Shriram Automall India (SAMIL), a marketplace for pre-owned vehicles and equipment has inked an agreement with Yardi School of Artificial Intelligence, IIT Delhi to enhance its in-house developed pre-owned vehicle valuation platform, ThePriceX, which assists in predicting value of any pre-owned vehicle from any source and geography in real-time.
The company says through this exclusive agreement, IIT-Delhi team headed by professors Professor Mausam and Professor Sayan Ranu will provide the expertise to improve the accuracy of ThePriceX tool through statistical modelling, machine learning and other complex artificial intelligence algorithms. On the other hand SAMIL will provide its expertise on pricing and valuation data of pre-owned vehicles and equipments.
ThePriceX is an advanced price prediction engine aimed at solving a major problem of vague and distorted value of vehicles and equipment which overshadows the pre-owned marketplace in the country. The company claims that it is already being used by all the leading banks, insurance companies, NBFCs as well as OEMs. The tool uses a scientific and insightful approach towards price discovery. Users get the data driven results on the basis of a large number of successfully transacted vehicles over the past 11 years.
Sameer Malhotra, director and CEO, Shriram Automall India said, “ThePriceX is one-of-its kind valuation tool that will help a slew of clients with their problem of fuzzy valuation of vehicles and equipment within seconds. SAMIL has been a frontrunner in providing technological solutions in the pre-owned vehicle and equipment space and we are confident in sustaining that image.”