Carvisor is an ML powered platform that streamlines the decision-making process by providing relevant price estimations, in-depth analytics and predictions, creating a more efficient used car market.
Current Status
We have already validated our solution by developing MVP (www.carvisor.co.nz). Since then we have prepared the API system integration, developed advanced pricing solutions for car valuation that will cover 99% of models, with implemented price adjustments for car condition. Also, we have developed various tools (price prediction tools, Smart Sort, Smart Filters). We have been approached by a few companies interested in sourcing information from our platform and we are in advanced discussions with one company interested in partnering up with us in both New Zealand and Australia.
Problem or Opportunity
Buying or selling a car is a highly inefficient and time-consuming process. It takes 85 days for an average car buyer to make a purchase. The buyer visits 4.2 car websites and spends more than 14 hours researching cars on-line. Majority of car buyers (64%) research car pricing on-line and stress negotiating a price (27%) and finding the best deal/price (20%) as their top frustrations. The “buyer’s remorse” is a very prominent feeling in the car market as only 60% of buyers are satisfied with the overall shopping experience.
Solution (product or service)
Our innovative solution is a platform which provides car buyers/ sellers/ institutions with reliable market data-based car valuations and market analytics. The platform is based on innovative AI/ ML technology developed by Carvisor. A user just needs to enter some basic information for the vehicle he/she wants to assess, and the platform instantly provides estimates of the current market price, market analytics and price predictions. We use data science to extract meaning from the raw market data and streamline the decision-making process, thus creating a more efficient used car market.
Business model
We can offer our pricing and analytics reports to a retail user for a fee, either immediately or for any subsequent requests after the first free report. Please note that one cannot get this information anywhere else for free. Also, we plan to target wholesale customers with tailored reports and analytics that match what we believe would help them in understanding their risks better and pricing their services on risk-adjusted and competitive terms. Our goal is to offer them a subscription-based service, whereby they would pay a flat monthly fee in return for an unlimited amount of reports depe
