CAP is aiming to help dealers with used car trade price forecasts by launching a new valuation tool.
Black Book+ reveals short term used car pricing risk by providing a one- to three-month forecast to assist anyone who buys or sells used cars in a trade environment.
For dealers, Black Book+ reduces the risk around valuing cars for part-exchange before deals can be finally completed, said CAP.
A spokesman said: “This is especially valuable in the increasingly common case of long lead times on new cars creating the risk of additional depreciation for the part-exchange vehicle.
“This has become an increasingly serious issue for dealers over the past year by seriously eroding profit on previously agreed part-exchange deals. Black Book+ will significantly reduce that risk by offering a clearer view of the vehicle’s value when the deal is completed.”
The research and evidence-based methodology behind Black Book+ has delivered consistently accurate forecasts during recent months of piloting the system.
The most recent one-month outturn revealed an average Black Book+ under-forecast of 0.8% - or £14 per unit – at the 3yr/70,000 benchmark.
Black Book+ forecast valuations apply to vehicles over 12 months old, at mileage points from 1,000 to 250,000 miles and up to five years old.
Forecasts are produced on a constant basis in real time, providing the most up to date intelligence possible, together with a brief narrative explanation of each forecast rationale.