Spinny, the online used car marketplace that recently acquired its rival HopCar, has introduced data driven algorithmic engines – ‘Spinny Star Price‘ and ‘Spinny Star Rating‘, which the company stresses will further help simplify the entire process of Buying and Selling Pre-Owned Cars online.
Image Source* – MySpinny
Niraj Singh, CEO & Founder, Spinny said
For an individual, it’s very difficult to correctly predict the right price of any car. The information asymmetry prevalent in the used car market often leads to cases of over-payment & underpayment in a transaction, leaving the buyers & the sellers unsatisfied. The Spinny Star Price helps tackle this issue. While there are other algorithms available in the market, the Spinny Star Price engine, provides reasons behind how the price provided has depreciated to its current value from the car’s original on-road price.
Spinny price engine leverages artificial neural network model to accurately predict the price of a used car. According to Ramanshu Mahaur, CTO & Co-Founder
The engine takes in account more than 500K data points from actual car transactions, to provide a precise price range of a used car based on it’s condition, demand-supply match and sale’s channel. It has also been trained to dynamically correct itself by accounting for events like new model launches, changes in taxes, and the seasonality of demand and supply.
Spinny claims that the Pricing Engine is already powering more than 1000 transactions a month and has been garnering positive feedback from its users since its closed beta launch 3 months earlier.
The Spinny Star Rating engine, on the other hand works as a scoring mechanism to assist people in finding and comparing different cars. The algorithm behind takes hierarchical anatomy of car to see how each part and its functionality affect overall structure and performance of the car. Factors which affect the desirability of a car such as registration dates and current number of owners are also fed into the rating engine. Taking all factors which affect the buying decision for a buyer, the Engine calculates a final score for each product listing which indicates how good a deal is.
For a long time, the Used Car market had lacked a standardised method of Price discovery and validation that has kept many buyers and sellers from involving in used car transactions. The introduction of the Spinny Star Price and the Spinny Star Rating is a step in the right direction by the company to simplify the way used cars are bought and sold in India.
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