MMR values have been based on year-make-model-trim data, with additional manual adjustments available for mileage, region, condition and color. Nonetheless, a vehicle’s specific options and packages can boost or diminish its value in comparison with the standard configuration.
The widely used wholesale vehicle valuation tool, Manheim Market Report (MMR), now includes automatic adjustments for factory-installed options and packages, Cox Automotive announced July 26.
This enhancement is made possible through the combination of OEM construct data with Cox Automotive’s extensive first-party transaction data and proprietary modeling, making valuations more precise.
As one in all the industry’s most trusted source of wholesale vehicle valuations, MMR was used nearly 2.6 billion times within the last 12 months to value vehicles.
“While MMR has undergone a significant evolution within the last several years to grow to be the living, market-responsive algorithm it’s today, a tool like this deserves continuous innovation,” said Joe Kichler, senior vice chairman of digital inventory and provide chain solutions at Cox Automotive, in a news release. “VIN-specific, automated construct adjustments are a large breakthrough for clients, and MMR will give them essentially the most accurate vehicle valuations available today.”
How the Higher MMR Works
For years, MMR values have been based on year-make-model-trim data, with additional manual adjustments available for mileage, region, condition and color. Nonetheless, a vehicle’s specific options and packages can boost or diminish its value in comparison with the standard configuration.
The important thing to this enhancement is the automation, which Cox Automotive achieved through integrating in-depth OEM construct data with the real-time data from hundreds of thousands of actual transactions already fueling the algorithm.
“In terms of artificial intelligence, the standard of the inputs determines the accuracy of the outcomes,” said Ben Flusberg, chief data officer at Cox Automotive. “MMR is refreshed each day, based on more first-party transactions than every other guidebook within the industry, and now includes high-quality OEM construct data — not incomplete data based on partial VINs and website scraping.”
With the combination of OEM construct data in place, about 85% of vehicles transacted across the Manheim Marketplace can now receive an automatic MMR adjustment based on their VIN-specific options and packages.
The mix means clients who depend on MMR can now profit from much more precise vehicle values that account for high-value options like heated seats, adaptive cruise control. and more. The result will likely be clients receiving valuations with pinpoint accuracy, helping them make much more informed decisions critical to their businesses.
This Article First Appeared At www.automotive-fleet.com
