That's because factors such as odometer reading, equipment can directly impact the value of cars. With so many variables, it’s difficult to know the right price to pay for a car.
Kelley Blue Book began in the U.S. in 1918 when Les Kelley started the Kelley Kar company. After years of successfully running the car company, Les Kelley introduced the Kelley Blue Book in 1926.
Les Kelley was so successful at selling cars that he constantly needed more cars for his lot; he began distributing a list of automobiles he wanted to purchase with the prices he was willing to pay for them to dealers and banks.
Soon, the automotive community trusted his judgement as a good reflection of current values. Other dealers and banks requested the list for their use, and the Kelley name became the most trusted for car values. This list later became known as the Kelley Blue Book.
In 1918, a young man named Les Kelley parked three Model T Fords in an open lot, put USD $50 in the till and started the Kelley Kar Company. It was to become the largest dealership in the world and, along the way, spawn a need for placing values on used and even new cars, known as Blue Book® values.
Banks and dealers have now become so dependent on Kelley’s value that he decides to begin publishing them in book form. The Blue Book of automotive values is born.
World War II brought with it a shortage of cars. Used car prices got so high the American government decided to put a ceiling on prices and used the Blue Book as the ceiling for both wholesale and retail values.
Kelley Blue Book continues innovating by being the first publication to use mileage to determine a vehicle’s value.
A game-changing innovation, Kelley Blue Book launches KBB.com. New car prices introduced first, then used car values in 1996. 20,000 visitors a month used KBB.com. KBB.com becomes the most visited automotive website in 1997.
Kelley Blue Book launches Kelley Blue Mobile App helping customers determine their current vehicle’s worth, check prices for their next one or find a local dealer.
Kelley Blue Book launches into the Portuguese and Brazilian markets.
Kelley Blue Book launches into the Australian and Canadian markets.
Kelley Blue Book Data Scientists use a wide range of data points to build market reflective prices. Our trained team of statisticians and data scientists have developed a proprietary algorithm that takes into consideration a multitude of factors before developing a forecasted value. Some of these factors include odometer, condition, trim, and seasonality.
To ensure our data is accurately reflecting Australian market trend, our Australian based data analysts review Kelley Blue Book forecast value on a monthly basis. The analysis take into consideration of the Australian market situation and economic factors before publishing our forecasted values to the public.