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ALG recognizes pre-owned vehicles predicted to retain the highest value; Toyota leads the pack with six vehicle segment awards
SANTA MONICA, Calif., Nov. 11, 2019 (GLOBE NEWSWIRE) -- ALG, the industry benchmark for forecasting future vehicle values, and the analytics subsidiary of TrueCar, Inc. (NASDAQ: TRUE) today announced the winners of the 2020 Pre-Owned Value Awards (POVA), ranking Toyota and Lexus as the top Mainstream Brand and Premium Brand across the board.
“Toyota and Lexus were early champions of the Certified Pre-Owned (CPO) marketplace, which combined with their reputation for durability and quality, lands them the 2020 Brand Awards for Pre-Owned Value,” said Eric Lyman, Chief Industry Analyst, ALG.
The 2020 POVAs are awarded to vehicles with the lowest forecasted depreciation from two years of age to five years of age, during the period 2019-2022. Vehicle segmentation is based on ALG’s proprietary automotive segmentation, which takes into account information such as vehicle size, transaction price, and cross-shop information. The awards will be presented to automakers on November 11 at Used Car Week 2019 in Las Vegas, Nevada.
“CPO vehicles are a key contributor to franchise dealer profitability and have become an indispensable tool for automakers to manage off-lease volume,” continued Lyman. “As CPO vehicles have continued to maintain a rise in popularity and volume, ALG’s Pre-Owned Value Awards help consumers zero in on desirable late model used vehicles that hold their value the most over the next three years.”
Toyota is the Mainstream Brand leader with six segment awards, including the Sequoia, Camry, Tacoma, Highlander, Sienna and 4Runner. This is Toyota’s third time winning in POVA’s overall Mainstream Brand category.
Mercedes leads as the front-runner in the Premium category with four awards in the Electric, Midsize Commercial, Premium Compact and Premium Executive categories.
For the first time, ALG introduced the Premium Subcompact Utility category to this year’s awards. Audi took top honors in the new category with the Audi Q3.
The Nissan GT-R continued its dominance in the Premium Performance category winning the POVA for the fourth year in a row.
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 2020 POVA winners:
|Compact Utility||Jeep Compass|
|Fullsize Commercial||Ram ProMaster|
|Fullsize Pickup||GMC Sierra 1500|
|Fullsize Utility||Toyota Sequoia|
|Midsize Commercial||Mercedes-Benz Metris|
|Midsize Pickup||Toyota Tacoma|
|Midsize Utility 2nd Row Seating||Subaru Outback|
|Midsize Utility 3rd Row Seating||Toyota Highlander|
|Off-Road Utility||Toyota 4Runner|
|Premium Subcompact Utility||Audi Q3|
|Premium Compact||Mercedes-Benz CLA-Class|
|Premium Compact Utility||Land Rover Discovery Sport|
|Premium Executive||Mercedes-Benz S-Class|
|Premium Fullsize||Cadillac CT6|
|Premium Fullsize Utility||Cadillac Escalade|
|Premium Midsize||Infiniti Q50|
|Premium Midsize Utility 2nd Row Seating||Lexus RX|
|Premium Midsize Utility 3rd Row Seating||Lexus GX|
|Premium Sportscar||Nissan GT-R|
|Subcompact Utility||Honda HR-V|
Founded in 1964 and headquartered in Santa Monica, California, ALG is an industry authority on automotive residual value projections in both the United States and Canada. By analyzing nearly 2,500 vehicle trims each year to assess residual value, ALG provides auto industry and financial services clients with market industry insights, residual value forecasts, consulting and vehicle portfolio management and risk services. ALG is a wholly-owned subsidiary of TrueCar, Inc., a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars. ALG has been publishing residual values for all cars, trucks and SUVs in the U.S. for over 50 years and in Canada since 1981.
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 16,500 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 half 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, please visit www.truecar.com, and follow us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US toll-free) Email: firstname.lastname@example.org
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44f53f13-2b02-4364-bedb-1e193f8d1eaf