GlassGuide G2

When does G2 go live?

G2 goes live on 01.08.2012 and all our valuations products will be updated to reflect our newly defined Car valuations.

Will I need to revalue my stock?

No. In GlassNet for example, when you access your valuations, your stock will automatically be populated with the new values. You will then be able to condition grade each vehicle and obtain the new valuations. All Glass’s car valuation products will be published and updated with the new valuation sets incorporated. We will be communicating changes to products very soon so look out for your next communication from Glass’s.

How will G² affect my products?

Glass’s will be sending all customers a follow up brochure in due course that will explain how the respective products are affected and we will also be continually updating http://www.glassguide.co.uk/wevaluebetter so please do check here for all the latest news regarding G².

Do I have to be re-set up?

No. All online and digital products will automatically be updated to reflect our new valuations.

Car Guide subscribers that need a Retail Transacted value will need to migrate online to Glass’s Evaluator or GlassNet Unlimited as the Guide will now contain a Retail Asking price as well as the 4 trade values.

If you are a data customer, system changes may be required to accommodate the new data structure. To allow sufficient time for system changes we will continue to provide data for up to 18 months in the current format. You should have been contacted by Glass’s to help make this change. If not please call 01932 823823 and we will be happy to help.

Will it cost me more?

No – there will be no additional costs to any of our subscription products. These changes will further improve all our current valuation solutions and are being made directly as a result of customer feedback.

What do I need to do?

At the moment, nothing. We are keeping all of our customers up to date with the proposed changes and you will all be receiving several notices of the changes and how they affect you in due course. If you are unsure and want to know more please do contact Glass’s using the support options available.

If you are not a Glass’s customer and would like to enjoy the benefits that G2 will offer, please contact our sales team on 01932 823 823

NEW! How does the launch of G2 affect Glass’s business entity/name?

Within all of our marketing collateral and branding, we will be known as Glass’s. However, we will still remain registered to Companies House as Glass’s Information Services.

NEW! Will I lose any data?

There will be no loss of data.

Condition values already exist in the market today. How is G² different?

This change is a significant improvement in the way Glass’s does valuations, and it has been designed with the market in mind. Our valuations will be completely aligned with the market, both for Trade/Grade valuations and for Retail asking/transactions. Both trade and retail markets are now created independently providing an even greater degree of accuracy.

In addition, our valuations will be directly generated through the retail and trade observations that we collect from the market.

Where are you getting your data from?

Glass’s collects observations from all over the market – from both the trade and retail sectors. From the trade, Glass’s collects auction observations amounting to 1.3 million transactions a year – covering over 95% of the market. On the retail side, by the time Glass’s launch the new valuation sets, Glass’s will be collecting over 4.0 million observations per year.

Will Glass’s be aligning values to condition grades?

Yes. There will be a unique set of values that can be matched to the grades. This is possible because for the first time ever, our valuation system will be able to match condition grades to sales prices, as reported by the auction houses.

NEW! How many years of values will Glass’s produce?

We will continue to produce 20 years of values. At the launch of the new values this will be 1992 to 2012. The older car values will no longer be produced in printed format, but will be available in all other products currently containing the older car data set.

NEW! Why have you retained the name Glass’s Trade?

In order to emphasise that Trade values continue to be based on a condition that is commensurate with age and because Glass Trade has been part of our DNA for 79 years.

How is new Glass’s Trade calculated?

Calculated by our new valuation engine based on high volumes of trade observations and statistical market analysis.

What is the general difference in value between current Glass Trade and new Glass’s Trade?

The difference is that old Glass trade reflected a car in a near ‘ready to retail’ condition whereas, new Glass’s Trade is aligned to the typical observed price – which in most instances would be an auction price. Over recent months values have been adjusted downwards steadily to match this new definition. However, in the first month of publication there may be some significant differences in the Trade values of individual models as we switch over from the old to the new method of calculation.

How is Grade Hi, Grade Av, Grade Lo calculated?

Glass’s have produced a series of algorithms, based upon the trend data that we get from the auction observations to produce each of the Hi, Av, & Lo, valuation sets. These algorithms are modified every month and for every sector (e.g. small, MPV etc) using the graded prices we receive from the auction companies.

NEW! How does Glass’s Trade fit with Grade Hi, Av and Lo?

Trade represents the typical observed price, whereas each of the 3 condition grades are fixed, irrespective of age. So the typical observed price for a late used car would be similar to Grade Hi, by virtue of the fact that a nearly new car is unlikely to have had enough use for its condition to have suffered. At between 3 and 5 years of age we would expect Trade to be comparable to Av and at around 10 years, Trade would match Lo.

What is the difference between new Glass’s Trade and Grade Hi?

Glass’s Trade is the typical observed auction price at a given point in time, commensurate with age and mileage. Grade Hi is the aligned with Auction grades 1 & 2 / A & B – cars that would benefit from ‘slight cosmetic work’. Grade Hi value will always be higher than Glass’s Trade.

NEW! Are you publishing Hi, Av and Lo condition values for 1992 – 1998 car values?

No, for two reasons. Firstly, the auction companies seldom apply a grade to very low value cars (i.e. with a potential sale price of a few hundred pounds) so there is insufficient information to base condition values on. Secondly, at this age, virtually all cars would fall into the lowest grades so the only condition Grade we might be able to apply would be Lo. In these circumstances, we have opted to just produce the Trade value.

How is new Retail Asking calculated?

Calculated by our new valuation engine based on high volumes of vehicle adverts and statistical market analysis.

NEW! How is new Retail Transacted calculated?

Retail Transacted is calculated from the Retail Asking value. This is a calculation to quantify the difference between dealer advertised prices and dealer transacted prices. We also use the Editors’ expertise and knowledge to make the necessary refinements.

Will there continue to be fixed relationships between the values?

Glass’s values will more closely reflect the market movements in both Trade and Retail markets. This may appear less ordered as relationships between models (i.e. 3 vs 5 doors, automatic vs manual, trim levels, etc…) will no longer be pre-defined and may vary due to multiple market influences on a monthly basis. However, our Editors will continue to overlook and manage the final output of values into products to amend exceptional distortion of the market.

NEW! Will there still be a difference between the value sets displayed for older cars (1992 – 1998) and those from 1999 onwards?

Trade values will cover a continues 20 year period (initially from 1992). Retail Asking and Retail Transacted will also cover the same period.

How many Trade observations per annum do you receive and process to calculate the values?

We receive approximately 1.3 million sale transactions per annum from both on-line and physical vehicle auctions, covering virtually all the UK auction companies and other remarketing companies. These cover the full range from closed manufacturer auctions to open de-fleet auctions. We also receive prices from manufacturers and major leasing companies selling directly to dealers.

NEW! How many Retail Asking Price Observations do you receive and process to calculate our values?

We receive and process around 300,000 vehicle asking prices every day from our web portal partners. Every advert is checked to see which are new, which have been removed and which are currently live. Any price changes in any advert are recorded daily.

NEW! How many years of values will be in the Printed Guide?

10 years of values – from 2003 to 2012. The Guide has grown in size over recent years – and would soon become too large to print. Due to the changes in layout required to incorporate the additional values, it was timely to also agree to a rolling 10 years of values from now onwards.

NEW! So, the printed Car Guide is moving to 10 years and the production of values in non-print products is moving to a rolling 20 year period. Is the same happening for LCVs?

There are no immediate changes being planned to any of the other Guides.

NEW! I need a Retail Transacted value and only subscribe to the Car Guide – what do I do?

If you require a Retail Transacted value you will need to upgrade to GlassNet Unlimited (online) or Evaluator (DVD).

Who can I speak to about these changes?

Please do contact Glass’s by calling one of our support numbers or emailing your query using the contact form provided. We will get back to you as soon as possible.

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