US 2019/0378180 A1 · METHOD AND SYSTEM FOR GENERATING AND USING VEHICLE PRICING MODELS

Abstract

A system and method for generating an using vehicle price estimation models is disclosed. The price estimation models may be segmented in several ways including based on: (1) make/model; (2) make/model and another feature (such as trim); or (3) clustering of data. For example, a baseline model (to make/model or make/model/trim) may be generated using historical pricing data. Further, the historical pricing data may be clustered in order to generate multiple price bins. Additional models may be generated to the multiple price bins. In practice, an initial price estimate for the vehicle may be generated using the baseline model. Thereafter, using the initial price estimate, one of the price bin models (whose price bin includes the initial price estimate) may be used to generate a price bin estimate. The initial price estimate and/or the price in estimate may then be used for the auction (such as a guaranteed auction price).

Claims21

Dependent claims

A system comprising:

a communication interface configured to communicate with a database, the database storing sales for a specific make/model of a vehicle;
and
a controller in communication with the communication interface, the controller configured to generate a plurality of predictive pricing models for the specific make/model of the vehicle, for each of the plurality of predictive pricing models, by:
performing feature determination to determine a respective set of features, selected from an available set of features, for the respective predictive pricing model;
selecting a learning methodology, from a plurality of potential learning methodologies;
and
training the respective predictive pricing model using the determined respective set of features and the selected learning methodology.

4 more elements

A method for using multiple price estimation models in order to generate an estimated price for a vehicle, wherein the vehicle includes features comprising make, model, and at least one vehicle feature, the method comprising:

accessing a baseline price estimation model for the make and model of the vehicle, the baseline price estimation model trained based on historical pricing data for vehicles with the make and model sold in a price range;
generating, using the baseline price estimation model and the at least one vehicle feature, an initial price estimate;
responsive to determining that the initial price estimate is within a price bin, accessing a price bin estimation model, the price bin estimation model trained based on the historical pricing data for the vehicles with the make and model sold in a range based on the price bin, the range based on the price bin being narrower than the price range;
generating, using the price bin estimation model and the at least one vehicle feature, a price bin estimate;
and
use one or both of the initial price estimate or the price bin estimate with regard to a sale of the vehicle.

3 more elements

Dependencies are inferred from the claim text.

Method and system for generating and using vehicle pricing models

Life of this patent

Method and system for generating and using vehicle pricing models

Life of this patent

Abstract

Claims21