IRVINE, Calif. — Kelley Blue Book announced it will provide values for 51 regions. Values are now updated weekly for all of Kelley Blue Book’s used-car values, including lending, auction, trade-in, private party, certified pre-owned and suggested retail.
The values allow car shoppers looking to buy or sell a used vehicle to know its value in their specific market that week, according to Kelly Blue Book. The company also is adding “Very Good” as a vehicle condition to better reflect the value adjustments for these vehicles in the used-car market.
"These game-changing enhancements in vehicle valuation allow automotive businesses to better manage a single vehicle or an entire portfolio of inventory more effectively and profitably than ever before," said Juan Flores, director, vehicle valuation, Kelley Blue Book. "The introduction of localized values for 51 specific regional markets not only echoes the pricing variations detected in each region by the company's statisticians and sophisticated valuation models, but reflects our desire to help consumers and businesses make better financial decisions."
The “Very Good” condition will reside between the company's current “Good” and “Excellent” conditions, according to Kelly Blue Book.
"Only 3 percent of today's vehicles are actually in 'Excellent' condition," Flores said. "Kelley Blue Book's introduction of the 'Very Good' condition allows both consumers and dealers to determine a more accurate reflection of a vehicle's actual condition when a car is in better than 'Good' condition, but not quite 'Excellent.'"
Kelley Blue Book's system take into account current economic factors and regional market conditions to project what used-car values will be next week, rather than last week or last month, according to the company. The system records also the market's reaction to seasonal and local circumstances.
"Kelley Blue Book's new regional valuation capabilities provide consumers, dealers, banks, finance and insurance companies with unrivaled insights and data accuracy," Flores said. "With mass expansion in data collection, advanced statistical modeling and localized values, anyone can look to Kelley Blue Book Values as values they can transact upon today."