18625402. Systems and Methods for Valuation of a Vehicle simplified abstract (Capital One Services, LLC)
Contents
Systems and Methods for Valuation of a Vehicle
Organization Name
Inventor(s)
Chih-Hsiang Chow of Coppell TX (US)
Elizabeth Furlan of Plano TX (US)
Systems and Methods for Valuation of a Vehicle - A simplified explanation of the abstract
This abstract first appeared for US patent application 18625402 titled 'Systems and Methods for Valuation of a Vehicle
The abstract describes a system and method for image analysis to identify and value individual components in an image, specifically for vehicles being sold.
- Valuation application uses machine learning model to identify and value vehicle components in images and videos.
- Users input information and take pictures/videos of their vehicle to be sold.
- Application communicates with websites via network to determine component values.
- Tabulates and summarizes vehicle component resale values for user to view.
- Provides a simplified explanation of the patent application process.
Potential Applications: This technology can be used in online marketplaces for vehicle sales, insurance claims processing, and auto repair estimation.
Problems Solved: This technology streamlines the process of valuing vehicle components, providing accurate and efficient information for sellers and buyers.
Benefits: Users can quickly and accurately determine the value of their vehicle components, leading to fair pricing and efficient sales processes.
Commercial Applications: This technology can be utilized by online car selling platforms, insurance companies, and auto repair shops to streamline valuation processes and improve customer satisfaction.
Prior Art: Researchers can explore similar technologies in the field of image analysis, machine learning, and online marketplaces for vehicles.
Frequently Updated Research: Stay updated on advancements in machine learning models for image analysis, valuation applications for vehicles, and online marketplace technologies.
Questions about Image Analysis for Vehicle Valuation: 1. How does the machine learning model accurately identify and value vehicle components in images and videos? 2. What are the potential challenges in implementing this technology in online marketplaces for vehicle sales?
Original Abstract Submitted
Aspects described provide systems and methods that relate generally to image analysis and, more specifically, identifying individual components and elements in an image. The systems and methods include a valuation application executing one or more application program interfaces (APIs) communicating with one or more websites via a network, where the user is prompted to enter information and/or take pictures or videos of their vehicle that they would like to sell. The valuation application utilizes a machine learning model to identify and value the various vehicle components within the images and videos. Based on the machine learning model, the valuation application identifies each component according to the images and videos and performs a search to determine the value of the components identified. The valuation application tabulates and summarizes the vehicle component resale values and resell information for the user to view.
