Manheim has updated its vehicle valuation tool, the Manheim Market Report (MMR), to provide more detailed valuations of used vehicles to increase transparency and improve the remarketing process, the company announced.
The tool gains four major improvements, including Adjusted MMR, OEM build data, a more intuitive interface, and a new Valuations API.
The Adjusted MMR is a more specific valuation because it includes a vehicle's AutoGrade condition and exterior color in addition to vehicle mileage and region. In a September update, the mileage, color, and condition will automatically display and clients can manually select region (based on preference) to get the Adjusted MMR.
Manheim’s MMR is the first valuation tool to use the manufacturer's own build-data (when available) to decode VINs and identify the exact year, make, model and style.
The updated user interface facilitates more transparent pricing using data visualizations that allow clients to quickly compare their vehicle’s Adjusted MMR value to the Base MMR value.
The all-new API provides on-demand access to the more-accurate Adjusted MMR values, and also takes advantage of OEM build data in the VIN-decoding process, which provides strategic insights to clients with high volumes.
"With richer data, increased accuracy, and a more insightful view, the enhanced MMR experience helps buyers and sellers better understand a particular vehicle's value and make faster strategic decisions," said Ed Berkowitz, vice president of product management for Cox Automotive Inventory Solutions.
Sellers can use the information to set an auction floor price, starting bid, or buy now price. Buyers can use the information to determine the price they should be willing to pay for this particular vehicle versus an average vehicle of the same year, make, model and style.