The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Tue Jan 9, 2018
Black Book, a division of Hearst Business Media, has introduced VIN-specific history-adjusted valuations, an analytics-driven process for determining the impact a vehicle’s history has on its value.
Automotive industry professionals today usually check the vehicle’s history report and make an unscientific, educated guess as to its impact on the vehicle’s value, states a company press release.
“This is subjective and problematic, as it often leads to mistakes in valuation,” says the release. “Making an inaccurate estimation on appraisal values can decrease margins for a dealer, as well as increase losses for auto lenders.”
However, Black Book has leveraged its analytics capabilities and editorial expertise to bring insight into precisely how much a vehicle’s historical events impact its value. This is critical since a recent survey of automotive professionals indicated that 96 percent of respondents feel a vehicle’s history has a moderate to significant impact on value of a used vehicle.
Black Book’s creation of history-adjusted valuations analyzes multiple factors and events in a vehicle’s history such as number of owners, vehicle usage, accident and accident severity, title issues, flood/hail/fire damage, CPO history, and other variables that are not obvious when physically inspecting a vehicle.
On average, history-adjusted values are 31p more precise when compared to the auction transaction price than valuations without a history adjustment included, the release states.
“We are providing our customers a competitive advantage by precisely valuing a vehicle based on its VIN-specific history, said Jared Kalfus, executive vice president of revenue at Black Book. “Whether appraising a trade-in, bidding at auction or valuing a vehicle portfolio, precision drives profit, growth and customer satisfaction.”
Anil Goyal, executive vice president of operations at Black Book said the overall evolution of data across the global economy is every bit as important for dealers.
“The evolution of data and analytics continues to have a profound impact on the overall auto industry, from dealers and re-marketers, to manufacturers and lenders,” she says. “Our analytics play a significant role in recognizing the patterns in a vehicle’s history and determining their impact on each vehicle’s value, enabling our customers to make better decisions.”
To learn more about Black Book’s new history-adjusted valuations please call 800-554-1026.