J.D. Power Helps Businesses Leap Over “Data Bar” With VIN Values
J.D. Power, the global leader in data analytics and consumer intelligence, today unveiled J.D. Power VIN Values, a unique product designed to significantly improve the vehicle valuation process and eliminate financial blind spots by using a Vehicle Identification Number (VIN) to precisely determine the correct trim level and factory-installed options.
J.D. Power leverages its multiple data assets and alliances to quickly gather trim, options and purchase history simply by inputting a 17-digit VIN.
The financial implications are significant. For example, a portfolio of 100,000 vehicles that uses a standard VIN decoding process could have a valuation margin error between 6% and 13%, resulting in an adjustment of $25-35 million. J.D. Power VIN Values product can eliminate this costly margin and provide users with an unmatched level of accuracy on any vehicle.
• Create loans for the exact amount for each vehicle portfolio or floorplan, and account for all the content of each specific vehicle.
• Consistently make more accurate loan-to-value decisions.
• Improve the ability to set correct loan-to-value metrics.
• Reduce the under- and over-valuing of vehicles; better comprehend the trim levels for high-margin vehicles.
• Create a specific strategy to know what option content is best suited for their region.
• Determine what vehicles to purchase at wholesale or auction through better integration with inventory optimization tools.
• Make decisions that more accurately reflect the vehicles in their inventory.
• API integration will enhance the accuracy and speed at which dealers can make critical decisions.
• Dealers can get option content on each individual vehicle and provide a trade-in value that’s in line with what the vehicle is actually worth.
• Further accuracy for insurers can result in more appropriate premiums for customers, while offering rates that are in line with vehicle values.
• Provides unparalleled insight into a vehicle’s content when evaluating total-loss scenarios.
• Assess fleet inventory value and determine what individual models would be appropriate to wholesale.
• Determine which options are most suitable to meet customer needs and expectations within regional markets.