Kelley Blue Book Is Starting To Track What Media Uses For Pricing Cars
Kelley Blue Book, one of the most trusted names in automotive pricing, is starting to track what media uses for pricing cars. The move comes as part of a larger trend of brand transparency, which aims to give customers more information about the prices they are seeing for vehicles. This data will now be used to create trends and provide better insights into how customers are reacting to different price points. Kelley Blue Book hopes that this information will help them improve their services and make more informed decisions when purchasing a car. This is an important step forward for consumer protection and transparency; it gives consumers the ability to compare prices across different sources and understand why one price might be cheaper than another.
What is Kelley Blue Book?
Kelley Blue Book, the go-to source for automobile pricing and information, is starting to track what media uses for pricing cars. The popular resource released a report earlier this year that looks at how various online media platforms use the Kelley Blue Book Fair Market Value (FMV) as their pricing reference point.
The study found that social media sites, in particular, are using FMV as their default pricing method for new and pre-owned vehicles. This is likely due to the fact that social media platforms are built around sharing content, which in turn helps users learn about new cars and make smarter purchasing decisions.
However, while social media platforms may be benefiting from this trend, Kelley Blue Book cautioned that it could create some potential challenges down the line. For example, if FMV changes frequently or suddenly decreases on major social media platforms, this could lead to inaccurate price comparisons between those sites and Kelley Blue Book.
Overall, the study provides a valuable look into how different types of media use Kelley Blue Book data to price cars. It provides marketers with an understanding of how consumers interact with automotive content and provides car shoppers with more accurate information when making purchase decisions.
How does Kelley Blue Book price cars?
Kelley Blue Book is starting to track what media uses for pricing cars. In the past, they have used a formula that takes into account Kelley Blue Book’s average prices for similar vehicles in the same trim level and mileage range. But now, they are also tracking how much other dealers are asking for the same vehicle. This way, they can adjust their prices accordingly.
How does Kelley Blue Book compile its data?
Kelley Blue Book is a consumer resource that compiles vehicle pricing data from multiple sources. The information is used to help people make informed purchasing decisions. In order to compile the data, Kelley Blue Book surveys dealerships and uses publicly available resources such as federal and state motor vehicle databases. The pricing information is then compiled into an annual report.
The survey includes questions about the brand, model, trim level, color, features, options and prices of competing models. This information helps Kelley Blue Book determine which models are being considered by buyers.
Kelley Blue Book also reviews media coverage of vehicles in order to track how Pricing Data Affects Vehicle Sales. For example, if a new model is featured on TV more than other models, it’s likely that the new model will be priced higher than other models in the future.
What is the impact of Kelley Blue Book on the car market?
According to Kelley Blue Book, the impact of the automotive media on the car market is significant. The company has been tracking this data for over 50 years and has found that media plays a key role in setting prices for cars.
Kelley Blue Book measures how often different media outlets use specific pricing strategies when reporting on new vehicles. For example, if a particular newspaper or TV station uses a lot of dealer discounts, that will likely lead to lower car prices in the market. Conversely, if a news outlet does not use dealer discounts very frequently, consumers may be more likely to see higher car prices.
Overall, media impacts pricing by either promoting or discouraging certain pricing practices. This information can help consumers decide which cars to buy and can even affect vehicle sales trends.
How KBL is Tracking Prices
Kelley Blue Book has long been an authority on car prices, but it’s starting to track what media uses for pricing cars. In a report released in February, KBL found that television and print were the most common sources of the pricing information. What’s more, 43% of dealers surveyed use print as their primary source of pricing data. Television came in second at 41%.
“The advent of the internet has disrupted many traditional dealership business practices,” said Tim Kuniskis, President and CEO of KBB. “In order to remain competitive and be able to better serve customers, some dealerships have turned to print as their primary pricing source.”
While television remains the predominant source of pricing information for many dealerships, online resources are becoming increasingly important. “According to our study, 39% of dealers use online resources as their primary source of pricing data,” Kuniskis said. “This is likely due in part to the fact that internet prices are often updated frequently.”
Kuniskis went on to say that KBL plans to continue tracking this trend by surveying dealers about their sources of pricing information in future reports.
What KBL is Doing with This Information
Starting this year, Kelley Blue Book will track how different media uses for pricing cars. The move is part of an effort to create more accurate pricing data for consumers and dealers. For example, TV ads may list a car’s price at $25,000, but if you search online, you might find it for $22,500. This can lead to confusion and frustration when trying to negotiate a fair price.
Kelley Blue Book will now track how much each medium uses as its base price and also provide a “market comparability” score to help dealerships better understand what viewers are paying for similar models in other markets. The market comparability score takes into account factors like local taxes, dealer discounts and manufacturer rebates.
The move follows the release of Kelley Blue Book’s 2018 Top 10 Dreams Car List which looked at current demand trends across all types of buyers in all regions of the country. According to the report, the number one dream car is now the Tesla Model 3
If you’re in the market for a new car, you might be interested to know that Kelley Blue Book is starting to track what media uses for pricing cars. This means that you can expect to see more accurate prices when searching for a car on their website. In addition, this will help consumers get an idea of how much money they’ll be spending on a specific make and model.