Collectively, this documentation is scattered, difficult and, at times, impossible to obtain. Private and government sectors have tried to organize, archive and retrieve this essential information for varying reasons, although with anti-fraud momentum going at its current rate, most attention and funding will be diverted to that direction. It’s also certain this momentum will affect the automotive-related industries. We applaud the efforts of those like the National Crime Bureau and the Director of Government Affairs for their current efforts. Our program also complements organizations like Insurance Auctions Inc., the Society of Collision Repair Specialists (SCRS) and others. But, as a private business concern, we can offer our expertise in an independent format.
*This document was created by and is the sole ownership of John David Lake. Reprint by authorization only.
STATISTICS: A new car is bought every eight seconds. A used car is sold every three seconds. A car is insured every .05 seconds. A car is financed every six seconds. An accident occurs every .03 seconds. Accident claims are disputed every 22 seconds. Vandalism occurs every .05 seconds. A car is stolen every 20 seconds. A total loss occurs every 15 seconds. Total loss arbitration occurs every 35 seconds. Total loss claims end up in court every four minutes. A car is abandoned every 45 seconds. Estate settlements occur every seven minutes. Divorce settlements occur every 38 minutes. Domestic claims occur every four minutes. Car defects are reported every 28 minutes. Fraudulent claims occur every six seconds. Cars are modified every two seconds. Cars are exported every 17 seconds. Cars are imported every 29 seconds. Banks and credit unions use cars as collateral for personal loans every 50 seconds. A car is donated to charity every three minutes. IRS audits involving cars occur every two hours. Every 18 minutes, a car becomes an antique. Every six seconds a car is salvaged.
Data compiled in part from The Federal Highway Administration, registered vehicles (Gloria Williams, 202-366-5032); the National Highway Traffic Safety Administration, statistics analysis (Grace Hazzard, 202-366-0123); The Institute for Highway Safety (703-247-1500); The Insurance Information Institute of New York (212-669-9200); R.L. Polk Vehicle Registration Statistics.
©Copyright, Lake’s Incorporated, 1995. (410) 398-5253. John David Lake, author.
