CarProof

CarProof provides comprehensive vehicle history reports and monitoring services aimed at enhancing transparency in the used car market, allowing buyers and sellers to make informed decisions based on reliable data. CarProof, founded in 2000 in London, Canada, specializes in vehicle history reports. The company underwent a major transition in December 2015 when IHS Inc. acquired CarProof Corporation from Hellman & Friedman for CAD 650 mn.

Ed Woiteshek serves as the current CEO. CarProof specializes in providing comprehensive vehicle history reports and monitoring services that enhance transparency in the used car market. Its core offerings include Vehicle History Reports, Lien Checks, Vehicle Monitoring, and History-Based Value assessments. These products mitigate risks associated with auto fraud, hidden damages, and unfixed recalls, enabling buyers to make informed decisions while building trust for sellers.

CarProof aggregates data from over 30 billion records sourced from thousands of trusted providers, granting users access to essential information such as accident history, service records, and safety recalls. The company primarily serves individual consumers in Canada and also caters to businesses in sectors such as automotive retail, banking, insurance, and government. CarProof generates revenue through a model focused on selling vehicle history reports and offering subscription-based monitoring services. The company engages directly with consumers for transactional interactions, while also providing integration options for businesses.

Its service offerings feature tiered pricing plans for individual reports and subscription packages for ongoing vehicle monitoring tailored to both consumer and business needs. The flagship product, the Vehicle History Report, is sold to both individual customers and businesses seeking in-depth insights into a vehicle's past. CarProof's strategy for future growth includes the continued development of new products and services, with a focus on expanding its offerings in the vehicle monitoring space. The company aims to explore opportunities in new geographic regions to enhance its market presence.

The recent acquisition by IHS Inc. for CAD 650 mn will provide the necessary resources to support these initiatives and potentially accelerate product rollout timelines.