System and method for determining vehicle price adjustment values
First Claim
1. A computer implemented method for adjusting a base price of a particular used vehicle, the used vehicle having a present status at a specific time, the base price being adjusted based on specific prior events occurring to the used vehicle before the specific time, said method comprising the steps of:
- Obtaining, by a vehicle history information computer system, a vehicle history dataset relating to a particular used vehicle, the vehicle history dataset having vehicle history attributes regarding a the particular used vehicle, said vehicle history attributes indicating prior events that have occurred to the particular used vehicle;
Applying, by a vehicle history information computer system, a pricing model module to the vehicle history data set, said pricing model module being based on obtaining at least one transaction record relating to terms of sale of used vehicles said transaction records including a transaction price of a used vehicle that is the subject of the transaction record and vehicle history attributes indicating prior events that have occurred to the used vehicle that is the subject of the transaction record; and
Calculating, by a vehicle history information computer system, a single quantifiable price adjustment value for said particular used vehicle based on a plurality of said vehicle history attributes and said transaction records in the pricing model for vehicles similar to the particular used vehicle.
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Abstract
System and method for computing price adjustment values associated with vehicle history attributes including a vehicle history database with vehicle history datasets, a transaction database, a vehicle history knowledge determination module adapted to determine whether a sale transaction related to a transaction record occurred with buyer'"'"'s knowledge of the vehicle history attributes associated with the vehicle of the transaction record and to classify each transaction record based on whether buyer possessed knowledge of the vehicle history attributes, and a price adjustment module adapted to determine price adjustment values for the vehicle history attributes based on the vehicle history datasets and classification of the plurality of transaction records. In accordance with one aspect, the present invention may be implemented as a computer readable medium with instructions.
240 Citations
38 Claims
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1. A computer implemented method for adjusting a base price of a particular used vehicle, the used vehicle having a present status at a specific time, the base price being adjusted based on specific prior events occurring to the used vehicle before the specific time, said method comprising the steps of:
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Obtaining, by a vehicle history information computer system, a vehicle history dataset relating to a particular used vehicle, the vehicle history dataset having vehicle history attributes regarding a the particular used vehicle, said vehicle history attributes indicating prior events that have occurred to the particular used vehicle; Applying, by a vehicle history information computer system, a pricing model module to the vehicle history data set, said pricing model module being based on obtaining at least one transaction record relating to terms of sale of used vehicles said transaction records including a transaction price of a used vehicle that is the subject of the transaction record and vehicle history attributes indicating prior events that have occurred to the used vehicle that is the subject of the transaction record; and Calculating, by a vehicle history information computer system, a single quantifiable price adjustment value for said particular used vehicle based on a plurality of said vehicle history attributes and said transaction records in the pricing model for vehicles similar to the particular used vehicle. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer system for adjusting a base price of a particular used vehicle, the used vehicle having a present status at a specific time, the base price being adjusted based on specific prior events occurring to the used vehicle before the specific time, said system comprising:
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a memory device to store instructions; at least one processor coupled with the memory device to execute instructions to implement, a receiving module for receiving vehicle history dataset relating to a particular used vehicle, the vehicle history dataset having vehicle history attributes regarding the particular used vehicle, said vehicle history attributes indicating prior events that have occurred to the particular used vehicle; a price adjustment module including a pricing model, said pricing model being based on at least one transaction record relating to sale terms of used vehicles, said transaction records including a transaction price of a used vehicle that is the subject of the transaction record and vehicle history attributes indicating prior events that have occurred to the used vehicle that is the subject of the transaction record, said price adjustment module being configured to calculate a single quantifiable price adjustment value for said particular vehicle based on said vehicle history attributes and said pricing model. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A computer implemented method for creating a pricing model to be used for adjusting a base price of a particular used vehicle, the used vehicle having a present status at a specific time, the base price being adjusted based on specific prior events occurring to the used vehicle before the specific time, said method comprising the steps of:
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obtaining, by a vehicle history information computer system, transaction price data relating to sale transactions of used vehicles; obtaining, by a vehicle history information computer system, vehicle history attributes indicating prior events that have occurred to the used vehicles; creating by a vehicle history information computer system, transaction records, each transaction record including a transaction price of a used vehicle that is the subject of the transaction record and vehicle history attributes indicating prior events that occurred to the used vehicle that is the subject of the transaction record; and storing by a vehicle history information computer system, the transaction records in a database in accordance with a unique identifier of the vehicle that is the subject of the transaction record. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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31. A computer readable media having computer readable instructions recorded thereon that implement a method when executed by a computer processor, said method being a method for adjusting a base price of a particular used vehicle, the used vehicle having a present status at a specific time, the base price being adjusted based on specific prior events occurring to the used vehicle before the specific time, said method comprising the steps of:
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obtaining a vehicle history dataset relating to a particular used vehicle, the vehicle history dataset having vehicle history attributes regarding the particular used vehicle, said vehicle history attributes indicating prior events that have occurred to the particular used vehicle; applying a pricing model module to the vehicle history data set, said pricing model module being based on at least one transaction record relating to sale terms of used vehicles, said transaction records including a transaction price of a used vehicle that is the subject of the transaction record and vehicle history attributes indicating prior events that have occurred to the used vehicle that is the subject of the transaction record; and calculating a single quantifiable price adjustment value for said particular used vehicle based on a plurality of said vehicle history attributes and said transaction records in the pricing model for vehicles similar to the particular used vehicle. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38)
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Specification