WESTLAKE VILLAGE, Calif., May 28, 2015 /PRNewswire/ -- J.D. Power and the National Automobile Dealers Association (NADA) today announced an agreement under which J.D. Power will acquire NADA's Used Car Guide business, a premier source of used-vehicle values. The transaction is expected to close early in the third quarter of 2015 and is subject to Hart–Scott–Rodino Act review.
Established by NADA in 1933, NADA Used Car Guide is a leading provider of U.S. retail, loan, trade-in and auction used-vehicle values, and is widely recognized in the industry as the authority for accurate and comprehensive used-vehicle valuation information. The company will remain based in the McLean, Virginia, vicinity where it serves more than 100,000 subscribing clients, including retailers, financial institutions, insurers and software providers.
J.D. Power is a global marketing information services company known for using the voice of the customer to create reviews and ratings which measure the shopping, purchase and ownership experience across a wide range of brands and products. The Power Information Network® (PIN) from J.D. Power provides real-time automotive information and decision-support tools based on the collection of daily new- and used-vehicle retail transactions.
The agreement brings together PIN, which combines advanced analytics of new- and used-vehicle retail sales and pricing data, with the complementary and extensive knowledge, expertise and market presence of the NADA Used Car Guide, thereby expanding J.D. Power's analytical and modeling capabilities into new product offerings, deepening its presence in auto finance and auto insurance, and enriching retail solutions.
"J.D. Power has built its strong brand through analytics, data and its growing benchmark business. Benchmarks are a key to the McGraw Hill Financial business model and the NADA Used Car Guide adds a unique set of valuations, which are used as benchmarks by customers, to the well-respected J.D. Power portfolio," said Douglas L. Peterson, president and chief executive officer of McGraw Hill Financial. "We see clear opportunities for both revenue and cost synergies as J.D. Power couples NADA Used Car Guide with the real-time automotive capabilities of the Power Information Network® (PIN) to bring value to a broad set of customers. This is another example of McGraw Hill Financial utilizing an attractive tuck-in acquisition to expand the capabilities of the company's iconic businesses."
"This deal is a perfect fit for dealers and NADA Used Car Guide customers. Under terms of the deal, NADA members will continue to receive a subscription to the Guide as a membership benefit," said Peter Welch, president of NADA. "NADA and J.D. Power will continue to build upon our longstanding alliance by sharing data and insights, and bringing together retailers and leaders from the automakers, suppliers and the media at co-hosted conferences and events, offering thought leadership and solutions directly benefiting the retailer network and overall automotive industry."
"We are thrilled to add the NADA Used Car Guide and its vehicle valuation capabilities to J.D. Power," said Finbarr O'Neill, president of J.D. Power. "NADA Used Car Guide analytical solutions will perfectly complement PIN's expertise in new- and used-vehicle retail and pricing services, and we will gain an impressive array of integrated vehicle valuation solutions. The Guide's high integrity and unbiased approach to used-vehicle values, analytics and insights fits perfectly with J.D. Power's reputation as a trusted advisor to the automotive industry."
"This is an exciting opportunity for Used Car Guide to take advantage of great synergies with JD Power," said Mike Stanton, vice president and chief operating officer of the NADA Used Car Guide. "On its own, the NADA Used Car Guide provided the best data available on used-car pricing. But now, our customers will benefit from a seamless view of new- and used-vehicle price information with both companies under the umbrella of the J.D. Power brand."
The NADA Used Car Guide name will be used by J.D. Power for a period of time before transitioning to the J.D. Power brand.
About J.D. Power: J.D. Power is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. Headquartered in Westlake Village, Calif., J.D. Power has offices in North/South America, Europe and Asia Pacific. J.D. Power is a business unit of McGraw Hill Financial. Visit www.jdpower.com/about-us/press-release-info to learn more.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL and J.D. Power. The Company has approximately 17,000 employees in 30 countries. Additional information is available at www.mhfi.com.
About NADA Used Car Guide: Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the United States and worldwide. NADA's editorial team collects and analyzes over 1 million combined automotive and truck wholesale and retail transactions per month. Its guidebooks, auction data, analysis and data solutions offer automotive/truck, finance, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. Visit www.nada.com/b2b to learn more.
About NADA: Founded in 1917, NADA is a national trade association that represents the interests of more than 16,000 new car and truck dealerships with both domestic and international franchises. For more information, visit www.nada.org.
Forward-Looking Statements: This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places throughout this release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, we may use forward-looking statements when addressing topics such as: the outcome of contingencies; changes in our business strategies and methods of generating revenue; the development and performance of our services and products; the expected impact of acquisitions; and our cost structure, cash flows or liquidity.
Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, among other things:
- the strength and performance of the domestic and international automotive markets;
- worldwide economic, financial, political and regulatory conditions;
- concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of our products and services;
- our ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs and/or improper disclosure of confidential information or data;
- the effect of competitive products and pricing;
- consolidation in our end-customer market;
- the impact of cost-cutting pressures across the automotive industry;
- the level of success of new product development and global expansion;
- our ability to integrate, and realize expected synergies, savings or benefits from the businesses we acquire;
- the level of our capital investments;
- our ability to successfully recover should we experience a disaster or other business continuity problem, such as a hurricane, flood, earthquake, terrorist attack, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made disaster; and
- our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign and U.S. laws and regulations that are applicable in the domestic and international jurisdictions in which operate.
The factors above are not exhaustive. McGraw Hill Financial and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, we caution readers not to place undue reliance on the above forward-looking statements, which speak only as of the dates on which they are made. McGraw Hill Financial and its subsidiaries undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information about our businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in McGraw Hill Financial's filings with the SEC, including Item 1a, Risk Factors, in our most recently filed Annual Report on Form 10- K.
Media Relations Contacts John Tews; J.D. Power; Troy, Mich.; 248-680-6218; firstname.lastname@example.org Jason Feuchtwanger; McGraw Hill Financial; 212-512-3151; email@example.com Jared Allen; National Automobile Dealers Association; 703-821-3957; firstname.lastname@example.org
SOURCE J.D. Power