Sorento Retains More Value Than Any Other Pre-Owned Vehicle in its Segment According to TrueCar1
- Pre-owned Sorento tops the midsize-utility segment for resale value retention
IRVINE, Calif., March 22, 2016– In conjunction with the 2016 New York International Auto Show, the Kia Sorento is among the honorees for the first-ever Pre-Owned Value Awards (POVA) from TrueCar, powered by ALG. TrueCar’s POVA recognizes model-year 2014 vehicles across 27 segments selling in 2016 that are expected to retain the highest percent of their value over the next three years. Sorento took the top spot in the midsize utility segment.
“Kia is honored that the Sorento is being recognized by TrueCar for its value in the pre-owned midsize-utility segment,” said Orth Hedrick, vice president, product planning KMA. “With its extensive list of features backed by an industry-leading warranty, Sorento offers world-class design, technology and quality combined with the peace of mind that comes with making a smart purchasing decision.”
This new award identifies previously owned vehicles that represent excellent value for consumers based on future resale value over the next three years. Winners are determined through careful study of used vehicle performance and forecasted future value driven by brand outlook, product competitiveness and other key metrics.
“The Kia Sorento offers consumers a compelling value proposition, providing additional space with more features and functionality versus similarly priced competitors,” said Jim Nguyen, TrueCar EVP and general manager of ALG. “A smooth, quiet ride, available V6 engine and features like third-row seating, rear air conditioning, HID headlamps and blind spot detection set the Sorento apart from its competition. Additionally, improved quality and reliability as well as measured incentive levels all contribute to strong resale values.”
About the 2016 Kia Sorento
The 2016 Sorento CUV, which raises the bar in the segment with its refinement and first-class amenities, is larger and more capable than ever with more room for passengers and cargo. Copious standard features and luxurious amenities span the line of five trim levels, and the Sorento is now offered with three engine choices, including a 240-hp 2.0L turbocharged inline-4. The Sorento is built at the brand’s U.S. manufacturing plant – Kia Motors Manufacturing Georgia – in West Point, Georgia.*
TrueCar, Inc. (NASDAQ: TRUE) is a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars and enables consumers to engage with TrueCar Certified Dealers who are committed to providing a superior purchase experience. TrueCar operates its own branded site and its nationwide network of more than 11,000 Certified Dealers also powers car-buying programs for some of the largest U.S. membership and service organizations, including USAA, AARP, American Express, AAA and Sam's Club. Over one third of all new-car buyers engage with the TrueCar network during their purchasing process. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com.
Founded in 1964 and headquartered in Santa Monica, California, with an office in Toronto, Ontario, ALG is an authority on automotive residual value projections in North America. By analyzing nearly 2,500 vehicle trims each year to assess residual value – which is mainly driven by used car inventory, brand strength, macroeconomic conditions, incentive spending and pricing – ALG provides auto industry and financial services clients with resale insights, forecasts and consulting services about the future vehicle marketplace. ALG, owned by TrueCar, Inc., the negotiation-free car buying and selling platform, has been publishing residual values for all cars, trucks and SUVs in the U.S. for over 50 years and in Canada since 1981.
About Kia Motors America
Kia Motors America (KMA) is the marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA proudly serves as the "Official Automotive Partner" of the NBA and LPGA and set an all-time annual sales record in 2015, surpassing the 600,000 unit mark for the first time in company history. KMA offers a complete line of vehicles, including the rear-drive K900** flagship sedan, Cadenza premium sedan, Sorento CUV, Soul urban passenger vehicle, Soul Electric Vehicle***, Sportage compact CUV, Optima midsize sedan, Optima Hybrid, the Forte compact sedan, Forte5 and Forte Koup, Rio and Rio 5-door subcompacts and the Sedona minivan, through a network of more than 765 dealers across the United States. Kia’s U.S. manufacturing plant in West Point, Georgia, builds the Optima* and Sorento* and is responsible for the creation of more than 15,000 plant and supplier jobs.
Information about KMA and its full vehicle line-up is available at www.kia.com. For media information, including photography, visit www.kiamedia.com. To receive custom email notifications for press releases the moment they are published, subscribe at www.kiamedia.com/us/en/newsalert.
* The Sorento and Optima GDI (EX, SX & Limited and certain LX Trims only) are assembled in the United States from U.S. and globally sourced parts.
1 Based on TrueCar’s pre-owned value forecast for the 2014 model year.
** K900 available in select trims and in select markets with limited availability.
*** Soul EV in select markets with limited availability.