N.A.D.A. Official Used Car Guide Company and The Reynolds and Reynolds Company Develop On-line Tool
DAYTON, Ohio--Jan. 26, 2002--The N.A.D.A. Official Used Car Guide Company, the recognized authority for vehicle valuations, and The Reynolds and Reynolds Company , the leading dealer management systems and services provider, have developed an on-line prototype with retail and trade-in transaction data from automobile dealers.
The goal of this joint venture is to develop a tool that will provide more robust used vehicle market information to enhance our customers' ability to make vehicle valuation decisions that reflect the underlying market, resulting in increased profitability.
"By leveraging our combined data resources and Franchise Dealer relationships, we will be developing a leading edge pricing tool for many different industry segments that manage millions of dollars in car and light truck risk," stated Scott Lilja, Executive Director, N.A.D.A. Official Used Car Guide Company. "We hope to bring additional automotive retail data and market insight to these industries, helping them more effectively manage and profit from their respective automotive market activities."
This prototype allows customers to access an on-line service that provides greater market-based detail about used vehicles in specific markets. In order to maximize the effectiveness of the data provided for the prototype, Reynolds compiled used vehicle data from US new car franchised dealers. The data, which consists of trade-in and retail pricing, year, make, model, mileage and region sold, is updated weekly, giving the most current look at activity for a specific region. The data is "anonymous and aggregated" so that no dealership or customer information is provided, identified, or associated with the data.
"The N.A.D.A. Official Used Car Guide Company provides valuable tools to automotive retailers across the country," said Michael McNeil, Reynolds' Chief Privacy Officer and vice president of Data Services. "At a time when cost avoidance and vehicle pricing excellence is especially important in the auto industry, we are confident that retailers will benefit from the information provided to them through this new product. Reynolds is extremely pleased to partner with the N.A.D.A. Official Used Car Guide Company in the development and delivery of this exciting on-line functionality."
The N.A.D.A. Official Used Car Guide Company and Reynolds provided unlimited access to data for the 30-day pilot conducted in the Southeast region of the United States. Interviews were conducted to capture comments and suggestions. This feedback will be used in helping to finalize the product prior to releasing it as an on-line service. Additional information and announcements on this product launch will be forth coming in the First Quarter of 2002.
About N.A.D.A. Official Used Car Guide(R) Company
The N.A.D.A. Official Used Car Guide(R) Company, a NADASC subsidiary, has provided used-vehicle valuation products and services to the auto, finance, fleet/lease, government and insurance industries since 1933. In addition to the N.A.D.A. Official Used Car Guide(R), a full range of valuation services are offered, including N.A.D.A. Guide 2000(R) for Windows(R), N.A.D.A. e-Valuator(R) valuation software group, various developer's tools, the ATD/N.A.D.A. Commercial Truck Guide(R), AuctionNet(R) Online, consumer and business Web sites (nadaguides.com and nada.com/b2b), and a full line of appraisal guides, including RV's, boats and motorcycles.
About The Reynolds and Reynolds Company
Reynolds and Reynolds, headquartered in Dayton, Ohio, is the leading provider of integrated information management solutions to the automotive retailing marketplace. The company's services include a full range of retail and enterprise management systems, networking and support, e-business applications, Web services, learning and consulting services, customer relationship management solutions, document management and leasing services. For more information, visit www.reyrey.com .
Certain statements in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on current expectations, estimates, forecasts and projections of future company or industry performance based on management's judgment, beliefs, current trends and market conditions. Forward-looking statements made or to be made by or on behalf of the company may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, forecasted or implied in the forward-looking statements. See also the discussion of factors that may affect future results contained in the company's Current Report on Form 8-K filed with the SEC on August 7, 2001, which we incorporate herein by reference. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.