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Carfax parent company buys CarProof

IHS, the parent company of Carfax, announced Monday morning it has purchased CarProof Corp. for $650 million CND, which translates to about $460 million USD.

CarProof is a vehicle history report provider in Canada. IHS bought Carfax in July 2013.

Jerre Stead, chairman and chief executive officer of IHS, said: "Like Carfax, CarProof is a high-growth business and gives IHS the opportunity to expand our vehicle history report services into Canada.

"By combining the capabilities of CarProof and Carfax, we also will accelerate product development to better serve the needs of our customers. This acquisition will add a highly accretive revenue-growth and EBITDA-margin business for IHS, and provide significant room for further growth."

CarProof Corp., makers of vehicle history reports, announced Wednesday the addition of easy to read badges to its reports as an attempt to improve readability and simplify transparency.

The new badges aim to make it easy for car buyers to identify key attributes they may be looking for in a used vehicle, examples being accident free or one-owner vehicles.

"In numerous recent studies, consumers rated previous accident information as mission critical to the used-car research process," said Ed Woiteshek, CarProof's president and chief executive officer. "Used-car buyers want information they can digest in a single glance that is easy to understand. With these badges, shoppers can tell right away if the vehicle they're looking at has the features that matter to them. Our hope is that this will change the way consumers use our reports and search for cars online."

According to the company, another aim of the badging is to make it as clear as possible to consumers that the dealers who use the history reports value transparency and deserve their trust. The badges began to appear on CarProof's vehicle history reports on Wednesday, with the future option for opportunities to digitally integrate badges into online vehicle listings at a future date.