NADA Adds Certified Pre-Owned Values to 'Used Car Guide'
MCLEAN, Va., Sept. 5, 2012 /PRNewswire-USNewswire/ -- The National Automobile Dealers Association Used Car Guide is now providing manufacturer-certified pre-owned (CPO) values for every qualified vehicle in its printed and electronic editions.
"We recognize the tremendous effort that manufacturers and new-car dealers have put into developing and raising consumer awareness of CPO programs," said Mike Stanton, vice president and chief operating officer of the NADA Used Car Guide. "Our focus is to improve the accuracy of CPO values through NADA's industry-leading data collection and analysis."
CPO sales now encompass a larger percentage of overall retail sales of late-model used vehicles than ever before. Manufacturer CPO programs add value to a vehicle because mandatory inspections and extended warranties reduce the risk for used-vehicle buyers.
"New-car dealers and consumers as well as lenders now have – at the point of sale – a guide for the retail premium of a CPO vehicle under a manufacturer's program," Stanton added. "NADA's CPO values will provide lenders with underwriting guidance for consumer loans associated with the growing number of used vehicles sold through manufacturer CPO programs."
NADA estimates the CPO value by analyzing the sales records of both certified and non-certified vehicles. The analysis of the data is based on key drivers, such as vehicle age, individual CPO program requirements of multi-point inspections, depreciation rates, warranty extension, age and mileage.
The new CPO valuation complements NADA's comprehensive collection of benchmark data for used vehicles.
About the NADA Used Car Guide
Over a 79-year history, the NADA Used Car Guide has earned its reputation as the leading provider of accurate vehicle valuations and auction data. NADA offers a wide range of vehicle values, including those for used passenger car, light-duty and commercial truck, motorcycle, classic car and many more specialty vehicles. Available in a variety of delivery methods, NADA's products and services are used daily throughout the auto, finance, fleet-lease, government and insurance industries. For more information, visit www.nada.com/b2b. Follow the NADA Used Car Guide on Facebook.
The NADA Story
The NADA story began in 1917 when 30 auto dealers traveled to the nation's capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealers, with 32,500 franchises, both domestic and international. For more information, visit www.nada.org. Follow NADA on Facebook and Twitter.
SOURCE National Automobile Dealers Association