Client Overview
European online used car auction service provider for professional car traders and dealers in Europe and beyond. They offer new as well as used vehicles, including passenger cars, delivery vans, and light trucks.
Business Challenge
Due to the high pricing of new cars along with the incapability of customers to invest in them, second-hand car sales are on a global increase. A second-hand car price prediction system was required to effectively determine the worthiness of the car using a variety of features. Even though there are websites that offer similar service, their prediction method may not be the best. Besides, different models and systems may contribute to predicting power for a used car’s actual market value. It is important to know their actual market value while both buying and selling.
Solution Highlights
- Evaluator claim verification through prices derived from the historical car prices
- Innovative dashboard seamlessly connected with existing internal system
- Proactive car prices predictor with the help of Machine learning
- Identification of influencing factors affecting the price of the cars
- Variance mapping of predicted prices with actual auction car prices
- Report generation
Benefits
- Help you generate smarter insights & take real-time decisions
- Measure customers’ sensitivity to price changes and identify the price gap between a retailer’s and competitors’ prices
- Beneficial to analyze the consumers’ response to price changes and fluctuations
- Strategic business insights based on historical data & market intelligence
- Leverage Machine learning to determine its maintenance needs beforehand enabling you to reduce costs.
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