Now that its wholesale vehicle valuation for buyers and sellers known as Adjusted MMR is newly integrated with the AutoIMS inventory management platform, Manheim says the Adjusted MMR product is more widely available.
The integration means commercial consignors using AutoIMS can use Adjusted MMR, which now accounts for a vehicle’s AutoGrade condition and exterior color, as well as mileage and region, to more accurately value their portfolio. Adjusted MMR will also help consignors make remarketing decisions around channel disposition, reconditioning, and floor pricing that better reflect each specific vehicle’s attributes and value.
Independent auctions can now also use a new API from AutoIMS to access Adjusted MMR for vehicles in their auction platform. Independent auctions can then publish Adjusted MMR on their own sites and operational platforms, allowing the auctions to help their own buyers and sellers value these vehicles and agree on a sale price.
“By integrating Adjusted MMR into AutoIMS and also making it available to independent auctions, our clients and partners benefit from the industry-leading benchmark that will fuel a better overall experience and faster conversions,” said Venkat Krishnamoorthy, chief executive officer of AutoIMS, in a news release.
Manheim has also worked to improve the accuracy of Adjusted MMR by basing its data around wholesale transactions along with deep data science capabilities. Adjusted MMR now more accurately values vehicles with much higher or lower mileage than similar cars within the market.
Manheim provided an example: Before the update, a 2012 Honda Ridgeline with only 31,000 miles had an MMR of $18,800. After the enhancement, the new Adjusted MMR was $21,000, which Manheim said is much closer to the vehicle’s recent $20,800 sale price at Manheim. On the other end of the spectrum, MMR for a 2017 Dodge Charger with 96,000 miles has decreased from $14,250 to $12,700 since the enhancement — which Manheim said is much closer to the vehicle’s sale price of $12,400.
“In today’s competitive market, consignors and dealers need a detailed, accurate valuation for each vehicle they offer for sale or consider purchasing,” said Ben Flusberg, associate vice president of decision support at Cox Automotive, in a release. “The MMR enhancements we’ve made increase transparency around wholesale vehicle values and drive buyer confidence — both of which are critical to a vibrant marketplace.”