A variety of circumstances surrounding our development make us
unique in the guidebook industry and contribute to the quality of our product.
Having grown up, as a business, on Jerome Avenue in the Bronx was
certainly a huge plus. We don't believe there has ever been another
place like it. In the late 1920's, Murray Galves and a partner
discovered that it was easier to make money buying & selling cars among dealers than it was running a cab company on Jerome Ave.
That beginning spawned a 20-block area that was composed almost
entirely of wholesale car dealers. New and used car dealers from all
over the east coast and, to a lesser degree, from the rest of the
country frequented "the Avenue" as they stocked their lots with
trade-ins that found their way to Jerome Avenue. Most of these cars
were purchased from new car dealers in the Northeast
who were too busy selling new cars to bother about used. It was a great environment to learn
the intricacies of the wholesale automobile business and the perfect place for the birth of a guidebook.
In the early 1990's, the majority of dealers from Jerome Ave. moved 10
miles west to our current location in the adjoining boroughs of
Teterboro and Hasbrouck Heights, NJ. Although we are no longer engaged
in the business of buying and selling vehicles, we moved with the
dealers and continue to benefit from the closeness that being in the
center of the nation's largest independent wholesale complex provides.
These guys are sharp and outspoken. We can't walk out our doors without
getting feedback from the dealers who sell here or come to buy here. Whatever happens within the automobile industry that might affect wholesale pricing,
we know that we will be among the first to hear of it.
We welcome their feedback and include the best of them in our team of
consultants. We are the only guidebook in the industry that has the
advantage of being located in the midst of an active wholesale
marketplace, and that goes a long way to making us uniquely good at
what we do.
We price from a trade-in
perspective. That is the price-point within the wholesale spectrum
that reflects a dealer’s position when he appraises a vehicle as a
trade-in. As a trade-in the dealer will typically do one of three
things with a vehicle:
SELL IT TO A WHOLESALER:
This involves little or no expense on the trading dealer's part. The
buyer is responsible for transporting the vehicle to his location and
the selling dealer usually does nothing to prepare the vehicle for
sale. But the wholesaler is buying the vehicle to sell it to another
dealer and make a small profit, and that has to be taken into account
in the trade-in pricing perspective.
SELL IT AT A DEALER AUCTION: This involves some expense on the dealer's part. He will have to
transport the vehicle to auction, pay registration and selling fees, and sometimes do minor reconditioning to prepare it for
sale. These expenses have to be taken into account and they are one of the reasons why we intentionally position our values BELOW what a vehicle is sold for at auction. Ask yourself, if you were a dealer looking to take in a trade-in that typically sells for $10,000 at auction, would offer a consumer that full $10,000, knowing it was going to cost you at least several hundred dollars more to sell it at auction?
SELL IT FROM HIS RETAIL LOT: This involves some expense on the dealer's part. Dealers typically
do a thorough cosmetic detailing and basic mechanical repairs to a vehicle they plan to sell retail. These expenses have to be
taken into account in the trade-in pricing perspective.
think the trade-in perspective works best for dealers AND consumers. It
is the reality of the marketplace that each is dealing in. The dealer
needs to own a vehicle at a price-point where he can sell it in one of
the three aforementioned ways. Unless the consumer plans to sell his
vehicle privately, he is also dealing at the trade-in level. Balance
occurs because a) the market is competitive and b) dealers know that if their trade-in offers are too low, they will lose deals, and if they are too high they,
will lose money. Our pricing also has to reflect that balance.
We don't do mobile homes, motorcycles, airplanes, snowmobiles, boats, heavy-duty trucks, residual values, etc.
We are not in the business of marketing and advertising. We do trade-in values for automobiles, and we think that our strict focus on that helps us to do it better than anyone else in the industry.