MMR values have been based on year-make-model-trim data, with additional manual adjustments available for mileage, region, condition and color. However, a vehicle’s specific options and packages can boost or diminish its value compared to the typical configuration.
The widely used wholesale vehicle valuation tool, Manheim Market Report (MMR), now includes automatic adjustments for factory-installed options and packages, Cox Automotive announced July 26.
This enhancement is made possible through the integration of OEM build data with Cox Automotive’s extensive first-party transaction data and proprietary modeling, making valuations more precise.
As one of the industry’s most trusted source of wholesale vehicle valuations, MMR was used nearly 2.6 billion times in the last year to value vehicles.
“While MMR has undergone a major evolution in the last several years to become the living, market-responsive algorithm it is today, a tool like this deserves continuous innovation,” said Joe Kichler, senior vice president of digital inventory and supply chain solutions at Cox Automotive, in a news release. “VIN-specific, automated build adjustments are a massive leap forward for clients, and MMR will give them the most accurate vehicle valuations available today.”
How the Better MMR Works
For years, MMR values have been based on year-make-model-trim data, with additional manual adjustments available for mileage, region, condition and color. However, a vehicle’s specific options and packages can boost or diminish its value compared to the typical configuration.
The key to this enhancement is the automation, which Cox Automotive achieved through integrating in-depth OEM build data with the real-time data from millions of actual transactions already fueling the algorithm.
“When it comes to artificial intelligence, the quality of the inputs determines the accuracy of the results,” said Ben Flusberg, chief data officer at Cox Automotive. “MMR is refreshed daily, based on more first-party transactions than any other guidebook in the industry, and now includes high-quality OEM build data — not incomplete data based on partial VINs and website scraping.”
With the integration of OEM build data in place, about 85% of vehicles transacted across the Manheim Marketplace can now receive an automatic MMR adjustment based on their VIN-specific options and packages.
The combination means clients who rely on MMR can now benefit from even more precise vehicle values that account for high-value options like heated seats, adaptive cruise control. and more. The result will be clients receiving valuations with pinpoint accuracy, helping them make even more informed decisions critical to their businesses.
Originally posted on Automotive Fleet
