An American automotive institution that's older than Jeep is getting a new owner.
The National Automobile Dealers Association has agreed to sell its 82-year-old Used Car Guide business to J.D. Power and Associates.
J.D. Power executives declined to release any of the financial details of the deal but said it will yield shared cost savings and lead to more comprehensive data and new products.
Conceding that "it's still kind of early on in the process," Deirdre Borrego, vice president of U.S. automotive operations at J.D. Power in Orange, Calif., said the new owners plan on "continuing to grow their base business."
She said: "The Used Car Guide will continue, and as the market itself grows, we see being able to develop new and unique information-based solutions for the industry."
NADA Used Car Guide provides U.S. retail, loan, trade-in and auction used-vehicle values.
"The name and the brand and our logo -- we're going to use that for the foreseeable future," Mike Stanton, COO of NADA Used Car Guide, told Automotive News. "All the blue and gold of NADA and the Used Car Guide stay. All of my folks still have their jobs, and they're not moving out of the McLean, Va., area. So it's business as usual, but our paychecks will come from a different place."