SANTA MONICA, Calif.--(BUSINESS WIRE)--TrueCar, Inc. (NASDAQ:TRUE) announced the winners of its 1st annual Pre-Owned Value Awards (POVA), ranking Toyota and Infiniti as the top Mainstream Brand and Premium Brand, respectively. This new award, which is powered by ALG, TrueCar’s analytics division and the benchmark for future vehicle values, identifies used vehicles that represent excellent value for consumers based on future resale retention.
POVAs recognize pre-owned model year 2014 vehicles across 27 segments available for resale in 2016 that are expected to retain the highest percent of their value over the next three years. The awards will be presented to automakers this week at the New York International Auto Show.
“The range of high-quality products re-entering the market as pre-owned vehicles grows ever more impressive year by year as automakers are paying more attention to small details that help preserve the resale value of a vehicle,” said Jim Nguyen, TrueCar EVP and general manager of ALG. “This award is designed to identify used vehicles that will hold the highest percentage of their value over the next three years. For potential used car buyers, unlocking value is an important part of the purchase consideration, and as Certified Pre-Owned programs expand, consumers will benefit from the improved quality and reliability offered as a result of these refinements.”
Among premium brands, Infiniti’s robust CPO program, with transferable warranty coverage, places it above the pack. The QX60 premium midsized utility, a volume leader for Infiniti, also ranked top in its segment.
Toyota’s top ranking among Mainstream brands is no surprise as it led the field with seven awards across both car and truck segments with vehicles including the popular Camry sedan, recently discontinued FJ Cruiser utility vehicle and segment-leading Tacoma midsize pickup. The Tacoma was also one of four award winners to win a 2015 ALG Residual Value Award for the 2016 model year, which recognizes vehicles that retain the highest percentage of their Manufacturer’s Suggested Retail Price (MSRP) after a three-year period. Toyota’s full-size Sequoia utility vehicle also received both awards.
The other vehicles to win both awards are the Mercedes Sprinter van and the Mini Cooper Hardtop compact car.
Ford and Hyundai were each honored with three awards. Ford was the leader among truck segments with the F-150 full-size pickup, Edge crossover utility and Transit Connect van. Hyundai’s Tucson crossover, Equus premium full-size sedan and Genesis sedan were each top performers in their respective categories.
Award winners are determined through careful analysis of used vehicle performance, brand outlook and product competitiveness. Eligibility for a brand award requires a manufacturer to have vehicle entries in at least four different segments. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line.
Below is the full list of 2016 POVA winners:
|Alt-Fuel||Toyota Prius c|
|Compact Utility||Hyundai Tucson|
|Full-size Commercial||Mercedes Sprinter|
|Full-size Pickup||Ford F-150|
|Full-size Utility||Toyota Sequoia|
|Midsize Commercial||Ford Transit Connect|
|Midsize Pickup||Toyota Tacoma|
|Midsize Utility 2nd Row Seating||Ford Edge|
|Midsize Utility 3rd Row Seating||Kia Sorento|
|Off-Road Utility||Toyota FJ Cruiser|
|Premium Compact||MINI Cooper Hardtop|
|Premium Compact Utility||BMW X3|
|Premium Executive||Hyundai Equus|
|Premium Full-size||Hyundai Genesis|
|Premium Full-size Utility||Toyota Land Cruiser|
|Premium Midsize||Volvo S60|
|Premium Midsize Utility 2nd Row Seating||Mercedes M Class|
|Premium Midsize Utility 3rd Row Seating||Infiniti QX60|
|Premium Performance||Nissan GT-R|
|Subcompact Utility||MINI Cooper Countryman|
TrueCar, Inc. (NASDAQ: TRUE) is a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars and enables consumers to engage with TrueCar Certified Dealers who are committed to providing a superior purchase experience. TrueCar operates its own branded site and its nationwide network of more than 11,000 Certified Dealers also powers car-buying programs for some of the largest U.S. membership and service organizations, including USAA, AARP, American Express, AAA and Sam's Club. Over one third of all new car buyers engage with the TrueCar network during their purchasing process. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.
Founded in 1964 and headquartered in Santa Monica, California, with an office in Toronto, Ontario, ALG is an authority on automotive residual value projections in North America. By analyzing nearly 2,500 vehicle trims each year to assess residual value – which is mainly driven by used car inventory, brand strength, macroeconomic conditions, incentive spending and pricing – ALG provides auto industry and financial services clients with resale insights, forecasts and consulting services about the future vehicle marketplace. ALG, owned by TrueCar, Inc., the negotiation-free car buying and selling platform, has been publishing residual values for all cars, trucks and SUVs in the U.S. for over 50 years and in Canada since 1981.
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