CAP releases definitive used car condition benchmarking criteria for trade valuations
It means an end to uncertainty over what qualifies as a “CAP Clean” vehicle and meets the used car industry’s demand for an intelligent, transparent and clearly understandable independent benchmark in an increasingly volatile market.
The publication of a clear “scorecard”, detailing the precise criteria for CAP’s three condition pricing points – Clean, Average and Below – addresses one of the most common issues often dividing used car trade buyers and disposers.
For example, buyers frequently complain that some disposers set auction reserve prices at CAP Clean for cars which are of CAP Average condition. The release of a fully transparent points-based scoring system to definitively establish any vehicle’s condition in relation to CAP valuation benchmarks provides a common language on which to base a trade transaction that is more clearly understandable than ever before.
The CAP condition criteria and grading system will first be published across CAP’s used car valuation products, with plans also being developed for a Smartphone application.
CAP Development director, Anthony Doherty, said: ’Although CAP Clean is almost universally recognised as an essential independent condition and valuation benchmark across the industry, it is important that it is properly understood and applied appropriately.
‘By defining precisely what qualifies as a Clean, Average or Below Average condition vehicle we intend to help both buyers and sellers in the trade market to negotiate from a position of mutual understanding rather than from the starting point of disagreements over valuation criteria we so often see at present.’For more of the latest industry news, click here.