Glass's gears up for biggest residual revamp in 80 years
12 July 2011
Author: Tristan Young
RV expert Glass's will launch an all-new vehicle pricing system in early 2012 aimed at providing more accurate and more in-depth fleet disposal valuations, according to managing editor Adrian Rushmore.
The new system marks the biggest change to the way Glass's determines vehicle prices since it was founded in 1933, by automating the initial change in values each month.
From April next year, the all-new system will reverse the way valuations are produced. Currently, expert editors study the market and meet on a monthly basis to set the percentage change in values by make and model. These figures are then used to mathematically model price changes and the guides published.
Under the new system, called Valuations Next Generation, this price-change modelling will be automated and then editors will check the figures and adjust any anomalies before the data is published.
Speaking to BusinessCar, Adrian Rushmore, Glass's managing editor said: "The new system is driven by market data. We're collecting more pieces of data than ever before.
"It's about collating more pricing data; so rather than editors crafting prices, the system will give the first cut on pricing, then editors will refine the information.
"The prices will be more governed by the data of sold vehicles."
Rushmore added that the new system, which is already up and running in pilot form, will also offer prices at three vehicle conditions and "will have the capability to give a value every 20 minutes", but will be published monthly to start.
The system from rival guide Cap already offers condition related pricing as well as mileage adjustments. However, like Glass's current system, Cap's offering leaves the decision about the monthly pricing adjustment to editors, rather than having an automated system.
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