WorkCenter Total Loss Valuation Report
Definition of the WorkCenter Total Loss Valuation Report.
Definition
The WorkCenter Total Loss Valuation Report is an independent valuation service provided to ICBC by Mitchell. It comprises a comprehensive database which is updated weekly using data gathered from multiple sources.
The WorkCenter Total Loss Valuation Report is the primary source for determining actual cash value (ACV) for vehicles.
Data sources
The WorkCenter Total Loss Valuation Report researches the market through physical inspection and telephone contact to determine local trends.
- dealerships
- automotive guides
- websites
- industry publications, and
- classified advertisements.
Use of the WorkCenter Total Loss Valuation Report
All actual cash value (ACV) valuations must be completed using the WorkCenter Total Loss Valuation Report. When WorkCenter Total Loss Valuation Report cannot complete the requested valuation, then a manual ACV should be completed.
When a vehicle settlement representative (VSR) is involved in a claim, the Estimator must review the WorkCenter Total Loss Valuation Report ACV prior to releasing it to them.