanner pulls 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,” added 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.
About CarDr.com, Inc.
CarDr.com provides transparent and comprehensive used car inspections for auto lenders, dealers, buyers, and sellers nationwide. Its fleet of trained auto inspectors leverage CarDr.com’s state-of-the-art AI to analyze vast amounts of car diagnostic data to more accurately assess vehicle health, prevent fraud, and determine a car’s true value.
The CarDr.com On-Board Diagnostic (OBD) scanner, when coupled with the CarDr.com Vehicle Inspection App, detects odometer fraud with 99% accuracy, VIN fraud with 100% accuracy, and generates a vehicle inspection report, reliability rating, and fair market valuation within minutes.
About Red Fort Capital
Founded by Parry Singh in 2003, Red Fort Capital is a $1.2 billion real estate fund that has financed over 30 million square feet of residential and commercial space worldwide. The firm, ranked by PERE Magazine as a Top Ten Emerging Manager, has an investment strategy uniquely focused on transaction structuring, execution, and asset management expertise.
Red Fort Capital has multiple financing vehicles, including private equity funds, non-bank finance, and a global special situation principal group. Red Fort Capital NBFC, a regulated non-bank finance company that focuses on corporate debt, senior debt for logistics, education, bridge financing, and more, is an S&P investment grade-rated company.
Media Contact: Siri Morrone, Siri@Cardr.com,1-800-932-1120