The Manheim Market Report has been bolstered to deliver more detailed valuations of used vehicles and thus streamline the remarketing process, the company said.
Manheim is making four enhancements, according to a press release.
- The MMR will be the first valuation solution to use build data from automakers, when available, to decode vehicle identification numbers, which ensures the exact year, make, model and trim level are identified.
- Manheim is launching what it calls the "Adjusted MMR," which will include the vehicle's AutoGrade condition report, exterior color, mileage and region. Users can input these data points manually to get the Adjusted MMR. The goal is to provide more specific valuations that the company hopes will instill greater confidence in buyers and sellers when transacting online.
- Manheim is also rolling out a new MMR interface across desktop, tablet and mobile devices that enables users to quickly compare a vehicle's Adjusted MMR to the Base MMR value.
- A new valuations interface gives clients on-demand access to the Adjusted MMR values.
"Internally, we had been wanting to enhance [the MMR]. We've been noticing in the marketplace there was a desire for more accurate vehicle valuations," Ben Flusberg, Cox Automotive's assistant vice president of insights and optimization, told Automotive News.
"We developed it internally and wanted to disseminate it out to the marketplace to instill more confidence and drive more transparency with our users. At the same time, we wanted to enhance the user interface to make it more visual and data-rich and user-friendly."
Sellers can use the enhanced information offered by the Adjusted MMR to set an auction floor price, starting bid, or "buy now" price. Buyers, on the other hand, can use this information to determine the price they should be willing to pay for a particular vehicle vs. an average vehicle of the same year, make, model and style.