IHS Markit Ltd. (INFO - Free Report) subsidiary automotiveMastermind yesterday announced that it has integrated its Market EyeQ platform with CARFAX History-Based Value (“CHBV”). CARFAX is also a subsidiary of IHS Markit.
automotiveMastermind provides predictive analytics and marketing-automation solutions to the automotive industry and its Market EyeQ is a sales and marketing platform that helps find, communicate and close deals with buyers of new or pre-owned cars.
CHBV is a VIN-specific valuation tool backed by CARFAX vehicle-history data. It provides specific price for every used car on the basis of its historical data such as make, model, service history, prior accidents and number of owners.
Their integration will improve market EyeQ, offering dealers better insight into a vehicle’s history so that they can precisely estimate trade valuations and recondition costs, and support market-based inventory pricing.
IHS Markit timed the integration keeping in mind the fact that dealers have increased the use of trade-in vehicles in response to rising wholesale prices and inventory shortages, and demand for pre-owned vehicles is on the rise.
The move is expected to benefit IHS Markit’s Transportation segment. Performance of this segment was particularly weak in the last-reported quarter, with revenues of $243 million decreasing 24% on a year-over-year basis.
Notably, shares of IHS Markit have rallied 17.6% over the past year against 2.8% decline of the industry it belongs to.
Zacks Rank and Stocks to Consider
IHS Markit currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader Zacks Business Services sector are TeleTech Holdings (TTEC - Free Report) , BG Staffing (BGSF - Free Report) and Elastic N.V. (ESTC - Free Report) . While TeleTech and BG Staffing sport a Zacks Rank #1 (Strong Buy), Elastic N.V. carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term expected earnings per share (three to five years) growth rate for TeleTech, BG Staffing and Elastic N.V. is 7.9%, 20% and 26%, respectively.
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