Power Car ValuesĬar dealerships relied on NADA guides to keep them up to date on used car market values for over 82 years. Coupling the strong consumer presence of KBB’s data with a wholesale value, such as Black Book, for example, is an excellent recipe for a dependable vehicle appraisal.Īre you beginning to see why so many dealerships like to use more than one auto valuation guidebook to build their inventory while maximizing the potential profit margin on every transaction? Keep reading to see how the Black Book vs Blue Book vs J.D. Not only that, KBB used car values are a very trustworthy resource for consumers. Unlike Black Book used car values, Kelley Blue Book pricing is available to consumers. ![]() It is one of the most trusted resources for gathering and publishing a complete snapshot of used car prices based on up-to-date market data. The Kelley Blue Book car value guide does not need an introduction to consumers or professionals in the automotive industry. In many cases, for these institutions to even begin the loan process, they must have a document showing KBB’s WHOLESALE LENDING and RETAIL values. On the West Coast, many financial institutions use Kelley Blue Book’s WHOLESALE LENDING value as the standard of what amount to loan on a particular vehicle. For that reason, it would be wise for a dealership to at least consider KBB’s RETAIL, TRADE-IN, and FAIR PURCHASE PRICE values on each vehicle they appraise. Kelley Blue Book was founded in 1926 and is the most recognizable guide to both consumers and car buyers. What is the Kelley Blue Book Auto Value Guide? Keep reading to learn more about the Black Book vs Blue Book comparison. Since Black Book car values are not available to consumers, this guidebook is more useful for dealerships looking for a competitive edge using wholesale and retail data points. For those unfamiliar with Black Book market values, they are an independent wholesale and resale automotive pricing guide. If your car dealership is in the Southeast, you already know how valuable the Black Book vehicle valuation guide is. That’s why so many dealerships love Black Book car valuation data. Having the latest up-to-date and accurate Black Book vehicle value data at your fingertips is a game changer when it comes to identifying winners and losers at dealer auctions. Regardless of where your dealership is located, increasing your average used car profit margin is critical to your bottom line with every bid. However, you need to be able to identify which cars, trucks, or SUVs will sell quickly in your market while clearing as much profit as you possibly can. ![]() In the modern used car sales world, keeping the lot full at your dealership depends heavily on purchasing the right vehicles at auction. However, when dealers are purchasing vehicles at auction (for inventory), Black Book’s WHOLESALE data is second-to-none. For that reason, car buyers are not typically familiar with Black Book values and they may not trust a Black Book-driven appraisal at a dealership. A leading provider 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 data analytics necessary to successfully buy, sell, and lend.”īlack Book is exclusively geared towards dealers, wholesale buyers, and lenders, whether it is by website, smartphone application, or 3 rd party integrations. What is the Black Book Auto Value Guide?Īccording to its website, “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. To understand which car appraisal tools are right for you, take some time to see how the three different vehicle valuation services compare to each other. Most dealers choose more than one guidebook when appraising to make the most informed decision for their investments. The entire automotive sales industry leans on all three car value guides for various reasons. Kelley Blue Book is heavily used on the West Coast, Black Book in the Southeast, and NADA (now known as J.D.Power) is more widespread nationally due to its heavy dependency on financial institutions in regard to loan originations. Ask any used car dealer what the most accurate guidebook is and you will likely get very different answers depending on what part of the country you are located in.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |