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Residual value expert Cap is gearing up towards next month's launch of its new Black Book Live, a system that will offer real-time values with the potential to be updated on a daily basis.
Described as a "huge development for the market" and a "game-changing product" by Cap's chief editor Chris Crow, the new system will allow the firm to shift values as soon as there is sufficient evidence to do so, rather than waiting until the next monthly publication to reflect movements.
"It's a really exciting time for us," Crow told BusinessCar. "We're not anticipating price changes every day - some may be weekly, fortnightly, monthly or even longer - but where there is a trend we can pick up on it."
The system will also allow for the Cap editorial team to explain the reasons behind every movement. "The editorial comment is of real value to customers," Crow continued. "To know the reason behind movements - for example, someone carrying out a big de-stocking exercise but we don't anticipate it lasting more than a week or so - is invaluable."
Cap confirmed that all pricing changes will be managed by its expert editors, and that Black Book Live isn't an automated system that will automatically update prices even if the data is an anomaly.
The new system has been developed in the past 12 months. "Sometimes we have had the accusation lobbed at us that the guide we produce is out of date - it's monthly not current," declared Crow, who said as well as depicting the current situation, the market will also benefit from a "flattening out", as there are times where used sales stall in the fourth week of the month as people wait for a new book to be published.
"It may spread the flow of vehicles through auction and could have a positive impact," he said.
With the current monthly book, Crow said if a company is defleeting a lot of vehicles of the same colour and spec, values could briefly depress, and if that coincides with the monthly publication date then values could return to a higher figure quicker than can currently be represented.
Black Book Live is not currently set to spread to LCVs, although Crow said it would be possible to get something in place in the next 12 months, but only if sufficient data is available and sufficient demand is determined.
Cap has also said the new Live system won't impact upon Cap Monitor values. "Monitor is a long view - we aren't expecting the market to be that volatile over longer periods," said Crow.
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