Method for the resale of vehicles

• US 7,349,870 B1
• Filed: 06/24/2003
• Issued: 03/25/2008
• Est. Priority Date: 06/24/2003
• Status: Expired due to Fees

• Current Assignee: World Omni Financial Corporation (Jm Family Enterprises Incorporated)
• Original Assignee: Word Omni Financial Corporation
• Inventors: Mahoney, Andrew, Hinchman, Jay
• Primary Examiner(s): Gart; Matthew S.
• Application Number:
  US10/602,896
• Time in Patent Office: 1,736 Days
• Field of Search: 705 26- 27, 705/1
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

A method and apparatus for the resale of vehicles includes a server communicating over the Internet to a dealer computer and an auction computer. The server stores data corresponding to a schedule of auctions for resale of vehicles. The server provides access to itself by the dealer computer by way of a web site and allows the dealer to access the server to consign a vehicle to the auction. The server notifies the auction computer of the vehicle consigned to the auction at the web site. The server receives information about the vehicle from the dealer computer and determines an adjusted floor value for the vehicle and transmits the adjusted floor value to the auction computer.

Claims

1. A method for the resale of vehicles comprising the steps of:

downloading auction data for a plurality of auctions from a third party database;

storing said downloaded auction data in a system server, said auction data corresponding to a schedule of auctions for resale of vehicles;

providing access to said system server by way of a web site;

allowing a user to access said system server to consign a vehicle to one of said plurality of auctions;

inputting vehicle information about said vehicle into said system server;

said system server determining an adjusted floor price for said vehicle based upon said vehicle information;

consigning said vehicle by said system server by transmitting said adjusted floor price to said one of said plurality of auctions; and

notifying said one of said plurality of auctions of said vehicle consigned and said adjusted price to said one auction at said web site.

2. The method of claim 1, wherein said vehicle information includes a vehicle identifier corresponding to the vehicle to be consigned and further comprising the steps of:

said system server utilizing said vehicle identifier to gather vehicle information regarding said vehicle at time of manufacture to determine a minimum value;

said system server prompting said user to add status information corresponding to changes in status of said vehicle since manufacture of said vehicle;

said system server calculating an adjusted floor price for said vehicle at auction based upon said vehicle information and said change in status information; and

forwarding said adjusted floor price to said one of said plurality of auctions when submitting consignment of said vehicle.

3. The method of claim 2, wherein said vehicle identifier is a Vehicle Identification Number.

4. The method of claim 3, further comprising the step of mapping said Vehicle Identification Number to a Universal Vehicle Code to obtain the vehicle information.

5. The method of claim 2, wherein said status information includes a vehicle mileage.

6. The method of claim 2, wherein said status information includes a repair history of the vehicle.

7. The method of claim 2, wherein said status information includes upgrade information corresponding to accessories added to the vehicle since manufacture.

8. The method of claim 1, further comprising the step of notifying a transportation facility for transporting said consigned vehicle to a selected auction in response to receipt of the submission of consignment of the vehicle at the web site.

9. The method of claim 1, further comprising the step of auctioning the vehicle.

10. The method of claim 8, further comprising the step of said auction providing an auction result to said system server and said system server storing said auction result and providing access to said auction result by displaying a results report at said web site.

11. The method of claim 2, wherein said system server calculates said minimum value utilizing black book data.

12. The method of claim 11, wherein said black book data is obtained by said system server from a third party data source.

13. The method of claim 11, wherein said auction data is periodically updated.

14. The method of claim 11, wherein said black book data is periodically updated.

15. The method of claim 10, wherein said results includes the price at which the consigned vehicle was sold.

16. The method of claim 8, further comprising the step of providing access to a dealer report at said web site.

17. The method of claim 15, further comprising the step of producing a dealer result report wherein said dealer result report provides vehicle information and auction results for each vehicle consigned by said dealer.