Carpraze Integrates Canadian Black Book Data to Strengthen Industry’s Most Advanced Appraisal System

Markham, ON (May 25, 2022) – Carpraze, a Pre-Owned appraisal and wholesaling platform, has partnered with Canadian Black Book (CBB), a division of Hearst that provides industry-leading used vehicle valuations and residual value forecast solutions, to strengthen its software with Canada’s tier one source for valuation and listing data.  

Carpraze focuses on solutions that enables OEMs, individual dealers, dealer groups, wholesale buyers, service advisors, and consumers to access appraisals backed by the most accurate and trusted Canadian valuation data.  

After an initial beta testing period lasting from late 2019 well into 2021, the addition of CBB data marks the launch of the second iteration of Carpraze. The system has been designed to manage dealer used inventory from appraisal through to remarketing and to combat three growing trends the auto sector is battling: low supply, dwindling margins, and challenging customer engagement. 

“We are a dealer first solution. Our goal is to provide the simplest and most accurate appraisal tool and to allow dealers to efficiently acquire the inventory they need, while cutting administrative load. Canadian Black Book valuations and retail listing data help power our tool by providing the best available data to achieve that goal,” says Robert Wissenz, Co-Founder at Carpraze. “Simply put, we arm our clients with the highest quality tools and data to win more used cars. We all know how important that is to dealers today.”    

Using Canadian Black Book data, Carpraze provides regionally accurate appraisals across Canada. Users can access various appraisal types including offsite appraisals, service drive appraisals, lease return appraisals, auction appraisals, live trade appraisals, and more. Furthermore, the CBB data integration, which leverages retail listing data, allows users to know what specific models are being sold for, on average, in any given market, as well as the number of days it took to sell.  

(Image above: Carpraze screen capture example showing market sales data, vehicle condition data and regional specific Canadian Black Book valuation data)

“CBB valuation data and analytics stand alone in the Canadian automotive marketplace. We strive to align with best-in-class technology solutions to put our insights to work, helping dealers operate more profitably,” says Yolanda Biswah, Senior Vice President, and General Manager at Canadian Black Book. 

Understanding that 20-30% of used inventory is exported south to the US, Carpraze has built-in tools to help manage dealer exporting and arbitrage opportunities. To get the full picture for cross border export decision making and to determine available profits, export appraisals include the full appraisal data set summarized with real-time exchange rates and export fees.  

Carpraze is focusing initially on the Canadian market to refine the platform, however, they have imminent plans to shift some sales focus into the US.  With $420 Million of automotive appraisal values provided to its clients so far, the company expects to triple its dealer client base by the end of 2022.  

About Canadian Black Book

For over 60 years, Canadian Black Book has been the trusted and unbiased Canadian automotive industry source for vehicle values.  Today the company has grown into a leading data provider of vehicle valuations, residual value forecast solutions and VIN decoding.  Canadian Black Book tools and information are considered ‘The Authority’ for vehicle values not only by car dealers and manufacturers, but also the leasing, finance, insurance and wholesale sectors. In 2020 Canadian Black Book is bringing to market its Enhance Vehicle Matching (EVM) solution, which will allow the industry to more consistently decode 17-digit VINs down to a specific trim package allowing a more precise vehicle valuation.   

About Carpraze 

Carpraze was officially formed in late 2018 and launched with its first clients in the winter of 2019. Carpraze is converting your whole used car area from the time you take the car in through the dealer, process it in the group, and even give your team the option to dispose of the car under all rooftops - one dealership or among dealer groups. Carpraze empowers the dealership to make the right decisions using the best information, and to make the process as easy to use as possible, so that people will use it to simplify their daily routine. From role-based tasks for each user type (sales staff, sales managers, appraisers, remarketers, buyers), to a dynamic app for consumers that works within their browser, rather than having to download an app.