Systems and methods for determining vehicle salvage value
First Claim
1. A system comprising:
- a valuation subsystem configured to communicate with one or more access devices over a data communication network, said valuation subsystem including;
a bid module configured to solicit bids for a vehicle over the data communication network, and receive one or more bids for the vehicle; and
a valuation module configured to set a salvage value of the vehicle based on at least one of said one or more bids received.
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Abstract
An exemplary system for determining vehicle salvage value includes a valuation subsystem configured to communicate with one or more access devices over a data communication network. The valuation subsystem includes a bid module and a valuation module. The bid module is configured to solicit bids for a vehicle over the data communication network and to receive one or more bids for the vehicle. The valuation module is configured to set a salvage value of the vehicle based on at least one of the received bids. In some examples, the received bids include a high bid, and the valuation module is configured to set the salvage value approximately equal to the high bid. In some examples, the bid module is configured to solicit virtual bids in real time over the data communication network.
109 Citations
32 Claims
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1. A system comprising:
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a valuation subsystem configured to communicate with one or more access devices over a data communication network, said valuation subsystem including;
a bid module configured to solicit bids for a vehicle over the data communication network, and receive one or more bids for the vehicle; and
a valuation module configured to set a salvage value of the vehicle based on at least one of said one or more bids received. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system comprising:
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a valuation subsystem configured to communicate with one or more access devices over a data communication network, said valuation subsystem including;
an input module configured to receive, over the data communication network, vehicle data descriptive of a vehicle;
a bid module configured to solicit bids for the vehicle over the data communication network, including posting at least a subset of said vehicle data for access by at least a subset of the one or more access devices over the data communication network, and receive one or more bids for the vehicle;
a valuation module configured to set a salvage value of the vehicle based on at least one of said one or more bids received; and
a notification module configured to provide notification of said salvage value to at least one of the one or more access devices over the data communication network and, receive, over the data communication network, data representative of a decision of an insurance policyholder associated with the vehicle to either retain or relinquish the vehicle;
wherein said valuation subsystem is configured to approve a sale of the vehicle to a high bidder when said data representative of the decision indicates that the insurance policyholder decided to relinquish the vehicle; and
reject the sale of the vehicle to the high bidder when said data representative of the decision indicates that the insurance policyholder decided to retain the vehicle. - View Dependent Claims (18)
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19. A method comprising:
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soliciting, over a data communication network, bids for a vehicle;
receiving one or more bids for the vehicle; and
setting a salvage value for the vehicle based on at least one of the one or more bids received. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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Specification