Black Book and Autodata Solutions rolled out a development that’s aimed to save one of the most precious commodities — time.
On Monday, Black Book announced that’s vehicle valuation data has been integrated with Autodata Solutions, powered by ChromeData, a leading provider of automotive technology solutions and data licensed to industry professionals.
The two companies now offer an automated As-Built Valuation Service for automotive industry professionals including finance companies, dealers, insurance companies and auctions.
Black Book has partnered with Autodata Solutions to integrate an As-Built Valuation Service, a webservice harnessing ChromeData’s vehicle catalog data, OEM build data and any user-entered feature descriptions to describe used vehicles. Mapped to Black Book add/deducts, As-Built Valuation Service automatically returns a more thorough and precise vehicle value for any VIN compatible with the service.
“The integrated offering automates the process of VIN-specific decoding and adjustments on vehicle options, trims and add/deducts,” Black Book executive vice president of revenue Jared Kalfus said. “The ability to automate this process saves significant time for the user, ensuring even greater accuracy during the valuation process.”
The service works either from a call with a single VIN or via batch processing for large volumes of vehicles. The VIN batch processing system is a fast and easy way to process all VINs with minimal effort. All that’s required is a single VIN. Users simply upload a list of VINs with equipment descriptions (when available), then download a single result file.
As-Built Valuation Service can help finance companies, auctions, fleet management companies, consumer trade-in websites, inventory appraisal applications, individual dealers, rental companies and used vehicle merchandisers to automatically calculate as-built vehicle valuations, as well as the most precise lease, finance portfolio, auction and used vehicle merchandising values.
ChromeData, an Autodata Solutions brand best known for providing accurate and complete vehicle and OEM build data, provides access to more than 30 years of data and high-quality VIN and new car, light truck and motorcycle information.
“The integration of Black Book and Autodata Solutions represents a game-changing opportunity for the industry,” Autodata Solutions president Craig Jennings said. “Industry professionals have had access to this data manually, but with the automation now possible through our integration, we expect to see significant benefits to valuation and profit potential.”
When processing a representative portfolio sample of 180,000 vehicles with As-Built Valuation Service and its utilization of OEM Build Data, ranging from multiple brands and model years, results show an adjustment of $36.4 million to the portfolio. Some examples of specific valuation adjustments in the portfolio are as follows:
— All Chevrolet models: $11.12 million net value adjustment, $436.24 average net value adjustment per Chevrolet vehicle.
— All Infiniti models: $1.2 million net value adjustment, $709.58 average net value adjustment per Infiniti vehicle.
— All Jeep models: $5.88 million net value adjustment, $620.91 average net value adjustment per Jeep vehicle.
— All Ram models: $5.45 million net value adjustment, $1,053.36 average net value adjustment per Ram vehicle.