The fifteenth edition of the Canadian Black Book Best Retained Value Awards will be announced on November 8, just eight months after the last, which were published in March of 2021. Considerable changes to the prestigious auto industry awards include the launch timing, new vehicle categories, and a new measurement algorithm. Alongside this announcement, CBB is also revealing its plans to unveil their inaugural Canadian Black Book Residual Value Awards in February 2022.
“The auto industry is evolving, and Canadian Black Book is following suit. As a result, our Awards needed to advance as well,” said Yolanda Biswah, senior vice-president and general manager at Canadian Black Book. “Our Retained Value Awards, which will be announced later this month, and our new Residual Value Awards need to reflect the rapid growth of zero emissions vehicles in the marketplace today and what will be on the roadways soon.”
The Best Retained Value Awards categories will see some significant change and be condensed from 23 to 18 in total. The new categories will be:
Overall Brand Awards: Car, SUV/Truck, Luxury, ZEV
Car: Main, Luxury, Prestige
Sport Car: Main, Luxury
Pickup: Small Pickup, Full-Size Pickup
SUV: Main Compact/Subcompact, Main Mid/Full, Luxury
ZEV: Main, Luxury
Van: Compact Van, Full-Size Van
The November 2021 Awards also feature a new ‘Most Improved’ category to recognize the model making substantial gains in terms of retained value.
The other change to the awards will be how the winners are calculated. “Essentially, the algorithm to calculate the winners is still our same proprietary valuation method for retained value. However, it has been decided that we should include the variable of volume to the equation,” said James Hancock, director, OEM Strategy and Analytics at Canadian Black Book. “This will ensure that the winners are models that both hold value best and represent consumer demand.”
Canadian Black Book is proud that their Best Retained Value Awards, which measure four years old vehicles, are a true accurate measure of actual retained value in real-time. Given the company’s growth in providing enhanced residual values to the industry, they have decided that it is time to recognize the best residual value models with an award as well. The company is upgrading its residual value model to have a full 360-degree view, which includes wholesale and retail data insights, changing the game for the leasing business in North America.
“Canadian Black Book is the automotive industry’s leading data analytics company that uses strictly Canadian data sources. This allows us to provide Canada’s most accurate residual and retained values. In fact, we believe our awards are the most accurate barometer for best retained and residual values. To prove it, we will directly compare our residual value predictions with our actual retained values when the time comes,” added Hancock.
Moving forward, October will be the month CBB announces its Best Retained Value Awards and February will be when the company reveals the Best Residual Value Awards.