Agreement Brings Together Valuation and Market Transaction Pricing Insights for Dealers
WESTLAKE VILLAGE, Calif.: 20 May 2014 — J.D. Power and Canadian Black Book (CBB) have signed an agreement to provide automotive dealers in Canada with meaningful and actionable sales transaction data to help them make key decisions regarding their used-vehicle inventories.
The respective companies are collaborating on used-vehicle market transaction data. The information will be added to CBB’s electronic online service and made available to current subscribers of the tool at no additional cost to users.
Combining real-time used vehicle retail transaction data from the Power Information Network® (PIN) from J.D. Power with the Canadian Black Book Online tool enables auto dealerships to more effectively and efficiently manage their used-vehicle inventories and understand key market trends.
“The goal for both companies is to provide dealerships with more meaningful and actionable insights to help steer their buying decisions regarding used vehicles and vehicle trade-in transactions,” said Darren Slind, senior director of Canada and Latin America automotive operations at J.D. Power. “We’re confident that coupling Canadian Black Book’s vehicle values analysis with continuously updated retail transaction data will be a powerful profit-making tool for dealerships.”
Dealerships participating in the PIN program receive such information as the average transaction price for each vehicle model; the average number of days each vehicle sits on dealer lots before being sold; and the average dealer cost and gross profit for each model. For a limited time, any Canadian OEM franchised dealer who joins J.D. Power’s PIN program will receive a full year subscription to Canadian Black Book’s Vehicle Valuation Products.
“PIN data enables dealers to understand what is happening in the marketplace so they can decide which used vehicles they want on their lot and how to price those vehicles,” said Slind. “They can also use PIN data, along with the Canadian Black Book insights, to optimize their trade-in valuations.”
Among other services, Canadian Black Book provides present and future vehicle values to help dealers calculate vehicle wholesale, trade-in and lease residual values.
"For over 50 years, Canadian Black Book has been providing the industry with quality used-car market information,” said Josh Bailey, vice president of research and editorial at Canadian Black Book, “But the addition of transactional data from PIN to our CBB Online tool brings a new level of valuable real-time information to our clients. We are very proud to be working with J.D. Power, a company with a reputation for high standards when it comes to data quality, something Canadian Black Book can identify with.”
Select PIN data will be added to the CBB Online service at no additional charge for automakers’ franchised dealers that subscribe to CBB’s services. Subscribing dealers participating in the PIN data program will receive an extended set of data through CBB Online. In exchange for participating in the PIN program, automotive dealerships can use PIN data services at no charge. Dealers receive PIN data on a weekly basis for all of Canada as well as specifics on their local market.
About J.D. Power
J.D. Power is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. Headquartered in Westlake Village, Calif., J.D. Power has offices in North/South America, Europe and Asia Pacific. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power is a business unit of McGraw Hill Financial.
About McGraw Hill Financial
McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at http://www.mhfi.com.
About Canadian Black Book
For more than 50 years, Canadian Black Book has been the trusted and unbiased Canadian automotive industry source for vehicle values. The company's reports are considered 'The Authority' for vehicle values not only by car dealers, but also for the lending, leasing, financing and insurance sectors. Consumers can also benefit from the same expert insight. In 2010 Canadian Black Book introduced a web site for consumers with a free look-up tool to find out a vehicle's Trade-in Value, Future Value and the Average Asking Price.
Media Relations Contacts:
John Tews; J.D. Power; Troy, Mich.; 248-680-6218; firstname.lastname@example.org
Josh Bailey; Canadian Black Book; Markham, ON.; 905-413-7614; email@example.com
No advertising or other promotional use can be made of the information in this release without the express prior written consent of J.D. Power. www.jdpower.com/about-us/press-release-info