AI increasing transparency in used car sales - Information Age

Jim O'Brien, general manager, Americas at RAVIN.AI, discusses how AI can be used as a tool to increase transparency in used car sales Consumers have turned the used car market into one of the hottest ever, with prices and sales volumes hitting record highs as new vehicles remain in short supply. But these sales of pre-owned vehicles are still challenging and complex for both buyers and dealers. So now is the time for AI technology, widely deployed in other parts of the auto industry from manufacturing to marketing to autonomous driving features, to play a larger role in making used car sales more efficient and transparent -- for both buyers and sellers. The explosion of used car sales means an explosion of opportunity for dealers -- and the salespeople that sell them. For those who do well, the rewards are great; the gross profit on a used car is between 12% and 15% of the total price, compared to about 7% for new cars.