BCA has made changes to its Market Price valuation tool in order to “provide a greater level of accuracy for customers in every aspect of their remarketing activity”.
Market Price is the most accurate automated way to predict the final hammer price on vehicles that are sold through any channel at BCA and will “maximise speed of sale while ensuring that vehicles are sold for a fair price”, according to the remarketing specialist.
Underpinning BCA’s Dealer Pro and offers precision to the part-exchange process for dealers, reducing the risk of inaccurate valuations and helping dealers to close more sales, BCA Market Price is also used as part of BCA’s outsourcing service, ensuring a fair reflection of market value.
The system now uses the latest statistical methods and the Microsoft Azure Machine Learning Cloud environment to analyse the data more efficiently and provide a greater level of accuracy for customers in every aspect of their remarketing activity.
Ben Downe, head of business intelligence, said: “As the scope of the data we capture expands and the sophistication of our machine learning algorithms improves we are seeing significant enhancements in the accuracy of our valuations.
“BCA Data Science looks at a wider range of data to inform vehicle valuations, such as cosmetic and mechanical condition, colour and equipment. Data is drawn from a unique BCA database of five million historic UK vehicle auction sales.”
Downe added: “Real time access to this data improves first-time conversions and make sure provisional bids are dealt with using the most up to date information.”
The move follows a recent announcement by BCA of fresh investment in its automotive and supply chain operations that expanded capacity and triggered innovations such as RFID tagging of vehicles.