Used car prices, AI will let you know accurate prices
HCS, rolled out ‘Auto Book’, an AI-based used car price search service
The algorithm engine has ushered in an accurate price search service for used cars. Hyundai Capital Services (HCS, CEO Ted Chung, www.hyundaicapital.com) announced on 24th that it has rolled out an AI-based ‘Auto Book’ service to search market prices of used car. Auto Book is an algorithm engine that estimates used car prices, utilizing algorithm deep learning technologies based on actual prices of used cars sold. So far, consumers couldn’t judge the adequacy of prices offered by dealers when selling or buying a used car. Also they often missed the opportune time to sell because it was difficult to predict the movements of prices of their cars. HCS launched this Auto Book service to address concerns of the users and present a reference point for used car prices. In designing the price forecast model, HCS aggressively put in big data related to automotive and infrastructure to handle data. About 1.5 million used car transaction history records including data obtained from used car auction and HCS transaction data were used. Then HCS leveraged its digital competences like deep learning to create a reliable used car price model. The used car data will be updated every month to provide accurate used car prices based on up-to-date data. How to use is simple. The user only needs to enter the vehicle number and mileage in his mobile application to check the market price. With additional ination about car accidents and trims, the user can check prices and vehicle ination in more detail. Most of all, past as well as future prices can be searched, which helps the user find the right time to sell. Those who want to sell their vehicles can check prices and sell their cars through HCS’s Sell My Car. As seen, HCS Auto Book service allows the user to check used car prices more conveniently. An HCS official said, “We designed this model to address the chronic issue of the lack of transparency in used car prices. We will keep elaborating big data analysis related to used cars and increasing AI learning to provide more precise services for used car customers.