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TransUnion releases Digital Dealers Guide
We chatted to Kriben Reddy, director: product development, auto information solutions at TransUnion to find out more.
What is the Digital Dealers Guide and how was the need for it identified?TransUnion has been printing and distributing the Auto Dealer’s Guide to the motor industry for the last 57 years. This is the sole source of used car values within the South African market servicing motor dealers, vehicle finance houses and insurers. Digital Dealers Guide is an app that has digitised their entire printed guide, making it easier and simpler for any user of the printed guide to now receive vehicle values anywhere, anytime.
The app is unique in that it has been built specifically with car dealers in mind and has also eliminated issues that are unique to the South African market. The first being high data costs and the second being access to quality mobile signal. The app caters for an offline facility where a user can basically download all the available data for that given month onto their mobile device and utilise it in an offline fashion thereby eliminating the need to be constantly connected.
Not only can additional data now be provided and at the very start of a sales cycles, this also speeds up the entire value chain of anyone in the cycle, whether buying, selling, financing, or insuring. The added benefit of being able to deliver additional data points over and above the printed guide means that a user can now have access to values of vehicles that traditionally wasn’t available in print and this pushes the total volume up to 224 brands, 2839 model ranges and just under 15,000 derivatives.
An upcoming feature will also provide values of a new vehicle within its first 12 months of being sold, which has not been available traditionally.
Elaborate on the bigger data pool that will lead to disruption in other sectors.
This data-driven platform can enable better decision-making in relation to a specific asset in this industry. Accurate data relating to specific vehicles helps insurance to reassess their risk models, to make sure their risk premium is correctly adjusted. The same applies to finance sectors who base their risk assessments predominantly on the person, not the asset. As the data becomes more democratized, we see this leading to more consumer empowered platforms and this is where we see the major disruption coming from.