Former Manheim executives Michael Lasini and William Coleman recently announced the formation of Novum Auto Services. Novum’s patent pending CrashCalculator™ provides Cash Market Value (CMV) pricing to owners of damaged, disabled or otherwise compromised cars. Novum backs the valuation with an immediate offer to buy the car with guaranteed funds - without requiring physical inspection of the car. 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.
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. This new source of liquidity will drive more new and used car 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 car, anywhere in the United States – from Roll Over to Range Rover – 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. 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 will 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. 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.
With over 25 million accidents annually in the United States, DamageMAX.com serves 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. 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.
Novum, which means “New Thing” in Latin, is leading the charge to revolutionize the automotive remarketing process by giving the “must buy” consumer full value for their compromised vehicle and an easier path to their replacement vehicle.
Prior to founding Novum, Coleman and Lasini were members of the senior leadership team of Total Resource Auctions (TRA), Manheim’s damaged vehicle subsidiary. As TRA’s first employees, they turned a concept into reality – TRA sold more than 1 million vehicles during their tenure at Manheim.