autobizNEXT – the only solution for objectively supporting and defining UC residual values, sets out to conquer Europe
autobizNEXT, the specialist in data and vehicle valuations, is extending its objective, transparent, and comprehensive solution for the future of vehicle valuation to 12 countries across Europe. Recently audited in early 2023, it remains the only solution that complies with IFRS 13 accounting and business requirements.
6 years of experience in France, Germany, and Belgium
For the past 6 years, the autobizNEXT solution, used in Germany, Belgium, and France, has enabled professionals to evaluate and re-evaluate their portfolio residual values at the end of a leasing contract. Its manufacturer, leasing, and banking customers are thus able to better define their residual values and refine their level of provisions thanks to a tried-and-tested methodology.
As with its other products, the autobizNEXT tool is based on objective and transparent market data, enabling it to incorporate rules and assumptions defined with each of its customers to get as close as possible whilst forecasting resale values, depending on their organisation.
autobizNEXT: a comprehensive, consistently audited solution which responds to regulatory AND business requirements
In which to share even more objective and rational values with its customers, autobiz is now branching out its solution to 12 countries in Europe: France, Germany, Belgium, Luxembourg, Spain, Portugal, Italy, Norway, Finland, Denmark, Ireland, and the United Kingdom.
As a reminder, the autobizNEXT tool includes 3 products dedicated to estimating future values, which can be used independently, and which meet the specific needs of each player (manufacturers, leasers, banks, and captives):
- autobizForecast presents the residual values for each version according to defined age and mileage pairs. This product takes the form of a grid of values as a % of the catalogue price; for each version, the grid is based on autobiz’s economic assumptions and expertise.
- autobizReforecast makes it possible to re-evaluate the level of provisions for each professional’s fleet at risk, thanks to the re-evaluation of future used vehicle values. Incorporating autobiz’s personalised methodology for estimating future vehicle values, this product makes it possible to quickly value an entire fleet and highlight any changes compared to previous valuations. The level of risk remains at the customer’s discretion.
- autobizBarometer provides precise indicators on the supply, demand, and price of vehicles on the market. Recipients of this product can therefore make the best decisions based on quantifiable, observed, and transparent data.
autobiz regularly audits its methodology to ensure that it meets the needs of its business whilst complying with the sector’s strict regulatory constraints. The most recent audit, carried out in February 2023, confirmed the compliance with IFRS 13 regarding its methodology and the concept of “fair value”.
Every two years, we call in an independent audit firm. Chappuis Halder & Cie (a subsidiary of Capgemini Invent), which specialises in the valuation of movable and immovable assets, recently scrutinised our methodology, which proved to be in line with current accounting and regulatory requirements. If they do not use reliable, verifiable, and objective data to review the provisions associated with their residual values, professionals are taking an extremely high risk. We are convinced – more than ever – that data enables us to be more faithful to market reality than instinct or individual expertise”
says Emmanuel Labi, Chairman of autobiz.
About autobiz
Since 2004, autobiz has been supporting all European players in the automotive industry with trade-in solutions. This support is based on 20 years of data history as well as web, software, and the business know-how of the company’s 280 employees. Today based in La Défense (92), autobiz also has offices in Berlin, Valencia (Spain) and Milan. autobiz assists more than 20 leaders in used remarketing (manufacturers, bankers, leasers, bidders…) as well as 5,000 points-of-sale in 22 countries across Europe.