Vehicle Computer System for Residual Value Estimation
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Solution Overview
Problem
Current methods for determining vehicle residual value at the end of a lease are arbitrary and lack credibility, relying solely on observable vehicle condition, which can lead to inaccurate assessments and increased customer liability for wear and tear charges.
Innovation Solution
A vehicle computer system that communicates with mobile devices and sensors to collect data on usage, environment, and vehicle condition, aggregating this information to determine a vehicle's depreciation value and transmit it to owners, enabling more precise residual value estimation and dynamic pricing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If third party inspection is used to determine vehicle condition at lease end, then the inspection process is simple and observable, but the assessment lacks credibility and accuracy
Solution Approach 1:
The patent replaces manual third-party inspection with an automated electronic system that uses sensors, processors, and communication units to collect, transmit, and analyze vehicle data. The system automatically determines vehicle condition and residual value based on aggregated data from multiple sensors and environmental factors, eliminating the need for manual inspection while improving accuracy and credibility.
Solution Approach 2:
The patent introduces an intermediary data processing system that acts as a mediator between vehicle sensors and the final residual value determination. The system collects data from multiple sensors, aggregates it with environmental and usage information, processes it through algorithms, and produces a credible assessment. This intermediary layer transforms raw sensor data into meaningful condition evaluations.
2Device complexity
If only observable vehicle condition is considered for residual value determination, then the assessment is straightforward, but it leads to inaccurate evaluations and increased customer liability
Solution Approach 1:
The patent makes the assessment system multi-functional by incorporating multiple data sources beyond just observable condition. The system integrates sensor data (acceleration, temperature, humidity), environmental information, usage patterns, and vehicle specifications into a comprehensive residual value determination. This universal approach allows the same system to evaluate both physical condition and contextual factors, improving reliability.
Solution Approach 2:
The patent changes the parameters used for assessment from simple observable conditions to a comprehensive set of metrics including sensor readings, environmental factors, usage patterns, and vehicle specifications. By transforming the assessment parameters to include multiple dimensions of data, the system achieves more accurate and reliable residual value determinations that reflect actual vehicle condition more faithfully.
3Ease of manufacture
If manual inspection methods are used, then the process is simple to implement, but it increases customer liability for wear and tear charges
Solution Approach 1:
The patent replaces manual inspection with an automated electronic system that objectively measures and evaluates vehicle condition. The system uses sensors to collect data, processes it through algorithms, and determines residual value without human subjectivity. This substitution eliminates arbitrary inspection decisions and reduces customer liability by providing transparent, data-driven assessments that fairly reflect actual wear and tear.
Data Source
AI summary
A vehicle computer system configured to communicate with a mobile device, comprising a wireless transceiver configured to communicate with the mobile device. The vehicle computer system also includes a processor in communication with the wireless transceiver. The processor is configured to receive information from one or more vehicle sensors regarding vehicle usage, send the information to an off-board server via the wireless transceiver, wherein the information is utilized in a damages-model regarding the vehicle, and output the information concerning the damages-model to a user display.