You may be wondering what the best resource is in order to place a value on your car. In a crowded market that is growing all the time, Black Book Value has a solid reputation as one of the leaders in the field when it comes to informing automobile purchases.
Here, we review Black Book Value and take a greater look in detail at what it is. What Is Black Book Value?
Put simply, Black Book Value is an automobile valuation resource that is designed to help lenders and dealers determine just how much a vehicle is worth. This is usually done with used vehicles but also provides services for new vehicle valuations, too.
As a loose term, ‘Black Book Value' is what automobile dealers and consumers usually refer to when they are trying to accurately determine how much a used, new or trade-in vehicle is worth in terms of its current market value at the time of use.
Black Book is an established and long standing member of the market and one of the leaders, originally starting out way back in 1955.
The name black book derives from the fact that, long before the internet when traders and consumers relied upon print for information, it started as a little black book.
Black Book was published weekly and informed readers on car values for every vehicle in every region in the country, gaining a stellar and reliable reputation and establishing itself as an authority on the subject.
What Is Black Book Used For?
Black Book generates data on the value of automobiles. Through this, money lenders evaluate their risk of offering an auto loan to a potential customer, and dealerships can ensure they receive a fair profit from the sales of a vehicle based on its value given by BB.
Black Book has stood out as a market leader for decades because of their inquire methods. BB generates current, up to date valuations for autos through a complex process that involves a variety of different factors in order to be most accurate.
The process involves examining financial information in the current automobiles market, industry trends, specific features of that vehicle and its popularity on the market, as well as evaluating current sales of that particular vehicle in the market, or demand.
What Kind Of Cars Does Black Book Valuate?
As per above, Black Book values new, trade-in and used vehicles. Uniquely, Black Book does not just focus on the typical automobile vehicle market in its offering. Information is also available for snowmobiles, commercial autos and other unique vehicles.
This is a crucial tool for some dealers and lenders given the wide array of vehicles they deal with and the vast clientele involved.
Exactly How Does Black Book Work?
Qualified industry users are the Black Book target market, and this has remained their USP. They can also search for a specific vehicle should they wish, using what is known as the vehicle identification number (VIN), entering the number into the search tool.
Black Book will then, through its complex algorithm, produce precise and up to date information about that vehicle's current and future value, all determined by factors such as mileage, market demand, sales, maintenance, performance, add-ons etc.
One thing about Black Book is that it does not offer its valuation services online, which has put some off. Perhaps old-fashioned, but dealers and financial institutions receive the circulated magazine each week to access the most recent value data for each vehicle.
However, Black Book does have mobile and desktop apps that provide some of their other services – such as auction lists, VIN scan tools, CARFAX reports and previous values. These can be subscribed to monthly or annually for immediate access instead of print.
Another benefit of the applications is that users can use these to search the local comparison markets to see if selected autos are fit for their inventory and, using black Book's valuation tools, whether it makes financial sense to purchase them or not.
Black Book and Auction Sales
Another key function of Black Book is its auction sales. Black Book collects data every week on auction sales all throughout the United States, building a vast and reliable database for its users.
This can greatly impact the valuation of certain vehicles as Black Book places a lot of importance on these auction figures, much more so than potential rivals, a move welcomed by industry users.
Black Book Value Compared To Rivals
Black Book has led the market as a valuation tool for many years, but it does have an increasing number of competitors. Perhaps the biggest one is Kelley Blue Book, whom some people prefer due to its ease of access and online features despite less renowned.
One particular factor that sets Black Book apart from other valuators on the market is that it not only provides reliable, accurate and trusted information regarding an autos value at present – it also uses its process to predict that vehicle's value in the future.
In making its valuations, Black Book also uses a wide array of historical data to make accurate predictions of value, like past and current economic trends, factors that affect depreciation, and manufacturer design changes.
No other valuation services provide such a large scope of consideration and thus Black Book is highly trussed amongst dealers as a pose to its rivals.
Who Created Black Book Value?
Black Book was created and is circulated by National Auto Research, which is owned by Hearst Business Media Corporation, based in New York City, NY.
Black Book Value has provided a great service to the automobile industry, aiding dealerships and financial institutions in making informed automobile purchasing, selling, and lending decisions and also informing government legislature.
Does Black Book Rate or Review Cars?
Black Book stays away from offering ratings and reviews on automobiles. The target market of Black Book is industry professionals rather than typical, ordinary consumers and so this is a function it does not typically offer in rating cars.
As it is considered the market leader, Black Book focuses on vehicle pricing and valuation to aid dealers in setting prices and financial institutions in lowering risk.
Is Black Book Recommended?
Given all of the above and its reputation as a reliable and trusted market leader, Black Book is definitely recommended. The valuation services it provides on automobiles is second to none, even if some of its services are old fashioned.
One area where they can improve is accessibility for the mass market and its online tools, perhaps moving more interactive, although its standard of service may then decrease.
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