SANTA MONICA, Calif., (November 16, 2020) – ALG, Inc. the industry benchmark for forecasting future vehicle values, and the analytics subsidiary of TrueCar, Inc. (NASDAQ: TRUE) today announced the winners of the 2021 Pre-Owned Value Awards (POVA), ranking Buick and Jaguar as the top Mainstream Brand and Premium Brand respectively.
“Buick and Jaguar provide consumers the best of both worlds, the luxury and quality of a great vehicle coupled with the value and peace of mind of Certified Pre-Owned (CPO) program benefits. This combination has propelled Buick and Jaguar to the number one brand spots in their respective categories for this year’s Pre-Owned Value Awards,” said Eric Lyman, Chief Industry Analyst at ALG.
The 2021 POVAs are awarded to vehicles with the lowest forecast depreciation from two years of age to five years of age, during the period 2020-2023. 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. “About half of consumers trade-in their existing vehicle when they’re buying their next car and use that trade-in value toward the purchase of their next car. As consumers begin their vehicle selection process, ALG’s Pre-Owned Value Awards are a great resource in helping consumers identify the used vehicles that best hold their value and get the most bang for the buck upon resale,” add Lyman.
This is Buick’s first time winning in POVA’s overall Mainstream Brand category and Jaguar’s first time winning in the Premium Brand category.
For the first time, ALG introduced the Micro Utility category to this year’s awards. Jeep took top honors in the new category with the Jeep Renegade. 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 2021 POVA winners:
|Compact Utility||Buick Envision|
|Electric||Kia Soul EV|
|Fullsize Commercial||Ram Promaster|
|Fullsize Pickup||Ram 1500|
|Fullsize Utility||GMC Yukon|
|Micro Utility||Jeep Renegade|
|Midsize Commercial||Mercedes-Benz Metris|
|Midsize Pickup||Toyota Tacoma|
|Midsize Utility 2-Row Seating||Hyundai Santa Fe Sport|
|Midsize Utility 3-Row Seating||Toyota Highlander|
|Off-Road Utility||Jeep Wrangler|
|Premium Compact||Mercedes-Benz CLA Class|
|Premium Compact Utility||Land Rover Discovery Sport|
|Premium Executive||Lexus LS|
|Premium Fullsize||Volvo S90|
|Premium Fullsize Utility||Mercedes-Benz GLS-Class|
|Premium Midsize||Infiniti Q50|
|Premium Midsize Utility 2-Row Seating||Jaguar F-Pace|
|Premium Midsize Utility 3-Row Seating||Infiniti QX60|
|Premium Sportscar||Porsche 718 Cayman|
|Premium Subcompact Utility||Mercedes-Benz GLA-Class|
|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 55 years and in Canada since 1981.
TrueCar is a leading automotive digital marketplace that enables car buyers to connect to our nationwide network of Certified Dealers. We are building the industry’s most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars – all with a clear view of what’s a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great car buying experience. As part of our marketplace, TrueCar powers car-buying programs for over 250 leading brands, including AARP, Sam’s Club, and American Express. Nearly half of all new-car buyers engage with TrueCar powered sites, where they buy smarter and drive happier. TrueCar is headquartered in Santa Monica, California, with offices in Austin, Texas and Boston, Massachusetts.
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