William Ward Publishing’s little black book became the #1 trusted source for used car values in Canada, and now 50 years later, the auto and finance industries still rely on the service
Kathy Ward smiles as she discusses how her father Bill Ward, started Canadian Black Book 50 years ago. He traveled coast-to-coast to drum up dealer support for his idea of providing Canadian vehicle valuations for the industry.
Kathy Ward, CEO of Canadian Black Book, says with vehicle pricing information now more transparent, dealers will need to focus more on building relationships with customers.
“My father started this business in the basement of his home in 1961, and believed this could be the number one guide in Canada,” says Kathy Ward, the company’s chief executive officer. “He purchased his airline ticket and with his book, travelled across the country visiting every car dealer he could. He sold the concept,” says Ward, adding that his “great big smile, personality and salesmanship” were his biggest assets.
Bill’s smile still looks over the office, proudly on display outside the company’s boardroom where pictures of Bill, his clients, family and friends are showcased prominently, his personality clearly coming through in the photos.
Ward says the need for Canadian Black Book services are still as valid and valuable today as they were 50 years ago. So many people touch, evaluate and appraise a vehicle today, and a dealer wants to pay one price, a broker another, an insurer and funder a different price. The baseline evaluations provided by CBB are neutral ground. “We strive to be the most accurate, most timely and give the best data we can possibly give,” says Ward, who has been with the company since 1985 and took over in the late 1990s.
50 years strong
The company recognized its 50th birthday at its annual golf tournament this summer with many clients and suppliers in attendance. “The success of Canadian Black Book rests with its people,” says Ward, adding that many people have worked there for more than 15 years. “I get a lot of satisfaction out of seeing them really get into their jobs. They are so involved and just love what they do.”
Ward says she has also grown to love the auto industry. “The most rewarding part of the business is the friendships I’ve developed over the years,” says Ward. “I followed in my father’s footsteps and he showed me that relationships are certainly one of the most important things contributing to the success of Canadian Black Book.”
The car business is bursting with great personalities, and that makes the business particularly appealing, she says.
Have dealer needs changed?
In an interview with Canadian auto dealer at CBB’s Markham, Ont. offices, Ward talked about the company’s past but also about how it has evolved to better meet the needs of clients.
Dealers need information and they need it quickly and in an easily accessible form. “We are in the trenches, we are in the dealerships, we are at the auctions, we are on foot and we are talking to the dealers. When the market changes we react appropriately” says Ward.
Even though for most of its history Canadian Black Book has remained a “trade” secret with wholesale values remaining exclusively for dealers and funders, the company now provides consumers with information on the trade-in value of their vehicle.
“We were very concerned about how the car dealer would react,” says Ward. Initially, there were a few that weren’t very happy because they thought CBB were providing wholesale values to the public. When they realized it wasn’t, dealers understood that what they were doing was helping their business.
“It’s damned if you do, and damned if you don’t. You either work with the consumer and have transparency or they will find it elsewhere,” she says. “We are the best source for that. The banks use our data for lending which gives the consumer some confidence in the number.”
Consumers use trade in values to help them get a sense of what their car would be worth at a dealership. This can help the dealer buy the trade and removes him as the “bad guy” in the process since most vehicles are not worth what the consumer thinks it’s worth.
More and more consumers are doing their homework online before they ever visit a dealership. In the month before our interview more than 400,000 visitors visited the Canadian Black Book website — which provides free listings for dealers and consumers — a record month.
A look ahead
When asked about trends she sees in the industry, Ward says the successful dealers are adapting to meet the changing way consumers are buying their vehicles. “The car deal has changed and is going to continue to change,” says Ward. “More and more tools are available on the Internet for the consumer to make that buying decision, before they hit the dealership.”
Dealerships have to reorganize their operations to focus more on building relationships and providing service to their customers during and after the sale, and get used to not being the primary source of information about new and used vehicles.
Ward says many dealers also struggle to respond effectively to the high volume of leads generated by some of the new online tools like her company’s Lead Link service. “They need clear processes in place in order to benefit from online leads,” she says.
iPhone daily app released
For dealers who want really fast access to data, they can use the company’s new iPhone daily app released in 2011. “The young dealers like all the handhelds and depend on them more and more,” says Ward.
But iPhone and Blackberry apps aren’t for everyone. Ward says many dealers buy similar vehicles each week and can easily find the data they need in the Canadian Black Book. “You go to the auctions and still see mostly books. People like the simplicity and can still look up the price of a car if the power goes out!” says Ward. “But the biggest seller is our desktop online.”
For more information visit: www.canadianblackbook.com
