Auto Trader announces data partnership with ONS
The Office for National Statistics (ONS) will use Auto Trader’s market pricing data to inform its inflation measurements such as the Consumer Prices Index (CPI).
Prior to the partnership, official inflation in car prices was calculated by tracking a sample of about 100 different models at three different ages.
However, using Auto Trader data will give the ONS access to about 300,000 monthly prices.
Richard Walker, Auto Trader’s director of data and insights, said: “Car prices are heavily influenced by changing market dynamics, which can move at an incredible pace. We work with nearly 14,000 automotive retailer partners, list an average of 450,000 vehicles every day, and receive around 80 million consumer visits each month. This unique view of the automotive retail market means we’re able to provide the most accurate and current pricing data available, which we hope will help the ONS stay ahead of new trends and help further strengthen the UK’s inflation statistics, something we feel very privileged to support.”
Mike Hardie, deputy director, prices transformation at the ONS, added: “For the first time we have gone live with an improved measure of second-hand car prices using data from Auto Trader. This data partnership marks another improvement in our inflation measures, and in how the ONS responds to user demand for more tailored, timely and granular data, through using innovative methods and partnerships.”
