“After exploring the improved MMR, I was struck by its vast improvements, speed and the amount of information available at my fingertips. The new condition grade and color adjustment data enables me to hammer down a more precise value on a specific make and model we intend to retail or put on the wholesale market.” Brian Ubelhart, used car director at Neil Huffman Automotive Group
ATLANTA, August 16, 2017 – To increase transparency in the marketplace and deliver more accurate wholesale vehicle valuations, Manheim introduced a sweeping set of enhancements to its Manheim Market Report (MMR) giving both buyers and sellers greater confidence when they transact.
Widely regarded as the “gold standard” in wholesale vehicle valuations, four key improvements take wholesale vehicle valuation to the next level with deeper MMR insights that save clients time and money, and ultimately streamline the remarketing experience. The latest MMR enhancements are:
- Adjusted MMR: Adjusted MMR is a more specific valuation because it includes a vehicle’s specific AutoGrade condition and exterior color, in addition to vehicle mileage and region. With this enhancement, clients can manually input a vehicle’s specific condition, color, mileage, and region to get the Adjusted MMR. In a September update, the mileage, color, and condition will automatically display and clients can manually select region (based on preference) to get the Adjusted MMR. Adjusted MMR delivers a more accurate vehicle valuation to both buyers and sellers, which drives greater confidence to transact online.
- OEM Build Data: Manheim’s MMR is the first valuation tool to use the manufacturer’s own build-data (whenever available) to decode VINs, which ensures the exact Year, Make, Model and Style are identified. Using OEM build data eliminates the guesswork in VIN-decoding, resulting in more accurate MMR valuations.
- A new, data-rich, visually intuitive MMR interface: Available across desktop, tablet and mobile devices, the new MMR experience provides insight into how each vehicle-specific adjustment affects its MMR value, and facilitates more transparent pricing using data visualizations that allow clients to quickly compare their vehicle’s Adjusted MMR value to the Base MMR value at-a-glance.
- A new Valuations API: The all-new API provides on-demand access to the more-accurate Adjusted MMR values, and also takes advantage of OEM Build Data in the VIN-decoding process as described above, providing convenience and strategic insights to clients with high volumes.
“Our recent improvements are receiving rave reviews from both buyers and sellers,” said Ed Berkowitz, Vice President of Product Management for Cox Automotive Inventory Solutions. “With richer data, increased accuracy, and a more insightful view, the enhanced MMR experience helps buyers and sellers better understand a particular vehicle’s value and make faster strategic decisions.”
For Example: A vehicle’s base MMR is $15,500, and its typical price ranges from $14,000 to $17,000. Given this vehicle’s specific attributes, an MMR user can consider valuation adjustments for mileage, region, condition (CR grade) and exterior color resulting in an Adjusted MMR of $17,600.
Sellers may use this information to set an auction floor price, starting bid, or “buy now” price. Buyers, on the other hand, can use this information to determine the price they should be willing to pay for this particular vehicle vs. an average vehicle of the same year, make, model and style. In this case, a buyer should expect to pay around $17,600 for this vehicle, considering the Adjusted MMR valuation estimate is higher than average.
Data-driven insights net more revenue per car and move inventory faster.
“After exploring the improved MMR, I was struck by its vast improvements, speed and the amount of information available at my fingertips,” said Brian Ubelhart, used car director at Neil Huffman Automotive Group. “The new condition grade and color adjustment data enables me to hammer down a more precise value on a specific make and model we intend to retail or put on the wholesale market.”
MMR is the only valuation tool that adjusts valuation for AutoGrade condition. By exploring how different grades affect the Adjusted MMR value, clients may also use the new MMR interface to inform reconditioning decisions. This information can help clients determine what level of reconditioning should be done before selling a vehicle in a wholesale or retail channel.
Adjusted valuations accelerate decision-making during the acquisition process.
“The upgraded MMR saves me time, making it easier to get details about a specific vehicle, rather than searching through a long list to find a similar vehicle,” said Burnell King, corporate used inventory manager, Hudson Automotive Group. “I am glad to see MMR evolve to where it is now to give us more accurate information on the cars we are looking to buy.”
Buyers can also assess the potential retail value of a vehicle compared to similar listings on Autotrader to get a better sense of expected return on investment.
An all-new API provides more accurate Adjusted MMR values on-demand
For clients who need MMR values for a high volume of vehicles, Manheim offers on-demand access to Base and Adjusted MMR values through its new Valuations API. Through the interface clients can bring Base and Adjusted MMR values in-house, where additional processes and further analyses may be conducted to help clients make critical pricing, buying and selling decisions.