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CAP ramps up data to increase used retail pricing accuracy

derren martin 2015

CAP Automotive is increasing the amount of data is uses to determine used retail pricing as part of an overhaul of its services.

The company said it would be ramping up its data sources from 700,000 to 8 million sources in total by the end of December this year.

The new retail pricing data will use big data sets to provide real-time intelligence on used retail pricing.

CAP says it referenced 4.8m pieces of data when building the model, which uses artificial intelligence technology to provide figures that respond to trends on a daily basis.

The business said a dealer can access data in three seconds and search by VRM or make, model, trim, fuel type and transmission.

Derren Martin, senior editor at CAP Automotive, said: “Consumers arrive on the forecourt having already researched vehicle options and local pricing.

“It is important that retail pricing data responds to market trends in real-time and is as accurate as possible.

"We have pushed the limits of new technology to provide our new model.” 

CAP Automotive says it plans to enhance the service with vehicle options, customer insights and regional price variations in 2016.

A spokesman for CAP confirmed the company would not be increasing prices for dealers as a result of the data overhaul.

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