System and method for providing disposal recommendation for a vehicle owner

• US 10,679,226 B1
• Filed: 02/27/2019
• Issued: 06/09/2020
• Est. Priority Date: 02/27/2019
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Inventors: Duckworth, Staevan, Tang, Qiaochu, Hooshmand, Habeeb, Price, Micah, Dagley, Geoffrey, Wylie, Stephen, Hoover, Jason
• Primary Examiner(s): Jeanty, Romain
• Application Number:
  US16/287,350
• Time in Patent Office: 468 Days
• Field of Search: 705 729
• CPC Class Codes: G06Q 10/06375 Prediction of business process outcome or impact based on a proposed change
• CPC Class Codes: G06Q 10/30 Administration of product recycling or disposal
• CPC Class Codes: G06Q 30/016 After-sales
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: Y02W 90/00 Enabling technologies or technologies with a potential or indirect contribution to greenhouse gas [GHG] emissions mitigation

Abstract

Systems and methods for providing a disposal recommendation for an owned vehicle are provided. The method includes generating a profile for the owned vehicle, the profile including age, mileage, and location of the owned vehicle, receiving monitoring data of the owned vehicle, and receiving sales data for non-owned vehicles corresponding to the profile. The method may further include generating predicted depreciation data of the owned vehicle, based on the sales data and the monitoring data, and providing a recommended disposal time for the owned vehicle, based on the predicted depreciation data.

Claims

1. A system for providing a disposal recommendation for an owned vehicle, the system comprising one or more memory devices storing instructions and one or more processors executing the instructions to perform operations comprising:

generating a profile for the owned vehicle, the profile comprising age, mileage, and location of the owned vehicle;

receiving monitoring data of the owned vehicle, the monitoring data being collected by sensors and comprising at least one of acceleration data, on-board diagnostics data, a history of location data for the owned vehicle, a history of weather data, a speed, or a repair data for the owned vehicle;

receiving sales data for non-owned vehicles corresponding to the profile;

generating predicted depreciation data of the owned vehicle, based on the sales data and the monitoring data via a statistical approach; and

providing a recommended disposal time for the owned vehicle, based on the predicted depreciation data,

wherein providing a recommended disposal time comprises;

establishing a target depreciation value; and

providing a recommended disposal time for the owned vehicle when the owned vehicle predicted depreciation value is lower than the target depreciation value.

2. The system of claim 1, further comprising receiving repair data for non-owned vehicles corresponding to the profile, wherein providing the recommended disposal time comprises providing the recommended disposal time, based on the predicted depreciation values and the repair data.

3. The system of claim 2, wherein the repair data comprises a type of a repair, a labor cost of the repair, and a parts cost of the repair.

4. The system of claim 1, wherein the monitoring data comprises a history of weather data corresponding to the history of the location data for the owned vehicle.

5. The system of claim 1, wherein the operations further comprise generating a wear-and-tear score for the owned vehicle based on the monitoring data.

6. The system of claim 5, wherein the operations further comprise receiving wear-and-tear scores for the non-owned vehicles.

7. The system of claim 6, wherein the operations further comprise updating the predicted depreciation data by comparing the wear-and-tear score for the owned vehicle to the wear-and-tear scored for the non-owned vehicles.

8. The system of claim 5, wherein the operations further comprise providing the wear-and-tear score for the owned vehicle.

9. The system of claim 8, wherein the operations further comprise providing the wear-and-tear score for the non-owned vehicle.

10. The system of claim 1, wherein the statistical approach includes a linear regression.

11. A system for providing a disposal recommendation for an owned vehicle, the system comprising:

a database configured to;

store a profile for the owned vehicle, the owned vehicle profile comprising age, mileage, and location of the first vehicle;

store monitoring data for the owned vehicle, the monitoring data being collected by sensors and comprising at least one of acceleration data, on-board diagnostics data, a history of location data for the owned vehicle, a history of weather data, a speed, or a repair data for the owned vehicle; and

store sales data for non-owned vehicles corresponding to the profile;

one or more memory devices storing instructions; and

one or more processors executing the instructions to perform operations comprising;

generating predicted depreciation data of the owned vehicle, based on the sales data and the monitoring data via a statistical approach; and

providing a recommended disposal time for the owned vehicle, based on the predicted depreciation data,

wherein providing a recommended disposal time comprises;

evaluating a marginal depreciation value;

evaluating a marginal benefit value; and

providing a recommended disposal time for the owned vehicle when the difference between the marginal benefit value and the marginal depreciation value is between zero and a target value.

12. The system of claim 11, wherein:

the database is further configured to store repair data for non-owned vehicles corresponding to the profile; and

the operations further comprise providing the recommended disposal time based on the predicted repair data.

13. The system of claim 11, wherein the repair data comprises a type of a repair, a labor cost of the repair, and a parts cost of the repair.

14. The system of claim 11, wherein the operations further comprise generating a wear-and-tear score for the owned vehicle based on the monitoring data.

15. The system of claim 14, wherein the operations further comprise receiving wear-and-tear scores for the non-owned vehicles.

16. A system for providing a disposal recommendation for an owned vehicle, the system comprising one or more memory devices storing instructions and one or more processors executing the instructions to perform operations comprising:

generating a profile for the owned vehicle, the profile comprising age, mileage, and location of the owned vehicle;

receiving monitoring data of the owned vehicle, the monitoring data being collected by sensors and comprising at least one of acceleration data, on-board diagnostics data, a history of location data for the owned vehicle, a history of weather data, a speed, or a repair data for the owned vehicle;

receiving sales data for non-owned vehicles corresponding to the profile;

generating predicted depreciation data of the owned vehicle, based on the sales data and the monitoring data via a statistical approach; and

providing a recommended disposal time for the owned vehicle, based on the predicted depreciation data,

wherein providing a recommended disposal time comprises;

evaluating a marginal depreciation value at future times;

evaluating a marginal benefit value at future times; and

providing a recommended disposal future time for the owned vehicle when the marginal benefit value and the marginal depreciation value are equal to each other.

17. The system of claim 16, further comprising receiving repair data for non-owned vehicles corresponding to the profile, wherein providing the recommended disposal time comprises providing the recommended disposal time, based on the predicted depreciation values and the repair data.

18. The system of claim 16, wherein the repair data comprises a type of a repair, a labor cost of the repair, and a parts cost of the repair.

19. The system of claim 16, wherein the monitoring data comprises a history of weather data corresponding to the history of the location data for the owned vehicle.