|By PR Newswire||
|November 14, 2012 04:38 PM EST||
ATLANTA, Nov. 14, 2012 /PRNewswire/ -- The impact of Superstorm Sandy on the national new and used car markets may be more modest than what's currently being reported, according to data and analysis from experts at both AutoTrader.com and Kelley Blue Book (KBB.com).
Current estimates state between 200,000 and 300,000 new and used vehicles were destroyed as a result of the storm; however, that only represents 0.1 percent of the more than 240 million registered vehicles on the road.
"There's absolutely no question that Superstorm Sandy has had a devastating impact on those who live in the Northeast," said Chip Perry, president and CEO, AutoTrader Group. "I've personally visited the area and spoken with many of our field sales representatives and customers, and it's clear that this event changed many of their lives."
Perry continued, "But when you look at the impact on the automotive industry, the fact is, the number of vehicles lost is too small of a fraction to significantly move the national market."
Data and analysis from the November Kelley Blue Book Market Report supports this position. Since the storm hit so late in the year, KBB.com analysts believe increased demand on the East Coast will only mute the market's typical decline through this time period. Instead of a 1 to 2 percent decline, KBB.com experts now believe values will remain flat nationally. From a used car pricing perspective, KBB.com Senior Market Analyst Alec Gutierrez anticipates only modest market increases, $200 to $300 at most, isolated mainly in the Northeast region.
"When Hurricane Katrina hit, Kelley Blue Book® Values increased more than 2 to 3 percent in the affected area from the time the storm hit until year-end," Gutierrez said. "This year, we believe that while we may see some price appreciation on the East Coast, from a national perspective, values will remain relatively flat."
Shopping activity on AutoTrader.com in the areas impacted by Sandy dipped several percentage points between October 27 and November 6, (during and immediately following the storm), but rebounded by Nov. 8 to mirror the level of shopping activity in non-impacted areas. On November 10, shopping activity began to increase very slightly nationally and in the impacted areas, however, AutoTrader.com analysts believe it's still too early to assess if this is indicative of a more sustained trend or if the rise can be directly attributed to Superstorm Sandy.
Both KBB.com and AutoTrader.com analysts agree that the impact of Superstorm Sandy is just now starting to be felt in the market and it will take months before the total effects will be fully comprehended.
"It's going to take time for impacted consumers to get back in the market," Gutierrez said. "Some may have been able to get a replacement vehicle immediately, but many others could be waiting for their insurance check or unfortunately have to focus on repairing damage to their home. We're going to be keeping a close eye on this in the months ahead."
Created in 1997, Atlanta-based AutoTrader.com is the Internet's ultimate automotive marketplace. As a leading resource for car shoppers and sellers, AutoTrader.com aggregates millions of new, used and certified pre-owned cars from thousands of dealers and private sellers and provides expert articles and reviews. AutoTrader.com, which also operates the AutoTraderClassics.com auto marketing brand, is wholly owned by AutoTrader Group. Additionally, AutoTrader Group owns Kelley Blue Book (kbb.com) as well as three other companies that provide a full suite of software tools that help dealers and manufacturers manage their inventory and advertising online: vAuto, HomeNet Automotive and VinSolutions. AutoTrader Group is a majority-owned subsidiary of Cox Enterprises. Providence Equity Partners is a 25 percent owner of the company and Kleiner Perkins Caufield & Byers is also an investor. For more information, please visit www.autotrader.com.
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the only vehicle valuation and information source trusted and relied upon by both consumers and the industry. Each week the company provides the most market-reflective values in the industry on its top-rated website www.kbb.com, including its famous Blue Book® Trade-In and Suggested Retail Values and Fair Purchase Price, which reports what others are paying for new cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies as well as governmental agencies. KBB.com provides consumer pricing and information on cars for sale, minivans, pickup trucks, sedan, hybrids, electric cars, and SUVs. Kelley Blue Book's KBB.com ranked highest in its category for brand equity and was named Online Auto Shopping Brand of the Year by the 2012 Harris Poll EquiTrend® study. Kelley Blue Book Co. Inc. is a wholly owned subsidiary of AutoTrader Group.
SOURCE AutoTrader.com; Kelley Blue Book
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 30, 2015 10:30 AM EDT Reads: 4,349
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption...
May. 30, 2015 10:30 AM EDT Reads: 870
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 30, 2015 10:30 AM EDT Reads: 5,221
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not ...
May. 30, 2015 10:15 AM EDT Reads: 739
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connecte...
May. 30, 2015 10:00 AM EDT Reads: 642
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
May. 30, 2015 10:00 AM EDT Reads: 4,113
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud cre...
May. 30, 2015 09:45 AM EDT Reads: 734
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
May. 30, 2015 09:30 AM EDT Reads: 747
An effective way of thinking in Big Data is composed of a methodical framework for dealing with the predicted shortage of 50-60% of the qualified Big Data resources in the U.S. This holistic model comprises the scientific and engineering steps that are involved in accelerating Big Data solutions: problem, diagnosis, facts, analysis, hypothesis, solution, prototype and implementation. In his session at Big Data Expo®, Tony Shan focused on the concept, importance, and considerations for each of t...
May. 30, 2015 09:30 AM EDT Reads: 2,474
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
May. 30, 2015 09:30 AM EDT Reads: 6,651
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @Thi...
May. 30, 2015 09:15 AM EDT Reads: 617
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
May. 30, 2015 09:00 AM EDT Reads: 6,136
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...
May. 30, 2015 09:00 AM EDT Reads: 1,519
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
May. 30, 2015 09:00 AM EDT Reads: 2,525
If cloud computing benefits are so clear, why have so few enterprises migrated their mission-critical apps? The answer is often inertia and FUD. No one ever got fired for not moving to the cloud - not yet. In his session at 15th Cloud Expo, Michael Hoch, SVP, Cloud Advisory Service at Virtustream, discussed the six key steps to justify and execute your MCA cloud migration.
May. 30, 2015 08:30 AM EDT Reads: 3,017