Prospect Vision Expands Black Book Integration to Help Auto Dealerships Leverage "Cash for Clunkers" Opportunity

SEE ALSO: Cash For Clunkers Consumer Guide

Gainesville, GA and Hickory, NC, July 27, 2009 –Prospect Vision, Inc., the innovator in equity-based marketing and data mining for automotive dealerships, today announced they are expanding their integration with Black BookŪ values, the automotive industry’s most trusted source for timely, independent and accurate used vehicle valuation data, to help dealerships leverage the tremendous one-time opportunity presented by the new so-called “Cash for Clunkers” legislation just signed by President Obama. The Car Allowance Rebate System (CARS) will be administered by the National Highway Traffic Safety Administration, which will issue credits through NHTSA registered car dealers of $3,500 or $4,500 to buyers of fuel-efficient cars who turn in older, gas-guzzling vehicles to be scrapped.

“Based on the guidelines of the new legislation, only consumers whose vehicles are worth less than $4,500 can benefit from the program, thus the key for dealerships is to identify who among their existing customer base fits this criteria,” stated Tom Cross, President, Black Book.

“Using the Black Book values, we have created a completely turnkey solution that determines who in a dealers database qualifies for the program and send personalized letters directly to these customers,” said Robert Paszek, Prospect Vision’s Founder and President. “In addition, with our proprietary technology, we use Black Book’s data to determine the average cash value (ACV) of a customer’s vehicle, marry it with their remaining payments—if any—to determine the customers equity in their vehicle, and then send personalized messages that show them what vehicles they can afford to purchase, often keeping their payment the same or lower. We also target the messages depending upon the current factory incentives and the dealership’s specific needs at the time, such as overstock or aged inventory. Historically, our average dealership is able to generate 15-30 incremental sales per month, and we expect that number could grow while this legislation is in effect.”

“We will certainly do our best to help the nation’s struggling new car dealerships make the most of this opportunity,” Mr. Cross continued. “Prospect Vision has integrated Black Book values since 2001 and we’re proud to help power their efforts to assist dealers significantly increase their new vehicle sales.”

About Black Book, Inc.

Best known in the Automotive Industry for providing timely, independent, and accurate vehicle pricing data, the Black BookŪ family of vehicle appraisal guides (www.BlackBookUSA.com) is published by National Auto Research, a division of Hearst Business Media. New and used car dealers, lenders, manufacturers, fleet remarketers, and government agencies have relied on Black Book since 1955. Black Book provides values for both new and used vehicles, including cars and light trucks produced since 1946, motorcycles, ATVs, snowmobiles, personal watercraft, and heavy duty commercial trucks and trailers. Black Book data is published daily in multiple electronic formats including data feeds, Internet-based applications, hand held PDAs, web enabled cell phones, Pocket PCs, BlackBerry and Palm devices, SmartPhones, Micro Browsers, online trade appraisal services, and in a variety of other custom products. Printed versions are also available on a weekly basis. Whether you’re buying, selling, or lending, Black Book’s mission is to provide the Automotive Industry with timely, independent, and accurate information to help make the right decisions.

About Prospect Vision, Inc.

Headquartered in Hickory, NC, Prospect Vision was founded in 2001 by Bob Paszek and Bud Bolin, both 30-year auto industry veterans whose experience includes positions as General Managers and dealer principals, ownership of a leasing company, and positions with GMAC and World Omni Financial. Prospect Vision helps dealerships mine their valuable customer databases by using Black Book vehicle valuation data to pinpoint previous customers who are in a favorable equity position. This enables Prospect Vision to craft personalized letters with the customer’s current vehicle and monthly payment, and most often offer them the opportunity to buy a new or newer vehicle with no money down and a lower payment. The result of this VIP treatment is qualified showroom traffic that converts with well above average closing ratios and grosses. The company has evolved from a software provider to a completely turnkey service provider with in-house creative, variable image printing and fulfillment services. For more information, please visit www.prospectvision.com or call 1-800-252-0868.