automotiveMastermind®, a leading provider of predictive analytics and marketing automation solutions for dealerships and manufacturers, has integrated its Market EyeQ sales platform with CARFAX History-Based Value (CHBV), allowing dealers to choose CHBV as their preferred valuation tool when evaluating a trade-in vehicle.
Mastermind and CARFAX are part of IHS Markit, bolstering both organizations’ products by highlighting the advantage of high-quality data partnerships. This integration aligns with Mastermind’s goal of consistently enhancing Market EyeQ to enable its dealer partners to sell more cars with high returns.
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CARFAX has more than 24 billion vehicle records. CHBV is the only VIN-specific valuation tool available in the market today that is powered by unique CARFAX vehicle history data. It weighs several factors including driver’s home location, the VIN-specific history of that vehicle, and current market conditions. By accounting for vehicle history, no two vehicles can be priced the same when using CHBV, which provides full transparency to both sides of the vehicle transaction.
CHBV provides dealers partnered with Mastermind the retail, wholesale and certified prices of vehicles with model years of 2000 or newer. CHBV also takes into consideration a vehicle’s year, make, model, mileage, location and condition, as well as current market conditions, allowing dealers to better acquire inventory their customers want. Market EyeQ uses CHBV wholesale vehicle valuations to calculate the trade-in value of vehicles, fueling personalized, predictive marketing campaigns and calculated deals designed to drive ROI.
This integration comes at a time when dealers are increasingly using trade-in vehicles to supplement inventory shortages and rising wholesale prices. Similarly, dealers are seeing rising interest from consumers in purchasing pre-owned vehicles. The availability of CHBV into Market EyeQ will give dealers better insight into a vehicle’s history to more accurately calculate trade valuations and reconditioning costs, as well as support market-based inventory pricing.
“Thanks to the unrivaled automotive information in the IHS Markit portfolio, combining forces with CARFAX will enable us to provide an accurate picture of a customer’s trade and vehicle’s lifecycle for our mutual dealer partners,” said Mastermind Co-Founder and CEO Marco Schnabl. “We pride ourselves on empowering dealers to take a data-driven approach to build lasting relationships with their customers and ultimately sell more cars. This integration not only aligns with those goals but also comes at a time when we’re especially focused on helping dealers grow their pre-owned vehicle sales in response to increased consumer demand.”
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“It’s important to not just look at year, make and model for valuation,” said Bill Eager, CARFAX Vice President of the Dealer Business Unit. “CARFAX is uniquely positioned to provide the vehicle specific value based on characteristics like 1-owner or a clean title. Dealers have long relied on CARFAX vehicle history as a key factor when evaluating and pricing used cars for their inventory. This partnership will give our dealers a new avenue on Market EyeQ to better understand the value of a specific vehicle and make sure they’re getting the best return on their investment.”