Pricing system for identifying prices for vehicles offered by vehicle dealerships and other entities

A system comprising:

• a user device configured to display a graphical user interface including options for a user to select a manual mode or an automatic mode to generate a competitive set of vehicles for a specified vehicle;
• a pricing server in electrical communication with the user device to receive, from the user device, selection of the manual mode or the automatic mode;
• in the manual mode, the pricing server configured to generate the competitive set of vehicles based on user input to add and remove vehicles to the competitive set;
• in the automatic mode, the pricing server configured to generate the competitive set of vehicles by user of market filters including,
• a features filter,
• a distance filter establishing a distance of an intended market, and
• a pricing filter,
• wherein the pricing server receives vehicle information from a plurality of vehicle dealership servers in communication with the pricing server and includes vehicles that satisfy the market filters in the competitive set;
• wherein the pricing server is further configured to:
• receive from the user device, one or more parameters to be used in pricing the specified vehicle,
• identify a recommended price for the specified vehicle using a set of formulas, each formula of the set of formulas taking into consideration the one or more parameters comprising:
• a time parameter corresponding to a length of time that the specified vehicle is on the market,
• a pricing guide parameter based on a median price of the other vehicles of the competitive set,
• a modifier parameter corresponding to how much higher or lower than the pricing guide parameter to set the recommended price, and
• a profit protection parameter to prevent the recommended price from dropping below a predetermined floor,
• in the automatic mode,
• monitor additional vehicle information received from the plurality of vehicle dealership servers,
• automatically add vehicles to the competitive set that satisfy the market filters, and
• automatically remove sold vehicles from the competitive set as vehicles are sold,
• in the manual mode, update the competitive set by receiving user input to add and remove vehicles to the competitive set, and
• receive price changes for one or more vehicles in the competitive set;
• wherein the user device is further configured to:
• display, via the graphical user interface, a list of the one or more vehicles in the competitive set with received price changes, wherein the list includes proposed price changes for each vehicle in the list,
• display, via the graphical user interface, a first control option for each vehicle in the list to allow the user to approve or reject each price change, and
• display, via the graphical user interface, a second control option for the user to approve or reject price changes for all vehicles in the list;
• wherein the pricing server is further configured to update the recommended price for the specified vehicle at predefined intervals based on the changes to the competitive set and the one or more parameters;
• and
• wherein the user device is further configured to update the graphical user interface with the recommended price for the specific vehicle.

A non-transitory computer readable medium embodying a computer program, the computer program comprising computer readable program code for:

• displaying, in a graphical user interface, options for a user to select a manual mode or an automatic mode to generate a competitive set of vehicles;
• the user selecting either the manual mode or the automatic mode;
• in the manual mode, generating the competitive set of vehicles for a specified vehicle by a pricing server receiving user input to add and remove vehicles to the competitive set;
• in the automatic mode, generating the competitive set of vehicles for a specified vehicle by:
• the pricing server automatically generating the competitive set of vehicles based on market filters defined by the user, the market filters including,
• a features filter,
• a distance filter establishing a distance of an intended market, and
• a pricing filter,
• wherein the pricing server receives vehicle information from a plurality of vehicle dealership servers in communication with the pricing server and includes vehicles that satisfy the market filters;
• the pricing server receiving from a user, via a user device, one or more parameters to be used in pricing the specified vehicle;
• the pricing server identifying, via the pricing server, a recommended price for the specified vehicle using a set of formulas, each formula of the set of formulas taking into consideration:
• a time parameter corresponding to a length of time that the vehicle is on the market,
• a pricing guide parameter based on a median price of the other vehicles of the competitive set,
• a modifier parameter corresponding to how much higher or lower than the pricing guide parameter to set the recommended price, and
• a profit protection parameter to prevent the recommended price from dropping below a predetermined price floor;
• in the automatic mode,
• the pricing server monitoring additional vehicle information received from the plurality of vehicle dealership servers,
• the pricing server automatically adding vehicles to the competitive set that satisfy the market filters, and
• the pricing server automatically removing sold vehicles from the competitive set as vehicles are sold;
• in the manual mode, updating the competitive set by the user manually adding vehicles to and removing vehicles from to the competitive set;
• the pricing server receiving price changes for one or more vehicles in the competitive set;
• displaying, via a graphical user interface, a list of the one or more vehicles in the competitive set with received price changes, wherein the list includes proposed price changes for each vehicle in the list;
• displaying, via a graphical user interface, a first control option for each vehicle in the list to allow the user to approve or reject each price change;
• the pricing server approving or rejecting a price change in response to user operation of the first control option;
• displaying, via a graphical user interface, a second control option for the user to approve or reject price changes for all vehicles in the list;
• the pricing server approving or rejecting price changes in response to user operation of the second control option;
• the pricing server updating the recommended price for the specified vehicle at predefined intervals based on changes to the competitive set and the one or more parameters;
• and
• updating, via a network, a graphical user interface with the recommended price for the specified vehicle.