History-Adjusted Values Enable Auto Professionals to Value a Vehicle Based on its VIN-Specific History without Estimation
LAWRENCEVILLE, GA (March 6, 2018) – Black Book, a division of Hearst Business Media that provides industry-leading used vehicle valuation and residual value forecast solutions, announced today a new educational infographic to help dealers, remarketers and lenders learn how the company’s History-Adjusted Valuations can drive more profits during appraisals. Click here to view the infographic.
History-Adjusted Valuations are a VIN-specific, analytics-driven resource that delivers Black Book’s most precise vehicle valuations, helping automotive professionals determine the impact a vehicle’s history has on its value. Even with the use of vehicle history reports, automotive professionals are still reliant on making an unscientific, educated guess as to the impact a vehicle’s history has on its value, which often leads to mistakes in the valuation process.
On average, History-Adjusted Values are 31% more precise when compared to the auction transaction price than valuations without a history adjustment included. Black Book’s analytics process leverages data that can help automotive professionals quickly pinpoint a more precise valuation on two individual vehicles of the same year, make and model, based on data inputs that take specific vehicle history events into account. Making an inaccurate estimation on appraisal values can decrease margins for a dealer, as well as increase losses for auto lenders.
“Two vehicles may look the same, but when you take VIN-specific history into account they aren’t valued the same,” said Jared Kalfus, Executive Vice President, Revenue at Black Book. “Our History-Adjusted Values represent Black Book’s most precise values yet, and this new infopgraphic is a quick way for dealers, remarketers and lenders to better understand the process and how it can help drive more profit-producing transactions and reducing risk in portfolios.”
Black Book’s History-Adjusted Valuations analyze multiple factors and events in a vehicle’s history such as number of owners, vehicle usage, accident and accident severity, title issues, flood/hail/fire damage, CPO history, and other variables that are not obvious when physically inspecting a vehicle. The infographic explains this process in detail, how automotive professionals can utilize History-Adjusted Valuations, and spells out specific benefits to dealers and lenders looking for ways to build more margin into transactions and portfolios.
To view Black Book’s new History-Adjusted Valuations infographic click here. For a demo of how History-Adjusted Valuations can help deliver more profits, please call 800.554.1026.
About Black Book
Black Book® is best known in the automotive industry for providing timely, independent and accurate vehicle pricing information, and is available to industry-qualified users through online subscription products, mobile applications and licensing agreements. Since 1955 Black Book has continuously evolved to ensure that it achieves its goal of delivering mission-critical information to its customers, along with the insight necessary to successfully buy, sell, and lend. Black Book data is published daily by National Auto Research, a division of Hearst Business media, and the company maintains offices in Georgia, Florida, and Maryland as well as the Canadian Black Book in Toronto. For more information, please visit BlackBook.com or call 800.554.1026.
Author: Digital Dealer
Digital Dealer exists to help dealers and their managers sell more vehicles more profitably by creating the best live events and media in the industry.