For further information contact:
Mike DeVilling or Lisa Gill
John Bailey & Associates, Inc.
(248) 362-4200
mdevilling@baileypr.com or lgill@baileypr.com
Black Book®
Launches Finance Advance™
Market-Driven Used Vehicle Value Will Help Financial Institutions Make
Better Lending Decisions and Improve Loan Revenue
Gainesville, GA, August 27, 2007 – Black Book today announced the
launch of Finance
Advance, an exciting new market driven value that establishes the appropriate
base value financial institutions should use as a basis for advancing
funds.
The new Finance Advance value reflects the pre-owned vehicle industry’s improvement in vehicle reconditioning standards, extended warranties, certified pre-owned vehicle programs, and the overall quality of vehicles being produced today. The typical wholesale value on a front-line ready vehicle currently being retailed routinely falls between Black Book’s “clean” and “extra clean” categories. By closely monitoring the market, Black Book has developed a single Finance Advance value that reflects the more typical of these front-line ready vehicles held for retail sale. The result is a more accurate baseline from which to lend.
“Of course, lending institutions
can advance above or below the Finance Advance value based on
their own risk parameters, but they will have confidence knowing their core
number is an accurate reflection of today’s market.” said Tom Cross, Black Book
president. “Finance Advance has been
developed in response to our customers’ evolving needs in the auto loan
industry; recent events in the credit
industry make it more important than ever for financial institutions to
maximize how much they can responsibly lend for a particular vehicle. Providing a market-driven Finance Advance
value will give lenders more confidence in their ability to make proper lending
decisions.”
Finance Advance is now available in all Black Book products,
including printed guidebooks, hand held PDAs, via the Internet, and easily
interfaces with Dealership Management Systems.
About Black Book
Considered to be the industry’s
most timely and accurate source of vehicle pricing data, the Black Book® family of vehicle appraisal
guides (www.BlackBookUSA.com) is
published by National Auto Research, a
division of Hearst Business Media. New
and used car dealers, lenders, manufacturers, fleet remarketers, and government
agencies have relied on Black Book since 1955.
Black Book provides values for both new and used vehicles, including
cars and light trucks produced since 1946, motorcycles, ATVs, snowmobiles,
personal watercraft, and heavy-duty commercial trucks and trailers. Black Book data is published weekly in
multiple formats including printed guides, electronic data feeds,
Internet-based real time applications, hand held PDAs, and in a variety of
other custom products.
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