Pre-owned vehicles and equipment marketplace Shriram Automall India Ltd on Tuesday said it has inked a pact with IIT Delhi’s Yardi School of Artificial Intelligence to enhance its in-house developed pre-owned vehicle valuation platform ThePriceX.
Through this exclusive agreement, the IIT-Delhi team will provide expertise to improve the accuracy of ThePriceX, which assists in predicting the value of pre-owned vehicles from any source and geography, real-time, through statistical modelling, machine learning and other complex artificial intelligence algorithms, the company said in a statement.
Shriram Automall India Ltd (SAMIL) will provide its decade-long expertise on pricing and valuation data of pre-owned vehicles and equipment, it added.
SAMIL Director and CEO Sameer Malhotra said through the strategic tie-up with IIT Delhi, its technology team will work together on the enrichment of the already advanced pre-owned vehicle price prediction tool ThePriceX.
SAMIL said ThePriceX, an advanced price prediction engine, is already being used by leading banks, insurance companies, NBFCs as well as OEMs. Users get data-driven results on the basis of lakhs of successfully transacted vehicles over the past 11 years.
