In the second-hand car market, with coronavirus pandemic, contactless services have gone mainstream with dealers of used cars increasingly adopting mobile technology. This also helps them offer credible information on used cars.
Last year, in September, to join in this trend, Hyundai Capital, an auto financing firm, has launched an artificial intelligence-powered mobile platform named Check. The mobile platform aims to helps consumers avoid low-quality used cars which are often called lemons and picked peaches.
In the platform, users can just type in a vehicle’s registration number which will then show them its fair price as well as its recent sale price concerning the same vehicle model with similar conditions.
The company said, “the used car mobile platform has been gaining popularity among consumers who want to buy affordable, quality used cars without being scammed.”
In the past five months, according to the financial firm since the launch of the platform the average monthly page views have surpassed 120,000.
The platform is the first of its kind and uses an AI algorithm to price used cars. The algorithm was jointly developed with researchers from Seoul National University. It works by assessing the value of used cars by analyzing the mileage, production year, accident records, and engine displacement. Lastly, its service gets updated with the use of car prices from online bids.
On the platform, every month around 300,000 used cars are put up for sale. Check also informs subscribers about the expected selling prices in the next three years. It also helps users find and apply for car loan programs.
“Check is designed to help address pain points of consumers who can easily fall victim to used car scams due to the lack of reliable market data, and give used car buyers easy access to automotive financing products,” said An Dong-chan, a vice president at the auto-financing firm.