When looking at used cars or looking into selling your car, you’ve probably seen the words “Kelley Blue Book” or “KBB” come up. Have you found yourself asking, “Well, what is Kelley Blue Book?” Don’t worry because TFC Title Loans can help you with that question.
We have been helping customers with Car Title Loans for more than 20 years. When our customers have wanted to figure out the value of their car before they committed, they’ve gone to Kelley Blue Book and their online estimator. For an auto title loan lender that uses the value of your car to provide you a loan, you can trust us to inform you on Kelley Blue Book.
In 1918, Les Kelley opened up a used car dealership in Los Angeles, California. He would create a list of used cars that he wanted to buy from the local dealerships around him. Now, the Kelley Blue Book values are the standard used by dealerships across the nation.
The auto industry began to use Kelley Blue Book as a valuation service to fulfil the need for used car purchasing information by banking and insurance industries. The government used the Kelley Blue Book to put a ceiling price on used cars after World War II. Until 1993, the book only existed as a “trade” publication. After 1993, a Consumer Edition published and now owners have the ability to access the program through the website kbb.com.
Kelley Blue Book uses actual transactions to come up with their analytical data. They collect used car purchase information to feed into their data base. They find their information from:
Dealers trade and sell at auctions for cars they think that they can sell at their establishment. They get these cars from other dealers, rental agencies, fleet owners, off-lease vehicles through financial institutions, and manufacturer demo/promotional vehicles.
These are everyday dealers that sell different types of car makes.
The specific branded dealerships, which will tend to sell other brands used cars.
Rental agencies and fleets will send their used cars to auctions after at least one year of use.
The equipment manufacturer will send used cars to auctions that had been for employees or promotional use.
When you lease a car, the financial institution owns it and you rent it. When the lease is up, they’ll either sell the car to the lessee or auction it.
Kelley Blue Book tracks the consumer sale price each year.
In order to determine the exact value of the vehicles, Kelley Blue Book follows their historical trends, current economic conditions, industry developments, seasonality, and the location of the consumer. Kelley Blue Book focuses on four different value categories:
You can get an accurate estimate for the value of your car through Kelley Blue Book’s online estimator. It’s simple to use, even if you don’t know a lot about cars.
Once you’ve seen the estimate of your car, divide the value in half. That’s how much money you could get from TFC Title Loans! If that sounds like a good deal to you, give us a call or fill out the application on our website. We will give you some of the most competitive interest rates in the business and A+ customer service. Once you’ve completed the application, you can get your money in as little as one business day. What are you waiting for?