The agreement inked between J.D. Power and Canadian Black Book (CBB) should provide automotive dealers in Canada with meaningful and actionable sales transaction data to help them make key decisions regarding their used-vehicle inventories.
According to CBB, used-vehicle market transaction data will be added to CBB’s electronic online service and made available to current subscribers of the tool at no additional cost to users.
Combining real-time, used-vehicle retail transaction data from the Power Information Network (PIN) from J.D. Power with the Canadian Black Book Online tool lets auto dealerships more effectively and efficiently manage their used-vehicle inventories and understand key market trends.
“The goal for both companies is to provide dealerships with more meaningful and actionable insights to help steer their buying decisions regarding used vehicles and vehicle trade-in transactions,” said Darren Slind, senior director of Canada and Latin America automotive operations at J.D. Power.
“We’re confident that coupling Canadian Black Book’s vehicle values analysis with continuously updated retail transaction data will be a powerful profit-making tool for dealerships.”
Dealerships participating in the PIN program receive such information as the average transaction price for each vehicle model; the average number of days each vehicle sits on dealer lots before being sold; and the average dealer cost and gross profit for each model.
For a limited time, any Canadian, OEM-franchised dealer who joins J.D. Power’s PIN program will receive a full year subscription to Canadian Black Book’s Vehicle Valuation Products.
“PIN data enables dealers to understand what is happening in the marketplace so they can decide which used vehicles they want on their lot and how to price those vehicles,” said Slind. “They can also use PIN data, along with the Canadian Black Book insights, to optimize their trade-in valuations.”
Among other services, Canadian Black Book provides present and future vehicle values to help dealers calculate vehicle wholesale, trade-in and lease residual values.
Josh Bailey, V-P of research and editorial at Canadian Black Book said the addition of transactional data from PIN to CBB Online brings a new level of valuable real-time information to clients.
Select PIN data will be added to the CBB Online service at no additional charge for automakers’ franchised dealers that subscribe to CBB’s services.
Subscribing dealers participating in the PIN data program will receive an extended set of data through CBB Online. In exchange for participating in the PIN program, automotive dealerships can use PIN data services at no charge. Dealers receive PIN data on a weekly basis for all of Canada as well as specifics on their local market.