Two former Manheim executives who headed up the company’s Total Resource Auctions division recently announced the formation of Novum Auto Services.
Michael Lasini and William Coleman highlighted Novum’s patent pending technology CrashCalculator can provide cash market value (CMV) pricing to owners of damaged, disabled or otherwise compromised vehicles.
Lasini and Coleman stressed that Novum backs the valuation with an immediate offer to buy the vehicle with guaranteed funds — without requiring physical inspection of the vehicle.
“By providing consumers with accurate pricing information and the immediate opportunity to sell their vehicle, Novum empowers vehicle owners with choice — to repair or replace their car,” Lasini and Coleman said.
The founders explained Novum can offer cash market value pricing because of the objective nature of the data inputs and the certainty of the predictive results its technology provides.
In addition to significant time savings, this option often puts hundreds or thousands of additional dollars in the hands of the consumer. Lasini and Coleman contend this new source of liquidity will drive more new- and used-vehicle transactions.
Novum currently has two consumer facing brands — DamageMAX.com and CarBuyerUSA.com.
DamageMax.com buys damaged and inoperable vehicles directly from consumers “as-is” without performing a physical inspection.
CarBuyerUSA.com buys any vehicle, anywhere in the United States, picking up the vehicle from the seller and paying guaranteed funds on the spot.
Novum will launch its third consumer-facing brand, CrashCalculator, in early 2015.
The company indicated CrashCalculator is currently Novum’s internal pricing system, used by customer service agents at DamageMAX.com and CarBuyerUSA.com.
Upon launch to the public, CrashCalculator can calculate not only valuations based on immediate collision damage, but also repair-related and stigma-related diminution in value that results from the accident. CrashCalculator correlates damage-specific information for damaged cars with the most robust sales data industry wide
“CrashCalculator will provide consumers with cash market value for a damaged car and the related diminution in value,” Lasini and Coleman said.
“In addition to streamlining the process for consumers, Novum’s institutional version of CrashCalculator will help dealers, banks, title lenders and fleets make smarter decisions on repossession and remarketing,” they went on to say.
With more than 25 million accidents annually in the United States, the founders believe DamageMAX.com can serve a vast customer base seeking to sell their non-total-loss vehicles.
CarBuyerUSA.com went live in 2013 to serve consumers with vehicles they are unable or unwilling to trade or sell to a private buyer.
“With more than a quarter billion vehicles on US roads, millions of consumers are seeking a faster, safer and easier way to sell their car,” Lasini and Coleman said. “Since inception, DamageMax.com and CarBuyerUSA.com have put tens of millions of dollars into the hands of consumers.
“Novum’s technology and direct-to-consumer value proposition will continue to disrupt and transform the remarketing industry for damaged cars,” they added.