Location-Based Vehicle Transaction System for Automated Financing

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Solution Overview

Problem

The current vehicle purchasing process is inefficient as customers typically visit dealerships without prior knowledge of available loan options or vehicle details, leading to a time-consuming process of reviewing financial details and selecting financing options once a car is chosen.

Innovation Solution

A location-based vehicle transaction system that tracks customer location and proximity to dealer vehicles, providing vehicle information and financing offers, and automatically generates finance agreements between the customer, dealer, and financing party using connected devices and user devices like smartphones.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of information

If customers visit dealerships without prior knowledge of loan options or vehicle details, then the dealership can provide comprehensive information, but the purchasing process becomes time-consuming and inefficient

Engineering Contradiction:

Improvecustomer knowledge of loan options and vehicle detailsVSAvoidtime required to review financial details and select financing options

Core Design Contradiction:

Loss of informationVSLoss of time

Solution Approach 1:

The system performs preliminary actions by pre-qualifying customers for financing options and pre-presenting vehicle information before the customer arrives at the dealership. The financing party receives customer application information in advance and can have financing options ready before the customer visits the dealer, eliminating the need for time-consuming on-site financial reviews.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system introduces a digital intermediary platform that connects customers, dealerships, and financing parties. This intermediary enables automated information exchange, allowing customers to view vehicle details and financing options through a mobile device or website before visiting the dealership, thus reducing the time required for information gathering and decision-making.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Reliability

If the customer arrives at the dealership and begins discussing financing options, then detailed financial review can occur, but the overall purchasing process is extended

Engineering Contradiction:

Improveaccuracy of financial reviewVSAvoidspeed of vehicle purchasing process

Core Design Contradiction:

ReliabilityVSProductivity

Solution Approach 1:

The system performs preliminary financial qualification and vehicle selection before the customer reaches the dealership. The financing party reviews customer information and prepares financing options in advance, while the customer can pre-view vehicle details and specifications through the system, allowing accurate financial review to occur remotely before the in-person transaction.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system replaces the traditional mechanical process of in-person financial review with electronic and automated systems. Digital platforms enable automated credit checks, financial option generation, and vehicle information delivery, substituting the time-consuming manual review process with rapid automated calculations and information exchange that maintain accuracy while significantly increasing speed.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

3Loss of information

If the dealer provides comprehensive vehicle information and financing options, then the customer can make informed decisions, but the complexity of the transaction process increases

Engineering Contradiction:

Improvecompleteness of vehicle information and financing optionsVSAvoidcomplexity of transaction process

Core Design Contradiction:

Loss of informationVSDevice complexity

Solution Approach 1:

The system segments the complex transaction process into distinct modular components: customer profile management, vehicle inventory display, financing option calculation, and contract generation. Each component operates independently and can be accessed through a user-friendly interface, making the overall complex process manageable while maintaining comprehensive information availability.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The system enables self-service functionality where customers can independently view vehicle details, review financing options, and complete transactions without extensive dealer assistance. The automated system provides comprehensive information and performs calculations automatically, reducing the complexity burden on both customers and dealers while maintaining complete information availability.

Inventive Principle:

Principle #25Self-service

Data Source

PatentUS12086854B1Location based vehicle transactions

Publication Date: 2024.09.10 WELLS FARGO BANK NA

AI summary

Vehicle transactions can be facilitated based on location. A customer location can be tracked relative to vehicles at a dealer location. A customer in close proximity to a particular vehicle at a dealer location can be detected, and a finance agreement can be generated between a financing party, the customer, and the dealer of the vehicle based on the detection of the customer and the vehicle. Further, a mechanism is provided to aid execution of the finance agreement as a contract between the customer, the financing party, and the dealer to finalize a sale or lease of the vehicle.