IRVINE, Calif., Oct. 15, 2013 - As the industry leading provider of new-car pricing since 1966 and a legacy of price guidance going back to 1926, Kelley Blue Book, today announces the national launch of its innovative new-car pricing tool. Now available on its top-rated consumer website, www.kbb.com, the Kelley Blue Book® Price Advisor features a new range-based pricing layout and highlights differentiating aspects of local dealerships, including consumer ratings and reviews, new-car specials and inventory.
"Today the car shopping experience begins online for most consumers, with more than 50 percent of all online car buyers visiting KBB.com during their shopping process. This means Kelley Blue Book plays a critical role in helping consumers become more assured they are making the right decisions during the vehicle shopping process," said Jared Rowe, president of Kelley Blue Book. "In an effort to provide consumers with all of the information they need to make a confident buying decision, KBB.com has enhanced the consumer's ability to discover what represents a fair price in his or her area. Ultimately, this will create a more transparent and confident car-shopping experience."
The new range-based Price Advisor tool displays three different pricing zones for a specific make, model and trim combinations: white, green and red. The green zone is the KBB.com® New Car Fair Market Range, which reflects current market conditions for a selected vehicle with the buyer's chosen options in his or her area. The Fair Market Range is derived from a mathematical model that leverages Kelley Blue Book's 87-year history of pricing vehicles. KBB.com's Fair Market Range is updated weekly and aggregates new-car transaction data within the user's zip code, and adjusts for local market conditions and seasonal trends. The white zone represents pricing that falls below the Fair Market Range, typically under special circumstances, such as a retiring model year or an unusually competitive market. The red zone falls above the Fair Market Range, and also is considered a special circumstance, where there could be exceptionally low supply with high demand.
In addition to receiving a New Car Fair Market Range, consumers can explore local dealerships' inventory. Shoppers benefit from an improved understanding of local dealership services and amenities, new car specials, dealership social media feeds, and dealer ratings and reviews. The experience also specifies proximity to the dealership based on zip code.
"Developed specifically for the needs of the new-car shopper, KBB.com's Price Advisor puts a spotlight on transparency starting with pricing, and moves across all aspects of the dealership," said Scott Ehlers, vice president of product for Kelley Blue Book. "It allows the consumer to access key information from Kelley Blue Book's trusted brand about a new car, including current pricing in the local marketplace, and now matches their search to relevant inventory for participating local franchise dealers."
For more information and news from Kelley Blue Book's KBB.com, visit www.kbb.com/media, follow us on Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), like our page on Facebook at www.facebook.com/kbb, and get updates on Google+ at https://plus.google.com/+kbb.
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the only vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides the most market-reflective values in the industry on its top-rated website KBB.com, including its famous Blue Book® Trade-In and Suggested Retail Values, and Fair Purchase Price, which reports what others are paying for new cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. For two years running, Kelley Blue Book's KBB.com ranked highest in its category for brand equity and was named Online Auto Shopping Brand of the Year in the 2012 and 2013 Harris Poll EquiTrend® study. Kelley Blue Book Co., Inc. is a subsidiary of AutoTrader Group, which includes AutoTrader.com, vAuto, VinSolutions and HomeNet Automotive. AutoTrader Group is a majority-owned subsidiary of Cox Enterprises.
Source: Kelley Blue Book