WHAT GIVES VINCENTRIC DATA ITS POWER?
Although there are many components that create the power inherent in the Vincentric data, there are three primary factors that drive the knowledge gained through the data:
Dynamic and Static Data – Because the marketplace changes every day, Vincentric has built its compilation system to allow the integration of updated costs, prices, and new vehicles to determine shifts in marketplace dynamics.
Multiple Sources – With both public and private licensed information used to compile the Vincentric data, we have developed accurate, sustainable data sources, with the necessary redundancies to ensure uninterrupted access to a steady stream of accurate, actionable data.
Data Quality Management – Effective data quality practices are critical to the development of insightful, actionable information. The disciplined, comprehensive approach to data quality management used by Vincentric powers meaningful statistical analyses and predictive models, which in turn create the unique Vincentric data. This system is the foundation of the Vincentric information supply chain, and allows Vincentric to deliver the knowledge and insights that enable effective business decisions.
Some of the key data elements we measure are:
- Depreciation Costs - Depreciation is the reduction in value a vehicle incurs during a given period of time. Using a combination of data sources, Vincentric estimates the annual depreciation on each vehicle using a basic set of assumptions.
- Fuel Costs - As the starting point for our calculations, we access the U.S. Government Environmental Protection Agency’s estimated mileage figures for both highway and city driving, then adjust based on the estimated percentage of mileage that for these two types of driving. We then add in an estimated price for each gallon of fuel. We update our fuel estimates monthly using industry sources that track up-to-date fuel prices nationwide.
- Insurance - Insurance costs vary by type of vehicle, driver, and coverage amounts. Using data from multiple insurance industry sources, we estimate insurance costs for each vehicle in our analysis set.
- Financing - Financing is the amount it costs to borrow money for a vehicle purchase. Using data from multiple lending institutions, along with averages provided by the financial industry, we calculate this “cost of money” to help determine overall cost of ownership.
- Repairs - Repair costs are estimated for what consumers will pay to keep their vehicle in operating condition, excluding the cost for scheduled maintenance.
- Fees and Taxes - These administrative fees also add to the cost of owning a vehicle. Because taxes and registration fees vary greatly by state….especially for high priced vehicles…..the Vincentric system can customize the values by state to better meet your specific needs.
- Maintenance Costs (includes scheduled and unscheduled) - Maintenance costs are affected by three key elements: Frequency, Labor Rates, and Parts prices. In addition, there are both scheduled and unscheduled maintenance. To create data that is well-suited for comparison, we use both scheduled and unscheduled maintenance costs to estimate total maintenance costs.
- Opportunity Costs – This cost takes into account the loss of interest earnings that could be earned with the funds spent on a new vehicle. The lost “opportunity” to earn interest income is an often overlooked cost of buying a vehicle, but nevertheless is critical to understanding overall costs and a key component when comparing one vehicle to another. Using data from respected financial information firms, we apply current savings interest rates to determine this cost.
The result is a data repository with the depth and breadth of data necessary to allow in-depth analysis to support critical business decisions.