Edmunds.com Launches Accurate, Fair Pricing Guide for Used Car Shoppers And Sellers
6 November 2000
Edmunds.com Launches Accurate, Fair Pricing Guide for Used Car Shoppers And Sellers
LOS ANGELES, Nov. 6 Edmunds.com (http://www.edmunds.com),
the Web's leading consumer resource for unbiased automotive information, today
launches a new service that provides both consumers and the automotive
industry with a uniquely reliable, accurate guide to used vehicle values.
Unlike pre-existing price guides, the Edmunds.com True Market Value
(TMV)(SM) Used Vehicle Appraiser takes into account vehicle color in the
determination of vehicle value, and gives separate pricing for vehicles in
approved used vehicle certification programs. Additionally, Edmunds TMV is
the only pricing guide that offers private party sales transaction prices.
Trade-in values and franchise dealer transactions prices are also provided.
These enhancements help Edmunds provide values that are a true reflection of
the marketplace and therefore the most useful tool for those in the market.
In the past, valuing a used vehicle was an arbitrary and inexact process.
Now, using the TMV Appraiser at http://www.usedcartmv.com both shoppers and
sellers can easily enter details about their vehicles of interest, including
condition, region of the country and other critical factors that are often
ignored by other pricing guides. Price values are calculated and consumers
are provided an easily printable report for practical use in the sales
transaction.
The TMV Used Vehicle Appraiser will be featured on many well-known web
sites including Autobytel.com, AutoTrader.com, CarsDirect.com, Carprices.com,
iMotors.com, LiquidPrice.com, and Peoplefirst.com.
"The Edmunds True Market Value(SM) pricing concept appeals to us because
it gives us the opportunity to provide our customers with accurate transaction
prices that reflect the market values of our highly reconditioned certified
used vehicles," said Adam Simms, CEO of iMotors, the first online direct
seller of certified used cars.
Related businesses including AutoFusion and The Cobalt Group will also
make the Appraiser available to their clients and users, while Manheim
Interactive is adopting Edmunds True Market Value(SM) prices as the official
retail values for auto auctions, helping dealers bid appropriately for used
vehicles on the block.
Where do the prices come from? For each vehicle model, Edmunds Data
Services collects data pertaining to supply, demand, vehicle auction figures,
color, region, and actual transaction prices from the marketplace, and runs it
all through Edmunds' proprietary statistical model. The resulting figures are
updated weekly to provide pricing information that truly reflects the current
used vehicle market.
TMV pricing information is currently available for most vehicles built for
the US market beginning in 1990. Pricing for older vehicles will be added in
the coming months.
The Used Car Appraiser is being launched today as a beta test in order to
collect feedback from Edmunds visitors on its accuracy and effectiveness in
the marketplace.
"Edmunds TMV for Used Vehicles launches after a rigorous development
period of nearly a year. Now, the tool will go under the most rigorous tests
of all -- real world use by consumers," according to Edmunds.com President
Jeremy Anwyl.
The Edmunds TMV(SM) initiative began at the start of 2000 when industry
experts, mathematicians and statisticians on staff at Edmunds.com developed
the TMV system, aiming to inform the general public about the actual
transaction prices of cars and trucks in order to streamline the car buying
process for both consumers and dealers, leading to less stressful negotiations
and higher customer satisfaction.
In June 2000, Edmunds launched the first TMV product, new vehicle pricing,
and expects to unveil similar products in the areas of automotive financing,
maintenance, depreciation and cost of ownership, to name a few.
About Edmunds.com
Headquartered in Santa Monica, CA, Edmunds.com is the Internet's pioneer
and leader in providing free, third-party automotive information. Edmunds.com
empowers, educates, and engages visitors by providing them with
straightforward, truthful information on key aspects of buying, selling, and
owning a vehicle. Users are provided automobile pricing data, extensive
automobile reviews, consumer information, safety updates, incentive and rebate
news, expert analysis of developments in the automotive world, and the Town
Hall, an interactive community of more than 500,000 active members.
Edmunds.com was ranked number one in the Survey of Car-Shopping Web Sites as
reported by The Wall Street Journal, number one of automotive web sites and
number two of all web sites in the Dialscore loyalty survey, was named as one
of Yahoo! Internet Life's 50 Most Incredibly Useful Sites, and one of Money's
50 Most Useful Financial Websites.