The article that I read was titled “Kelley Blue Book taps data
analytics tools to improve car valuation” and I found it to be very
interesting. The article was about changes that Kelley Blue Book made to its
car valuation process. Prior to these changes, they would value cars based on
the previous sales of the vehicles along with other factors and educated guesses
and update this information every four to five months.
To backtrack, Kelley
Blue Book is a company that places a value on new and used cars so that users
may look up the value of their vehicle or a vehicle they are looking to
purchase based on mileage, options, and vehicle condition. This helps users to
make better decisions and get a better price on the vehicle they are interested
in getting. The site also offers reviews on cars reliability and other factors
that will assist the user in deciding which vehicle to buy.
The new system that they
adopted is a data analyst system that uses historic data of car values and
bases the value of the vehicle on far more components than previously. This new
system has done many things to make the company a stronger and more accurate
company in determining a cars value. It has taken the job of one sole person
and distributed it among 23 people making the job of those at Kelley Blue Book
much less stressful. This new system is also much more cost effective and
actually costs the company less, using terabytes of data rather than megabytes,
allowing for a more cost effective and much more accurate way to value cars.
I
found this article to be very informative and being a user of Kelley Blue Book,
this knowledge has reassured me that the information and values in which they
are giving me. With that said I believe that even though they already have many
loyal users, this new system and more accurate car valuation will further
instill user’s confidence in the site as well as attract new users to their now
more accurate valuation of cars.
Mike, Kelley Blue Book (KBB) is one of the great tools to use when buying a car. They list everything right on the website for you to see, so you know what you’re getting with that used or new car. It also tells you how much the car is actually worth so the dealer or independent seller doesn't rip you off. I used this website when I was looking to buy a car during the summer of freshman year of college. I’ve had my Toyota Camry for 3 summers and got a really good deal on it because of this website. I agree with you when you say that the new systems to value cars will definitely make users/buyers more confident in the already well-known website. I would also agree with you that this new system makes for a less stressful time for KBB workers as finding out information for all the cars is hard work.
ReplyDeleteMike I feel you on this article. Knowing that we are both gear heads and both users of Kelley blue book, this article is extremely informative and helpful. Although I have allways found that Kelley blue book is the most accurate method of pricing the value of your car. I feel as though these innovations can benefit more users whose cars are worth more than they are priced, but it can also be detrimental to someone who has a lesser car trying to get more for it. I’m not surprised that Kelley has developed this technology, they, as well as other companies have found this new analytical system to be efficient and cost effective. Kelley has even made jobs a KBB less stressful because the job that one person did, was now shared among 23 other people, leaving more room for detail and accuracy.
ReplyDeleteMike,
ReplyDeleteI found this article to be very intersting as well, I myself use Kelley Blue Book. When I was in the market two years ago searching for a car the website certainly came in handy. Its honeslty one of the only webesites that I trust in regards to evaluting vehicles and how much they are worth. Ive also noticed that most automobile comapanies when re-selling a vehicle always state that they were "Kelley Blue Booked Price" which I think really makes consumers trust the vehicle. Kelley Blue Book has developed a loyal customer base and are trusted by so many in the proffessional business world. Having come up with new implementations to their systems this will continue to allow the company to grow and remain successful.