J.D. Power Launches VIN Specific Vehicle Valuations
VIN Based Option Available to Subscribers of J.D. Power NADA Values Online
COSTA MESA, Calif.: 2 Nov. 2018 — Enriching its extensive used-vehicle database, J.D. Power today announced a new feature, VIN Based Option, available to all NADA Values Online subscribers. This new feature utilizes packaging, content and descriptive features specific to a vehicle’s entire 17-character VIN (Vehicle Identification Number) to enhance and customize each vehicle valuation instead of the basic 11-character VIN.
Currently, an 11-digit VIN only provides basic information such as make, model and engine, meaning there is limited understanding about the vehicle you are researching. Now, with the marriage of the data tied to the full VIN from J.D. Power’s transaction database, the VIN Based Option feature provides a precise, uniquely adjusted vehicle valuation, down to specific features and options installed in that specific vehicle.
“This tool has really taken vehicle valuation to the next level and provides subscribers with extremely valuable information at any stage of the process when buying or selling a used vehicle,” said Jonathan Banks, Vice President and General Manager of Vehicle Valuations at J.D. Power. “Our valuation customers can move from a general approach to vehicle valuations and move to a precise value for an exact vehicle. This type of precision removes the guesswork of evaluating whether specific features, packaging and options are built on the vehicle, and that provides game-changing transparency.”
The VIN Based Option is a comprehensive tool supported by EpiAnalytics’ proprietary software, which correlates relevant data to the VIN using artificial intelligence (AI). In addition, EpiAnalytics delivers access to additional millions of vehicles beyond the millions included in the J.D. Power database from CarStory.
“Identifying specific vehicle options, packages and trim within the 17-digit VIN provides users the ability to precisely price and accurately compare vehicles.” said Jim Vecchio, president of EpiAnalytics, Inc. “In working with the automotive industry’s most trusted source for over 5 years, we have perfected our solution to deliver a VIN-based ‘birth certificate’ for each vehicle.”
"Both J.D. Power and CarStory share a collective passion for data, analytics and intelligence,” said Chad Bockius, President and Chief Product Officer of CarStory. “These traits are on full display in the NADA Values experience.Analyzing more than eight billion different data points using its own computer vision and machine learning do accurately describe a vehicle, this approach not only saves dealers time, it also leads to the most accurate valuations available on the market today."
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.
Source: J.D. Power