Black Book, a division of Hearst Business Media that provides new- and used-vehicle valuation services and custom data licensing solutions, made available today its latest insights white paper: “Data Analytics: Critical For Driving Today’s Automotive Decisions”. The paper offers an in-depth look at the role data analytics are now playing for automotive professionals, and how they can be used to make more profitable business decisions. Click here to download the white paper.
Ever since the recession, used-vehicle prices increased and stabilized at levels not seen in years, resulting in low depreciation rates. And while depreciaton is finally beginning to accelerate, the stabilization of used-vehicle prices has been impacted by the industry’s increased use of data analytics. Automotive decision-makers are going beyond vehicle pricing information to better understand data specifics that touch details found in seasonality, as well as regionality. This closer look at the data is helping to make more insightful decisions on everything from remarketing and pricing, to incentives and inventory levels.
The new Black Book white paper will help automotive professionals ascertain a better understanding of the role data analytics are playing in the broader automotive industry, specific types of analytics being utilized, as well as individual examples of how data analytics are already being used to make smarter decisions.
In the white paper, Black Book details how data analytics is having an impact on three areas of automotive today: Gas prices and Compact Car values; The impact ride-sharing vehicles have on vehicle depreciation; and the role “channel stuffing” plays on vehicle retention. The white paper also goes into detail about various types of analytics employed today, such as prescriptive and predictive analytics, data mining, text analytics, business intelligence and data visualization.
“What’s impressive today about data analytics is that the technology behind data is allowing us to provide an immense amount of customization and proprietary interpretation around the data to meet the needs of specific organizational goals,” said Anil Goyal, Senior Vice President of Automitive Valuation and Anaklytics. “Combined with our ability to capture data in real-time, the analytics process is truly helping to fast-track intelligent decision-making environments in order to maximize oprofit potential and reduce losses.”
About Black Book
Black Book® is best known in the automotive industry for providing timely, independent and accurate vehicle pricing information, and is available to industry-qualified users through online subscription products, mobile applications and licensing agreements. A leading provider since 1955, Black Book has continuously evolved to ensure that it achieves its goal of delivering mission-critical information to its customers, along with the insight necessary to successfully buy, sell, and lend. Black Book data is published daily by National Auto Research, a division of Hearst Business media, and the company maintains offices in Georgia, Florida, and Maryland as well as the Canadian Black Book in Toronto. For more information, please visit BlackBook.com or call 800.554.1026.