Increased use sees Epyx plan new version of automatic used car pricing tool
Rapidly growing use of a tool that automatically prices used
cars for online trade sales is prompting Epyx to develop an enhanced version.
Auto Pricing was added to the company’s 1link Disposal
Network platform two years ago and usage levels were initially low but have
risen rapidly during 2018 and especially in recent months, according to the
Commercial director Tim Meadows explained: “It’s been very
much a process of users learning to trust the technology. Letting go of pricing
is quite a big step but people have become more and more comfortable with the
idea over time.
“Certainly, over recent months, we have seen a definite
increase in adoption. Some users are now pricing a majority of their online
sales in this way, especially where they dispose of large amounts of quite
Auto Pricing uses both historical data from each customer’s
own disposal activity and information from industry pricing guides, with
modifications based on three factors - grade, colour and options. They can all
be further modified by users.
Mr Meadows said: “This produces a pricing model that, we
have found, is very accurate when compared to the decision making that a person
in the same situation might make.
“However, we are now working on a new version of Auto
Pricing that adds a series of additional factors in order to drive the
precision still further.
“All of this is part of an enhanced level of machine
learning technology that we are adding to 1link Disposal Network platform, more
of which we plan to introduce in the future.”
Epyx’s 1link Disposal
Network is one of the longest-established sources of trade stock in the UK,
offering a large selection of stock from major leasing companies, motor
manufacturers and more.