How Much Should I Pay For My Car?
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BINGHAM FARMS, MICHIGAN – July 19, 2018 – Vincentric, LLC released an enhancement to its vehicle pricing data today with the addition of geographic level specificity to the Vincentric Market Price database. This enhanced product enables consumers, dealers, OEMs, and others within the auto industry to better understand pricing at a granular level for new and used vehicles across the US.
The Vincentric Market Price is calculated using a variety of factors including MSRP, invoice price, and listing price. This data is then benchmarked against geographically specific vehicle data to estimate the typical price paid per vehicle within a given geography, oftentimes at the ZIP Code level. Vehicle pricing is then segmented into Excellent, Good, Average, High, and Very High price ranges.
“Localized pricing data is most relevant for consumers and dealers at the point of sale,” said Vincentric President, David Wurster. “In addition, OEMs, finance companies, and others in the auto industry can perform more accurate analyses with this more detailed level data.”
The improved Market Price data also provides Vincentric customers who use its industry leading Total Cost of Ownership data to have more accurate, geographically sensitive results. The Vincentric Market Price data is refreshed and recalculated on a weekly basis to help ensure users always have the most up-to-date and accurate information.
MARKET PRICE DATA
Vincentric Market Price data estimates the price paid over 25,000 new and used vehicle configurations in the United States. This data can provide guidance to consumers and dealers during the vehicle purchase process, valuable content to websites and software applications throughout the automotive industry, and enable OEMs and financial institutions to make informed decisions regarding vehicle pricing. The information is available at a variety of geographic-specific levels, with data in many cases drilling down as granular as the ZIP Code level.
Benefits of Vincentric Market Price Data:
- Improved Insights and Decisions
- More accurate search results based on geographical location
- Allows users to determine the excellent, good, average, high, and very high price.
- Dealers can use independent, third-party data to show customers that pricing is fair.
To determine Vincentric Market Price, a variety of data elements are assessed, including:
- Asking Price
- Destination Charge (new vehicles only)
- Invoice Price
- MSRP
With this information in place, Vincentric applies a proprietary algorithm to estimate the typical price paid for each vehicle. The compilation process applies all selling data in a given geographic region and is normalized to adjust for vehicle configuration. A statistical evaluation of the data is then performed to determine the Excellent, Good, Average, High, and Very High Price thresholds.
The end result is a robust analysis process that produces data enabling consumers, dealers, OEMs, and others in the auto industry to easily understand the Vincentric Market Price while also providing valuable marketplace knowledge.
ABOUT VINCENTRIC
Vincentric provides data, knowledge, and insight to the automotive industry by identifying and applying the many aspects of automotive value. Vincentric data is used by organizations including Cars.com, Mercedes-Benz, Toyota, NADA Guides, Business Fleet Magazine, Nissan, and many others as a means of providing automotive insight to their clientele. Vincentric, LLC is a privately held automotive data compilation and analysis firm headquartered in Bingham Farms, Michigan.
