A Web-based Decision Support System for Used-Car Pricing

AYHAN, DEMIRIZ (2015) A Web-based Decision Support System for Used-Car Pricing. In: Third International Conference on Advances In Computing, Control And Networking - ACCN 2015, 28-29 December, 2015, Bangkok, Thailand.

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Abstract

Used-car trade has a significant portion in overall automobile market and determining the values of the cars is an important problem. This study proposes a new methodology for determining the market value of the used-cars by observing the classifieds in an e-commerce site. This type of data acquisition plays an important role to build pricing models and to conduct further analysis in our approach. In data acquisition stage, a set of new listings are chosen randomly each day from an ecommerce site (a web site like Craigslist), then these listings are observed until a pre-determined period (e.g. thirty days) or delisting time, whichever comes first. The crucial part of our approach is the assumption of a sale event when the listing is no longer available i.e. delisted from the e-commerce site. The proposed methodology may potentially be used for pricing any used item based on the web listings. A web site was developed to help clients/users for determining the market values of their cars as a decision support tool that can assess the likelihood of selling a particular car at a certain price. We also presented the applicability of predictive models to determine the likelihood of selling a car within thirty day period based on the price set by the owner.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Used-Car Pricing, Web-based Decision Support, Logistic Regression
Depositing User: Mr. John Steve
Date Deposited: 29 Mar 2019 10:38
Last Modified: 29 Mar 2019 10:38
URI: http://publications.theired.org/id/eprint/1043

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