The Residual Value Awards are Presented at the Los Angeles Auto Show
SANTA MONICA, Calif., Nov. 18, 2019 (GLOBE NEWSWIRE) -- ALG, the benchmark for forecasting future vehicle values, and the analytics subsidiary of TrueCar, Inc. (NASDAQ: TRUE) today announced the winners of ALG’s 2020 Residual Value Awards (RVA), ranking Honda and Land Rover as the top Mainstream Brand and Premium Brand, respectively.
The prestigious ALG Residual Value Awards (RVA) recognize vehicles in 27 segments that are projected to hold the highest percentage of their Manufacturer's Suggested Retail Price (MSRP) after a three-year period, an important consideration for car buyers when assessing the total cost of ownership for a particular vehicle. This year's recipients have shown strong value in their competitive segments and were chosen from all 2020 model year vehicles on sale in the United States in the Premium and Mainstream segments. The awards will be presented to automakers this week at the Los Angeles Auto Show.
"Strong residual values are the foundation of successful automotive brands,” said Eric Lyman, Chief Industry Analyst at ALG, a subsidiary of TrueCar. “The residual value is important for consumers to take into consideration before making their next vehicle purchase because we know that depreciation is the single biggest cost of vehicle ownership.”
“For the 2020 Residual Value Awards, we see that both overall brand winners, Honda and Land Rover, have a healthy mix across their lineups winning in a variety of segment awards,” continued Lyman.
“Brand outlook is another key factor that determines how well a particular model holds its value,” said Valeri Tompkins, Senior Vice President of OEM Solutions for ALG and TrueCar. “The models recognized in ALG’s Residual Value Awards benefit from their brands’ positive perception with consumers, helping them limit mass discounting in order to drive volume. It’s no surprise that both Honda and Land Rover are among the brands with the lowest incentives as a percentage of their average transaction price.”
Honda leads with the most segment awards in the Mainstream Brand category, earning six different awards for a variety of vehicles across different segments their lineup, including the subcompact Honda Fit, the midsize Honda Accord and the minivan Honda Odyssey.
Subaru follows Honda in the Mainstream Brand category with four wins in the Compact, Compact Utility, Sportscar and Subcompact Utility segments.
For the first time, ALG introduces the Premium Subcompact Utility category to this year’s Residual Value Awards, with Audi taking top honors in the new category with the Audi Q3.
Land Rover captures the most segment wins in the Premium Brand category, taking home three trophies for the Premium Fullsize Utility segment, the Premium Midsize Utility 2nd Row Seating segment and the Premium Midsize Utility 3rd Row Seating segment.
Award winners are determined through careful analysis of used vehicle performance, brand outlook and product competitiveness. Eligibility for a brand award requires a manufacturer to have vehicle entries in at least four different segments. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line.
Below is the full list of 2020 ALG Residual Value Awards winners:
|Compact Utility||Subaru Forester|
|Fullsize Commercial||Mercedes-Benz Sprinter|
|Fullsize Pickup||GMC Sierra HD|
|Fullsize Utility||Chevrolet Tahoe|
|Midsize Commercial||Mercedes-Benz Metris|
|Midsize Pickup||Toyota Tacoma|
|Midsize Utility 2nd Row Seating||Honda Passport|
|Midsize Utility 3rd Row Seating||Honda Pilot|
|Off-Road Utility||Jeep Wrangler|
|Premium Subcompact Utility||Audi Q3|
|Premium Compact||BMW 2-Series|
|Premium Compact Utility||Porsche Macan|
|Premium Executive||Lexus LS|
|Premium Fullsize||Volvo V90|
|Premium Fullsize Utility||Land Rover Range Rover|
|Premium Midsize||Lexus RC|
|Premium Midsize Utility 2nd Row Seating||Land Rover Range Rover Sport|
|Premium Midsize Utility 3rd Row Seating||Land Rover Discovery|
|Premium Sportscar||Porsche 911|
|Subcompact Utility||Subaru Crosstrek|
Founded in 1964 and headquartered in Santa Monica, California, ALG is an industry authority on automotive residual value projections in both the United States and Canada. By analyzing nearly 2,500 vehicle trims each year to assess residual value, ALG provides auto industry and financial services clients with market industry insights, residual value forecasts, consulting and vehicle portfolio management and risk services. ALG is a wholly-owned subsidiary of TrueCar, Inc., a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars. ALG has been publishing residual values for all cars, trucks and SUVs in the U.S. for over 55 years and in Canada since 1981.
TrueCar, Inc. (NASDAQ: TRUE) is a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars and enables consumers to engage with TrueCar Certified Dealers who are committed to providing a superior purchase experience. TrueCar operates its own branded site and its nationwide network of more than 16,500 Certified Dealers also powers car-buying programs for some of the largest U.S. membership and service organizations, including USAA, AARP, American Express, AAA and Sam's Club. Over half of all new car buyers engage with the TrueCar network during their purchasing process. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, please visit www.truecar.com, and follow us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US toll-free) Email: firstname.lastname@example.org
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