Glass’s, publishers of the Glass’s Guide and now the G2 guide to used car values, is aiming to go beyond its customer base of dealers and insurers, and penetrate the consumer, fleet and finance sectors.

The G2 guide utilises 95% of all data going through auction houses, totalling 1.3 million trade observations and 4 million retail observations a year, according to Vik Barodia, director of product management and marketing at Glass’s, and provides “a more accurate reflection of the market” of benefit to lenders.

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Giving finance and insurance providers a “cleaner” and “better” baseline of vehicle values from which to underwrite, said Barodia, would aid penetration of new sectors.

Speaking to Motor Finance, Barodia said G2 values could provide the level of forecasting demanded by businesses to set leasing plans and quotations, while gaining traction in finance will require provision of a credible, alternative “baseline” and “forecast values”.

Lead creation

Promoting G2 among customers, meanwhile, has seen Glass’s relaunch its online consumer brand glass.co.uk to create leads. The website has seen a million unique visitors and entered the top 20 automotive websites in the past 10 months.

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“Every person who comes to the site comes to value their car; to change their car or to buy a new car,” explained Barodia.

Glass’s is now looking at harnessing that information to offer it to insurers, dealers, brokers and lenders; “to use consumer activity to drive this growth in other sectors” and leverage consumer sector valuations within the finance sector.

The company also has two trials running with brokers to survey customer behaviour on the website and feed prime and subprime leads to credit providers based on information given by customers online.

A full interview with Vik Barodia will be published in the December issue of Motor Finance magazine.

richard.brown@timetric.com
peter.johnstone@timetric.com