What Are Retail Comps?
Retail comps (comparable listings) are similar vehicles currently listed for sale at dealerships. By analyzing these listings, you can estimate what a vehicle is worth in the retail market.
How Comps Are Matched
The comp matching algorithm scores each potential comparable on:
- Year proximity — Same year is ideal, +/- 1 year is acceptable
- Mileage range — Within 20% of the subject vehicle's mileage
- Trim match — Exact trim match scores highest
- Geographic distance — Closer comps reflect local market conditions
Why Comp Count Matters
- 10+ comps: High confidence — the estimate is reliable
- 5-9 comps: Medium confidence — reasonable but verify
- 1-4 comps: Low confidence — treat estimates with caution
- 0 comps: No data — you're flying blind
Outlier Removal
LaneDock uses IQR (interquartile range) outlier removal to filter noise. This means abnormally high or low listings don't skew the median retail value.
Retail Low, Median, and High
- Retail Low: 25th percentile — a conservative estimate
- Retail Median: 50th percentile — the most likely selling price
- Retail High: 75th percentile — optimistic, for vehicles in excellent condition
Always base your max bid on the retail low or median, not the high. Build in margin for the unexpected.