Vehicle Valuation Using Build Sheet Data Integration

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Solution Overview

Problem

Existing automated vehicle valuation methods rely on incomplete and inaccurate data from vehicle advertisements, leading to incorrect adjustments and misidentification of comparable vehicles, with no prior technological solution to address these errors.

Innovation Solution

The integration of build sheet data from manufacturer servers into the valuation process, using a valuation management computing apparatus to obtain and adjust values based on vehicle identifiers, ensuring accurate identification and valuation of comparable vehicles.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If automated valuation uses extracted data from vehicle advertisements, then the appraisal process is streamlined and automated, but the data may be incomplete and inaccurate leading to incorrect adjustments

Engineering Contradiction:

Improveappraisal process efficiencyVSAvoidvehicle valuation accuracy

Core Design Contradiction:

ProductivityVSMeasurement precision

Solution Approach 1:

The patent introduces build sheet data as an intermediary source to verify and supplement advertisement data. The system automatically obtains build sheet information from manufacturer servers and uses it to correct incomplete or inaccurate advertisement data, thereby maintaining both automation efficiency and valuation accuracy without requiring manual intervention

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system implements automated feedback by comparing advertisement data with build sheet data and automatically identifying discrepancies. When differences are detected, the system generates adjustments to correct the valuation, ensuring continuous improvement of accuracy while maintaining automated processing

Inventive Principle:

Principle #23Feedback

2Extent of automation

If automated appraisal adjusts values based on extracted advertisement data, then processing is automated, but errors in extracted data result in incorrect adjustments to comparable vehicle prices

Engineering Contradiction:

Improveautomated data extraction and adjustmentVSAvoidcorrectness of valuation adjustments

Core Design Contradiction:

Extent of automationVSReliability

Solution Approach 1:

The system performs preliminary verification by automatically obtaining build sheet data before finalizing valuation adjustments. This advance check allows the system to identify and correct potential errors in advertisement data before they affect the final valuation, maintaining full automation while improving reliability

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system proactively prevents errors by automatically comparing advertisement data with authoritative build sheet data before making adjustments. This preliminary anti-action counteracts potential inaccuracies in the automated extraction process, ensuring reliable adjustments without reducing automation extent

Inventive Principle:

Principle #9Preliminary anti-action

3Productivity

If advertisement data is used to identify comparable vehicles, then the process remains automated, but vehicles with missing features may be incorrectly identified as comparable

Engineering Contradiction:

Improveautomated comparable vehicle identificationVSAvoidcomparability assessment accuracy

Core Design Contradiction:

ProductivityVSMeasurement precision

Solution Approach 1:

The patent uses build sheet data as an intermediary verification source to confirm whether comparable vehicles truly match the subject vehicle's features. This additional data source allows automated identification to proceed while ensuring accuracy by verifying feature presence through manufacturer records

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system replaces reliance on potentially inaccurate advertisement data with automated retrieval and comparison of authoritative build sheet data from manufacturer servers. This substitution maintains automated processing while significantly improving the precision of comparability assessment

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Data Source

PatentUS11042939B2Methods for vehicle valuation utilizing automated integration of build sheet data and devices thereof

Publication Date: 2021.06.22 MITCHELL INTERNATIONAL INC

AI summary

A method, non-transitory computer readable medium and apparatus for vehicle valuation includes integrating with an insurance claim application executed by an agent device in response to an electronic request for a claim for a vehicle. Automated valuation of the claim vehicle in the insurance claim application executed by an agent computing device is managed. Corresponding build sheet data from a build sheet data server device for the comparable vehicles and the vehicle based on a corresponding vehicle identifier for each is obtained. A comparable base value of each of the comparable vehicles to the claim vehicle is adjusted based on differences between the obtained build sheet data for each. A claim base value for the claim vehicle is determined based on the adjusted comparable base values for each of the identified comparable vehicles. The determined claim base value is set in the insurance claim application executed by the agent device.