Canadian Black Book Releases First Ever ‘Best Residual Value Awards’
Canadian Black Book is extremely familiar with awarding automotive OEMs with awards, as they have done for the past fourteen years, for the Best ‘Retained’ Value Awards. Today the company is announcing the release of its first annual Canadian Black Book Best ‘Residual’ Value Awards.
The 2022 Best Residual Value Awards measure vehicles values into the future. These awards recognize which vehicles are expected to hold the largest percentage of their MSRP 48 months after the original date of purchase. These awards are presented in 21 categories of cars, trucks, SUVs and EVs.
Conversely the aforementioned well known annual Best ‘Retained’ Value Awards measure how much of a vehicle original MSRP it holds after four years of ownership. In short, ‘Retained’ awards measure value held from the past and the new ‘Residual’ awards measure values held into the future.
“Our Best Retained Value Awards are coveted awards across Canada’s auto sector that generate a lot of interest from consumers, lenders, dealers, OEMs and more. Given our position in the industry as the leader in wholesale and residual value data analytics, several of our partners were ‘asking’ for residual value awards. We saw the need and responded,” says Yolanda Biswah, Senior Vice President, and General Manager at Canadian Black Book.
In order to qualify for a Residual Value Award, the vehicle must be on sale by January 1st and the vehicle must be included in the Jan/Feb Canadian Black Book Residual Value guide. Values forecasts are based on 48 months with an annual average of 24,000 KM driven. EV models take into consideration all Government incentives.
The inaugural awards featured nine category wins by domestic auto makers, seven for Japanese OEMs, three Korean and two European category winners. Toyota (including Lexus) leads the way with seven category wins and twelve overall mentions (first, second or third place). GM is second with six wins and seven mentions total; Ford and Kia both with two Awards and three mentions; Stellantis has one win and 5 mentions; and Hyundai and Volvo each enjoyed a victory and two mentions.
“Our new residual value awards were designed to better represent the dynamic of today Canadian auto market. This is why we have put so much more emphasis on EV categories as a direct reflection of growth in EV options and consumer acceptance,” says James Hancock, Director, OEM Strategy and Analytics at Canadian Black Book.
The ‘Overall Brand’ winners for best residual values in ‘Car’ is Toyota; in ‘SUV/Truck’ is Cadillac; in ‘Luxury’ is Lexus; in ‘Zero Emission Vehicle (ZEV)’ is Kia; and for ‘Most Improved’ is Cadillac.
Comparisons can be made between the new ‘Residual Value Award’ and the recent ‘Retained Value Awards’ from November 2021. For example, the Toyota Tacoma won for Retained Value last year, and also wins this years Residual Value Award in the Small Pickup category and has the highest residual value forecast of all models. Similarly, that vehicle had the highest retained value as well. The Chevrolet Corvette, which took top spot in Sport Car: Luxury, was second for most expected residual value as well as second for most retained value.
The inaugural awards do also show some interesting new storylines. Kia, having not won any past awards from Canadian Black Book has won two Residual Value awards. One Overall Brand Award for ZEV and the Kia Soul wins in EV Car Below $45k. Hyundai is also a first-time winner of any CBB award, with a first place for the Hyundai Ioniq 5 in EV SUV Below $45k. The new Ford Bronco brings back it’s iconic model with a win in SUV: Main Mid/Full.
Full 2022 Canadian Black Book Best Residual Value Award Winners List:
|Overall Brand Awards|
|Luxury||Lexus IS Series|
|Sport Car Awards|
|Main||Toyota GR Supra|
|Main Compact/Sub-Compact||GMC Terrain|
|Main Mid/Full||Ford Bronco|
|EV Car Below $45K||Kia Soul|
|EV Car Above $45K||Polestar 2|
|EV SUV Below $45K||Hyundai Ioniq 5|
|EV SUV Above $45K||Volvo XC40|
Posted in: Awards