Black Book, a publisher of vehicle appraisal guides, this week launched Finance Advance, a market driven value that establishes the appropriate base value for financial institutions to use as a basis for advancing funds. The value reflects the pre-owned vehicle industry's improvement in vehicle reconditioning standards, extended warranties, certified pre-owned vehicle programs and the overall quality of new vehicles.
Through an evaluation of the market, Black Book has created this single Finance Advance value that reflects the more typical front-line ready vehicles held for retail sale. The company expects the value to provide a more accurate baseline from which to lend.
Black Book has made Finance Advance available in all of the company's products, from printed guidebooks and PDAs to the Internet. The new offering also interfaces with Dealership Management Systems. Black Book's stable of vehicle appraisal guides is published by National Auto Research, a unit of Hearst Business Media. Customers include new and used car dealers, lenders, manufacturers, fleet remarketers and government agencies.
This particular offering represents a very clever variation on an established product line. It really helps solidify Black Book's position in the market and among its customers as an authority in the field. While this new tool brings together so many factors within the marketplace, the concept itself is relatively simple for potential customers to understand and recognize its value--and make a purchase.