NADA Used Car Guide Adds Auction Values to Lineup
McLEAN, Va. — NADA Used Car Guide announced Tuesday that it has enhanced its electronic product line by adding auction values.
Basically, these values will be updated each week so that customers have a clear picture of pricing activity for the disposal or purchase of a vehicle in the auction marketplace.
"Thanks to AuctionNet, NADA's partnership with the National Auto Auction Association, our analysts are reviewing approximately 80 percent of total auction sales volume on a weekly basis to produce the new auction benchmarks," stated Mike Stanton, vice president and chief operating officer for NADA Used Car Guide.
Officials said these auction values are designed to complement the other value offerings from NADA by benefiting dealers and lenders in the following ways:
—Lenders utilize NADA values for loan origination based on NADA's review of a number of data inputs and other factors — not simply the auction market alone — to help cut down on risk. As such, they can now easily access NADA's auction values to help with remarketing needs and give credit risk managers additional insight.
—While at the auction, dealers often use NADA values in calculating what a lender would advance on a specific unit. With the new values, they are also now also provided with the most accurate auction benchmarks to help them determine pricing activity in the lanes.
Subscribers to NADA's electronic products — including NADAOnline, NADA e-valuator, NADA e-valuator for Dealers and NADA Web Service — can receive auction values at no additional costs.
Continuing on, NADA said it has utilized data warehousing innovations, analytics capabilities upgrades, and enhanced editorial staff skill sets and tools to improve its editorial process and methodology.
"We have all seen unprecedented swings in the used-car market over the past 18 to 24 months and NADA has responded with significant investments in key areas to provide the most complete and accurate set of vehicle valuations from auction to trade-in to loan to retail," stated Bill Willis, NADA board of directors member from Delaware.
"Our suite of pricing information will help the industry monitor potential fluctuations in the auction lanes, and show longer-term movement in the market, to provide the complete picture," he added.