System and method for providing a price for a vehicle

Patent metadata

Field	Value
Publication number	US-2022012756-A1
Application number	US-202117316850-A
Country	US
Kind code	A1
Filing date	May 11, 2021
Priority date	Apr 30, 2019
Publication date	Jan 13, 2022
Grant date	—

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.

First claim

What is claimed is:

1 . 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 prices for sold vehicles having attributes corresponding to the target vehicle attributes; receiving mileages for the sold vehicles; 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.

2 . The method of claim 1 , further comprising:
applying a data filter to the attributes of the sold vehicles to create a subset of the sold vehicles; and generating the model based on the subset.

3 . The method of claim 2 , wherein applying the data filter comprises filtering the sold vehicles by a quality score.

4 . The method of claim 2 , wherein applying the data filter comprises filtering the sold vehicles by a match score.

5 . The method of claim 1 , further comprising providing a graph of the prices for the sold vehicle as a function of mileage of the sold vehicles.

6 . The method of claim 1 , wherein the target vehicle attributes comprise a history of location data for the target vehicle.

7 . The method of claim 1 , wherein the target vehicle attributes comprise a history of weather data corresponding to the location data history for the target vehicle.

8 . The method of claim 1 , further comprising:
receiving a suggested price for the target vehicle; and generating a target score based on a difference between the suggested and the target price.

9 . 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.

10 . The method of claim 9 , wherein the size of any one of the mileage ranges is less than one thousand miles.

11 . The method of claim 9 , 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.

12 . The method of claim 11 , wherein the bin weights are inversely proportional to a square of a difference between the target mileage and the mileage value associated with the bin label.

13 . The method of claim 9 , further comprising applying a data filter to the sold vehicle attributes to create a subset of the sold vehicles.

14 . The method of claim 13 , wherein applying the data filter comprises filtering the sold vehicles by a quality score.

15 . The method of claim 13 , wherein applying the data filter comprises filtering the sold vehicles by a match score.

16 . A system for providing a target price for a target vehicle with a target mileage, the system comprising:
a database configured to:
store attributes for sold vehicles;
store mileages for the sold vehicles;
at least one memory storing instructions; at least one processor executing the instructions to perform operations comprising:
receiving attributes for the target vehicle;
receiving prices for sold vehicles having attributes corresponding to the target vehicle attributes; receiving mileages for the sold vehicles;
generating a linear regression model relating the mileages of the sold vehicles to the prices of the sold vehicles; and
providing the target price for the target vehicle based on the model.

17 . The system of claim 16 , wherein the operations further comprise:
applying a data filter to the attributes of the sold vehicles to create a subset of the sold vehicles; and generating the model based on the subset.

18 . The system of claim 16 , further comprising:
an interface for a prospective buyer, the interface configured to provide the target price for the target vehicle based on the model.

19 . The system of claim 18 , wherein the interface is configured to receive the attributes for the target vehicle from the prospective buyer.

20 . The system of claim 18 , wherein the interface is configured to provide a graph of the prices for the sold vehicle as a function of the mileage of the sold vehicles.

Assignees

• Capital One Services Llc

Inventors

• Anderson Jacob

Classifications

• G06F16/2457

  with adaptation to user needs · CPC title

• G06Q30/0206 Primary

  Price or cost determination based on market factors · CPC title

• G06F30/20

  Design optimisation, verification or simulation (optimisation, verification or simulation of circuit designs G06F30/30) · CPC title