Irvine, Calif. - Kelley Blue Book launched its new car pricing tool, the Kelley Blue Book Price Advisor. It features a new range-based pricing layout and highlights differentiating aspects of local dealerships, including consumer ratings and reviews, new-car specials and inventory.
"Today the car shopping experience begins online for most consumers, with more than 50 percent of all online car buyers visiting KBB.com during their shopping process. This means Kelley Blue Book plays a critical role in helping consumers become more assured they are making the right decisions during the vehicle shopping process," said Jared Rowe, president, Kelley Blue Book. "In an effort to provide consumers with all of the information they need to make a confident buying decision, KBB.com has enhanced the consumer's ability to discover what represents a fair price in his or her area. Ultimately, this will create a more transparent and confident car-shopping experience."
The Price Advisor tool displays three different pricing zones for a specific make, model and trim combinations: white, green and red. The green zone is the KBB.com New Car Fair Market Range, which reflects current market conditions for a selected vehicle with the buyer's chosen options in his or her area. The Fair Market Range is derived from a mathematical model that leverages Kelley Blue Book's 87-year history of pricing vehicles. KBB.com's Fair Market Range is updated weekly and aggregates new-car transaction data within the user's zip code, and adjusts for local market conditions and seasonal trends. The white zone represents pricing that falls below the Fair Market Range, typically under special circumstances, such as a retiring model year or an unusually competitive market. The red zone falls above the Fair Market Range, and also is considered a special circumstance, where there could be exceptionally low supply with high demand.
In addition to receiving a New Car Fair Market Range, consumers can explore local dealerships' inventory. Shoppers benefit from an improved understanding of local dealership services and amenities, new car specials, dealership social media feeds and dealer ratings and reviews. The experience also specifies proximity to the dealership based on zip code.
"Developed specifically for the needs of the new-car shopper, KBB.com's Price Advisor puts a spotlight on transparency starting with pricing, and moves across all aspects of the dealership," said Scott Ehlers, vice president of product, Kelley Blue Book. "It allows the consumer to access key information from Kelley Blue Book's trusted brand about a new car, including current pricing in the local marketplace, and now matches their search to relevant inventory for participating local franchise dealers."
