Proprietary machine-learning model gives vehicle sellers a clear picture of value
RB Global, Inc. (NYSE: RBA) (TSX: RBA), a trusted global marketplace for insights, services and transaction solutions for commercial assets and vehicles, today announced that its subsidiary IAA has released three enhancements to its selling platform. The product enhancements, IAA Vehicle Score™, IAA Vehicle Value™ and the IAA Sales Decision Center™, all work together to provide vehicle sellers with information that is critical in helping to optimize their auction strategies for greater returns.
- IAA Vehicle Score is a patented, cutting-edge computer vision tool that provides fast and accurate ratings based on vehicle attributes and photos taken during vehicle check-in, allowing for cost- and time-savings. The automated model uses the latest artificial intelligence (AI) and deep learning techniques to analyze the vehicle’s four corner images and provide accurate damage ratings. A score is assigned to the vehicle, giving a quick reference point for the vehicle’s damage severity [as it moves through the sale process].
- IAA Vehicle Value uses the IAA Vehicle Score, plus several other relevant inputs, to deliver precise, unbiased vehicle valuations through machine learning and data mining. The predictive model is built on historical data and specific vehicle attributes, comparing similarly equipped and geographically located vehicles to generate a predicted value range. This gives vehicle sellers a strong position to access and negotiate the values of vehicles sold via IAA digital auctions.
- Visible within IAA’s existing selling environments, the new IAA Sales Decision Center gives sellers critical stock-level data to enable deeper data-driven decision-making, increases marketplace competition and helps sellers maximize returns. Sellers can use the data within the tool to make better-informed decisions regarding below-reserve sales, negotiations and vehicle reruns.
“Our customers are hungry for information that will add value for their businesses, so we’re investing in the tools to help them make informed selling decisions and generate better returns,” said Matt Ackley, Chief Digital Officer at RB Global. “We continue to work closely with insurance carriers, dealerships, fleet lease and rental car companies to identify more opportunities like this set of enhancements, where we can implement technology to help automate processes and optimize vehicle selling decisions at scale.”
For more information on IAA’s auction platform, visit IAAI.com.