Canadian Black Book launched two new data services at the NADA Show 2020 in Las Vegas, Nevada — one of which is meant to help dealers benefit from more accurate VIN decoding.
Known as Enhanced Vehicle Matching (EVM), the first service is based on CBB’s 17 digit VIN decoding capabilities and aims to provide more precise valuations. The second service is CBB Retail Market Insights, which offers a “live in-depth view” of active and sold vehicle listings from across Canada.
“For nearly 60 years we’ve been known as Canada’s trusted source for accurate vehicle values and data, which is a designation that we have earned,” said Yolanda Biswah, Vice President of Sales, Data Licensing, Canadian Black Book. “But we can’t just say that, we have to continually innovate, respond to needs, seek opportunities, and push technology to prove that our data services are the most accurate and effective.”
The first service, EVM, leverages artificial intelligence and big data to work through hundreds of thousands of records every day, which are pulled from numerous data sources. This in turn creates a process that helps match 17 digit VINs to a single trim level, said CBB. It’s a noteworthy service because, as CBB mentions, around 30 per cent of VINs do not decode to a single trim, which means some of the work must be done manually and estimated value adjustments must be included.
“EVM offers dealers, lenders and/or insurance providers an increase in valuation precision compared to current VIN decoding techniques,” said CBB. As for the other service, “CBB Retail Market Insights allows financial service agencies to instantly view data on both active and sold listings at the trim or model level, to a specific geographic area.”
Users need only input a postal code, radius and VIN(s) to get the listings, and receive information on top vehicles sold, days-to-turn, market days’ supply; minimum, maximum, mean and median price and mileage — and other outputs.
“We tasked our data science and product development teams to solve complex problems that leave gaps in current automotive data solutions,” said Biswah. “The results of that challenge have produced precision capable and intuitive tools that provide obvious benefits to the end user.”
The NADA Show took place between February 14-17, 2020.
