Kelley Blue Book, Black Book, JD Power execs to share residual value update at Auto Finance Summit
The Summit takes place Oct. 27-29 at the Wynn Las Vegas
Eric Ibara, director of residual value consulting at Kelley Blue Book, will join Kristen Lanzavecchia, senior manager of industry insights at JD Power, and Alex Yurchenko, vice president of data science at Black Book, to discuss residual value trends and forecasts at 10 a.m. on Oct. 29 during the Auto Finance Summit at the Wynn Las Vegas.
Retention values reached new highs during the past year amid tight vehicle supply, rising car prices and a hyped used-vehicle market. In June, retention values on one- to three-year old vehicles surpassed 81% and peaked at 22 percentage points higher compared to 2019, Jonathan Smoke, chief economist at Cox Automotive, told Auto Finance News last month. Despite modest declines, retention values remained up 19% at the end of July compared with the same period in 2019.
Used-vehicle values are expected to again increase in the coming months as low inventory levels drive up wholesale prices, Smoke noted.
The panelists will provide a look at valuation forecasts for 2022 and beyond, as well as long-term implications of today’s vehicle market.
Ibara, who has more than 30 years’ experience in the automotive industry, oversees residual value forecasts and consulting practices for Kelley Blue Book. Prior to joining KBB 15 years ago, Ibara spent 10 years as director of financial planning at Mitsubishi Motors North America.
Lanzavecchia brings more than a decade of industry experience, having led business strategy for Hyundai Capital America for two years before joining ALG in 2015. JD Power acquired TrueCar’s data analytics subsidiary ALG last year. Lanzavecchia provides insights for OEMs and oversees U.S. and Canadian residual value forecasts.
Before joining Black Book in 2015, Yurchenko worked as a data scientist and college professor. He now leads Black Book’s analytics and data science team, overseeing the company’s development and support of all in-house machine learning algorithms, models and forecasting techniques used in the automotive industry.
More information on the 2021 Auto Finance Summit is available here. Register for the Summit here.
