Gainesville, GA – Black Book today announced the launch of Finance Advance, an exciting new market driven value that establishes the appropriate base value financial institutions should use as a basis for advancing funds.
Finance Advance value reflects the pre-owned vehicle industry’s improvement in vehicle reconditioning standards, extended warranties, certified pre-owned vehicle programs, and the overall quality of vehicles being produced today. The typical wholesale value on a front-line ready vehicle currently being retailed routinely falls between Black Book’s “clean” and “extra clean” categories. By closely monitoring the market, Black Book has developed a single Finance Advance value that reflects the more typical of these front-line ready vehicles held for retail sale. The result is a more accurate baseline from which to lend.
“Of course, lending institutions can advance above or below the Finance Advance value based on their own risk parameters, but they will have confidence knowing their core number is an accurate reflection of today’s market.” said Tom Cross, Black Book president.“Finance Advance has been developed in response to our customers’ evolving needs in the auto loan industry; recent events in the credit industry make it more important than ever for financial institutions to maximize how much they can responsibly lend for a particular vehicle. Providing a market-driven Finance Advance value will give lenders more confidence in their ability to make proper lending decisions.”
Finance Advance is available in all Black Book products, including printed guidebooks, hand-held PDAs, via the Internet, and easily interfaces with dealership management systems.