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Kelley Blue Book Introducing Weekly Value Updates and Auction Value
Kelley Blue Book’s commitment to meet the dynamic information and service needs of our loyal customers has driven significant investment in our information systems and analytic capabilities over the past two years. Nationwide data collection, advanced quantitative and statistical models, and broad industry expertise enable Kelley Blue Book to provide the information necessary to navigate through these turbulent times and into the future.
More Frequent Value Updates
In our never-ending pursuit to deliver the most market-relevant values in the industry, Kelley Blue Book is increasing the frequency of our valuation updates from bi-monthly to weekly. Beginning December 2008, Kelley Blue Book® Values will be published and distributed weekly through our Web-based software (KARPOWER Online®), hand held PDA’s, electronic data feeds, and vendor partners, including our finance partners RouteOne® and DealerTrack®. Beginning with the November publication, the Kelley Blue Book® Official Used Car Guide will now be published monthly, instead of bi-monthly.
Introducing Auction Value, Renaming Wholesale Value
In addition to driving greater accuracy through more frequent updates, Kelley Blue Book is also providing a new "Auction Value" which is what a used vehicle is expected to sell for at a wholesale auction that week. Subscribers to KARPOWER Online will receive this important and timely decision-making information with their paid subscription.
To distinguish between the new Auction Value and the "Blue Book Wholesale Value," which has always been a benchmark for lending, we are now referring to this value as the "Wholesale Lending Value." The Wholesale Lending Value will also be updated weekly and reflects the value of a vehicle that has been fully reconditioned, inspected and is frontline ready.
The specific definitions of the new Auction Value and the renamed Wholesale Lending Value are below:
Auction Value: The expected auction transaction value.
Auction Value is what a vehicle is expected to sell for at a wholesale auction. The Auction Value assumes the seller has properly disclosed the condition of the vehicle (including any flood or frame damage). It does not include buyer’s fees or the buyer’s transportation costs and assumes the vehicle has not yet been fully reconditioned, inspected or prepared for retail sale.
Wholesale Lending Value: The expected finance value of a fully reconditioned vehicle.
Wholesale Lending Value is a trusted benchmark value for wholesale and retail lenders. Based on Kelley Blue Book’s Auction Value, the Wholesale Lending Value assumes that the vehicle is in good or excellent condition, fully reconditioned, inspected and prepared for retail sale.
We know that in this marketplace you need access to the right information at the right time, and we are making these changes to provide the most trusted, timely, and market-relevant information. In the coming weeks, look for additional communications from Kelley Blue Book regarding how you can take advantage of our updated weekly Wholesale Lending Values and our new weekly Auction Values.
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