FOR IMMEDIATE RELEASE
Edmunds.com Launches Accurate, Fair Pricing Guide For Used Car Shoppers and Sellers
LOS ANGELES, CA - November 6, 2000 - Edmunds.com (http://www.edmunds.com), the Web's leading consumer resource for unbiased automotive information, today launches a new service that provides both consumers and the automotive industry with a uniquely reliable, accurate guide to used vehicle values.
Unlike pre-existing price guides, the Edmunds.com True Market Value® (TMV®) Used Vehicle Appraiser takes into account vehicle color in the determination of vehicle value, and gives separate pricing for vehicles in approved used vehicle certification programs. Additionally, Edmunds TMV is the only pricing guide that offers private party sales transaction prices. Trade-in values and franchise dealer transactions prices are also provided. These enhancements help Edmunds provide values that are a true reflection of the marketplace and therefore the most useful tool for those in the market.
In the past, valuing a used vehicle was an arbitrary and inexact process. Now, using the TMV Appraiser at http://www.edmunds.com/tmv/index.html both shoppers and sellers can easily enter details about their vehicles of interest, including condition, region of the country and other critical factors that are often ignored by other pricing guides. Price values are calculated and consumers are provided an easily printable report for practical use in the sales transaction.
The TMV Used Vehicle Appraiser will be featured on many well-known web sites including Autobytel.com, AutoTrader.com, CarsDirect.com, Carprices.com, iMotors.com, LiquidPrice.com, and PeopleFirst.com.
"The Edmunds True Market Value pricing concept appeals to us because it gives us the opportunity to provide our customers with accurate transaction prices that reflect the market values of our highly reconditioned certified used vehicles," said Adam Simms, CEO of iMotors, the first online direct seller of certified used cars.
Related businesses including AutoFusion and The Cobalt Group will also make the Appraiser available to their clients and users, while Manheim Interactive is adopting Edmunds True Market Value prices as the official retail values for auto auctions, helping dealers bid appropriately for used vehicles on the block.
Where do the prices come from? For each vehicle model, Edmunds Data Services collects data pertaining to supply, demand, vehicle auction figures, color, region, and actual transaction prices from the marketplace, and runs it all through Edmunds' proprietary statistical model. The resulting figures are updated weekly to provide pricing information that truly reflects the current used vehicle market.
TMV pricing information is currently available for most vehicles built for the US market beginning in 1990. Pricing for older vehicles will be added in the coming months.
The Used Car Appraiser is being launched today as a beta test in order to collect feedback from Edmunds visitors on its accuracy and effectiveness in the marketplace.
"Edmunds TMV for Used Vehicles launches after a rigorous development period of nearly a year. Now, the tool will go under the most rigorous tests of all - real world use by consumers," according to Edmunds.com President Jeremy Anwyl.
The Edmunds TMV initiative began at the start of 2000 when industry experts, mathematicians and statisticians on staff at Edmunds.com developed the TMV system, aiming to inform the general public about the actual transaction prices of cars and trucks in order to streamline the car buying process for both consumers and dealers, leading to less stressful negotiations and higher customer satisfaction.
In June 2000, Edmunds launched the first TMV product, new vehicle pricing, and expects to unveil similar products in the areas of automotive financing, maintenance, depreciation and cost of ownership, to name a few.
Headquartered in Santa Monica, CA, Edmunds.com is the Internet's pioneer and leader in providing free, third-party automotive information. Edmunds.com empowers, educates, and engages visitors by providing them with straightforward, truthful information on key aspects of buying, selling, and owning a vehicle. Users are provided automobile pricing data, extensive automobile reviews, consumer information, safety updates, incentive and rebate news, expert analysis of developments in the automotive world, and the Town Hall, an interactive community of more than 440,000 active members. Edmunds.com was ranked number one in the Survey of Car-Shopping Web Sites as reported by The Wall Street Journal, number one of automotive web sites and number two of all web sites in the Dialscore loyalty survey, was named as one of Yahoo! Internet Life's 50 Most Incredibly Useful Sites, and one of Money's 50 Most Useful Financial Websites.
SOURCE Edmunds.com Web Site: http://www.edmunds.com