So when you go to a company and ask for a bank loan secured against a car, or to insure your car against loss, you might want to have some common standards reco

So when you go to a company and ask for a bank loan secured against a car, or to insure your car against loss, you might want to have some common standards recognized by insurers or loan providers as to what constitutes a 'fair value'. You would be a bit upset if you filed an insurance claim on your car, and the underwriter came back and said 'I asked @lotsofpulp and they said your car is worth $25K instead of $30K'. You might question what credentials @lotsofpulp has to value cars. Now, you might argue that there are market based or self-regulated solutions to that, and that's reasonable (fact is that a lot of the industry goes off 'de facto' standards for valuing cars, like KBB), but the fact is that sometimes a government regulation is necessary to prevent anticonsumer or anticompetitive practices, especially in the finance industry.