Online auction provider TradeRev will unveil “H,” a new suite of artificial intelligence capabilities that will facilitate dealer-to-dealer vehicle auctions, at the National Auto Dealers Association (NADA) Show 2018 in Las Vegas, according to a company announcement.
TradeRev will demonstrate H's AI-driven automated conidition report visualization tool and several other released data and predictive analytics capabilities at NADA.
H was designed to leverage data and technology from across the KAR Auction Services platform. It uses TradeRev’s machine learning and proprietary algorithms to deliver clear, easy, actionable intelligence to dealers, the company stated.
“There’s a lot of artificial intelligence out there, but we created H to be hyper-focused ‘auction intelligence’ for dealers,” said Mark Endras, co-founder of TradeRev and KAR’s chief innovation officer. “H’s machine learning instantaneously analyzes real-time mobile device camera video frames and systematically classifies them into standard condition report image categories. In other words, dealers can now get a complete set of images in just seconds with increased accuracy, clarity and reliability of the resulting vehicle condition report.”
H’s automated visualization tool was developed internally by TradeRev’s machine learning and data science team. Over the past several months, H was fed condition report data and thousands of images from across KAR’s portfolio of whole car, salvage and online auction marketplaces and ancillary services providers, the company added.
This announcement follows the release of TradeRev 4.0 in North America. TradeRev 4.0 provides a suite of data analytic and machine learning capabilities that help streamline the auction experience for dealers. The 4.0 iteration of TradeRev introduced scheduled events for sellers, data-driven buyer vehicle recommendations, and bid assist price predictability.