System and method for providing a price for a vehicle
AssigneeCapital One Services, LLC
InventorJacob ANDERSON
Life of this patent
Estimating the term…
Abstract
System and methods for providing a target price for a target vehicle with a target mileage are provided. One exemplary method includes receiving attributes for the target vehicle, receiving prices for sold vehicles having attributes corresponding to the target vehicle attributes, and receiving mileages for the sold vehicles. The exemplary method may further include generating a linear regression model relating the sold vehicle mileages to the sold vehicle prices, and providing the target price for the target vehicle based on the model.
Claims23
1-8. (canceled)
A method for providing a target price for a target vehicle with a target mileage, the method comprising:
- receiving attributes for the target vehicle;
- receiving a set of non-overlapping mileage ranges, the mileage ranges comprising mileage values within the mileage ranges and having bin labels, one of the mileage ranges containing the target mileage;
- receiving sales data for sold vehicles having attributes corresponding to the target vehicle attributes, the sold vehicles having corresponding sold vehicle mileages;
- associating bin labels with the sold vehicle sales data, a bin label being associated with a sold vehicle when a mileage of the sold vehicle is contained in a mileage range corresponding to the bin label;
- selecting a target bin label with the mileage range containing the target mileage;
- and
- generating the target price for the target vehicle by computing an average price for the sold vehicles associated with the target bin label, wherein generating the target price comprises:
- computing an average price for sold vehicles associated with each bin label to create a set of bin average prices;
- computing bin weights for the bin labels;
- and
- computing a weighted average of bin average prices using the bin weights.
(canceled)
16-20. (canceled)
A system for providing a target price for a target vehicle with a target mileage, the system comprising at least one memory storing instructions and at least one processor executing the instructions to perform operations comprising:
- receiving attributes for the target vehicle;
- receiving a set of non-overlapping mileage ranges, the mileage ranges comprising mileage values within the mileage ranges and having bin labels, one of the mileage ranges containing the target mileage;
- receiving sales data for sold vehicles having attributes corresponding to the target vehicle attributes, the sold vehicles having corresponding sold vehicle mileages;
- associating bin labels with the sold vehicle sales data, a bin label being associated with a sold vehicle when a mileage of the sold vehicle is contained in a mileage range corresponding to the bin label;
- selecting a target bin label with the mileage range containing the target mileage;
- and
- generating the target price for the target vehicle by computing an average price for the sold vehicles associated with the target bin label, wherein generating the target price comprises:
- computing an average price for sold vehicles associated with each bin label to create a set of bin average prices;
- computing bin weights for the bin labels;
- and
- computing a weighted average of bin average prices using the bin weights.
Dependencies are inferred from the claim text.