A new player has emerged in the competitive landscape of automotive research and classifieds sites.
CarEdge.com has completed Phase I of its vehicle research and listings website, saying that the new version of the site features vehicle cost analysis on more than 250 vehicle models from more than 30 vehicle manufacturers.
The analysis includes resale values, depreciation rates, maintenance and repair expenses, and insurance costs.
The company also introduced its Total Cost to Own Dashboard, which provides an overview of all significant vehicle ownership and operating costs.
CarEdge.com describes itself as an advocate for car shoppers that provides auto buyers with analytical tools to make more-informed decisions in their vehicle purchasing process.
In a news release, the company said it aims to compete with the likes of Edmunds, Kelley Blue Book, J.D. Power, Black Book and Consumers Reports.
Explaining how its process works, CarEdge said it ranks vehicles on multiple metrics, including depreciation, maintenance and insurance costs, and total cost of ownership, saying that it does so to offer vehicle shoppers further transparency.
The rankings display the best makes and models in each category, and also what it calculates as the worst.
For auto consumers, the website also provides a depreciation forecast calculator, and a depreciation comparison tool.
It also provides a loan calculator, which displays a pro-forma loan balance versus the depreciating value of a vehicle.
CarEdge continues to provide auto dealers with free customer leads for site visitors who ask about any of the 4 million-plus listings on its website. The company says it does so to remain objective and unbiased in its analysis and rankings.
The company says that policy is consistent with its mission of advocating for automotive consumers, noting that it does not receiving revenues for those leads. The company does not sell its customer data. Instead, it relies on general advertising revenue from site traffic.
CarEdge also provides its vehicle analytics and data to other auto- and financial-related entities, which have an interest in depreciation data and overall vehicle operating costs.
The company believes that shifting consumer sentiments toward value shopping, increased transparency, and heightened economic uncertainty will benefit what the company says is its consumer-focused business model.
CarEdge president, Scott Baker, said the phase I completion of its site represents a milestone in the company’s development.
“Our team, and our investors, continue to be very encouraged with the interest that we are receiving from vehicle shoppers, and with our consumer-advocacy approach,” Baker said in a news release.
Baker also said, “Our data and analysis are also being validated in the business community, as there is strong interest in our research and data. We have achieved a lot recently, and we are all excited about executing on the next phase of our strategic plan.”
The company also said its website reached 1.3 million unique visitors and 6 million page views, including website traffic from CarEdge.com’s predecessor site, UsedFirst.com.
Source : AutoFinanceNews
