SOURCE: PriceHub, Inc.

PriceHub, Inc.

May 08, 2013 11:00 ET

PriceHub Challenges Automotive Research Websites With Alternative Featuring Actual Sold Prices, In-Depth Depreciation Calculations and Recalls

PriceHub Data Finds 66% of Consumers Feel "Ripped Off" After Used Car Purchase(1); While Car Value Provided by Leading Automotive Resource Is 11% Higher Than Actual Sold Price

SAN FRANCISCO, CA--(Marketwired - May 8, 2013) - PriceHub, a new, transparent automotive resource for consumers, today introduced www.pricehub.com, a website that allows consumers to research new and used car values based on sold prices, depreciation breakdown and recall alerts for every make, model and year. Unlike Kelley Blue Book, Edmunds and TrueCar, PriceHub is the only resource that shows individual car sale records post-sale to provide an accurate valuation for used cars. With more than 500,000 sold data in its database, PriceHub gives used car buyers and sellers authentic values based on specific geographies.  

In a recent survey conducted by PriceHub, two out of three used car buyers believe they have been "ripped off." PriceHub gives car shoppers confidence by making available real used car pricing and transparent research. Instead of relying on dealer-biased price estimates, which are often too high, consumers now have pricing research calculated by actual, transparent sold records to confidently negotiate a fair price by using what others paid as a guide. 

Using the 500,000 sold prices in its proprietary database, PriceHub also exposed that leading automotive resource, Kelley Blue Book, provides estimates that are consistently 11% higher2 than a car's actual sold price. Consumers, therefore, begin the shopping process with a much higher value range in mind, minimizing their ability to negotiate a fair market value. PriceHub aims to bring unmatched transparency to the used car marketplace by reviving trust in the buying and selling process. 

"PriceHub fills a crucial void in the used car buying process -- unbiased and detailed transaction pricing data previously reserved only for car dealers," said Patrick Hong, former Executive Editor of Road & Track Magazine and current PriceHub advisor, "PriceHub is disrupting an industry that has yet to bring transparent used car pricing directly to the consumer."

PriceHub, a recent graduate of Silicon Valley Founder Institute, plans to continue building its unique database of sold prices and launch a mobile app to allow consumers to have this information at their fingertips while shopping for a car.

"As a graduate of the Summer 2012 Silicon Valley Founder Institute class, the PriceHub team has sharpened its business model and is well positioned to change used car buying," said Adeo Ressi, CEO and Founder of the Founder Institute. "I've seen how PriceHub evolved from a well-intended idea to an innovative and necessary resource for used car buyers." 

Other useful information available on www.pricehub.com include depreciation calculations by mileage, recall notices and recent consumer complaints.

"We started the company to democratize used car buying. Used cars is one of the few remaining industries that hasn't embraced information transparency and crowd-sourced information," said Myron Lo, CEO & Co-Founder of PriceHub. "Buying a used car is broken as evidenced by the high level of dissatisfaction and the current information resources only contribute to this."

About PriceHub, Inc.
PriceHub was created to fulfill the need for a comprehensive, open source of actual selling prices for vehicles. Please visit PriceHub at www.pricehub.com

1 Survey was conducted using Google Consumer Survey with 500 respondents across the country.  Results showed that 66% of respondents who have purchased used cars recently indicated that they felt "ripped off".

2 Research was conducted by PriceHub by comparing Kelley Blue Book's estimates for 20 automobiles to actual sold price for the same makes and models from the same years. Comparative results showed that on average, KBB estimates are 11% higher than a car's actual sold price.

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