Using An Improved Algorithm, The Accuracy Of Each Valuation On The UCARS AI Valuation Tool Improves With Every Use
Singapore’s fastest-growing online car marketplace UCARS is integrating Artificial Intelligence (AI) and cloud computing into its platform together with Huawei to provide consumers with enhanced transparency, security, and satisfaction. Car owners can now expect to sell their vehicles within three days at the highest prices when using the AI-enhanced tools provided by the UCARS platform, says press release.
This is part of the company’s commitment to shifting the automotive industry towards a more modernised and customer-centric landscape. Using an improved algorithm, the accuracy of each valuation on the UCARS AI Valuation Tool improves with every use. By getting a better estimate on the car’s value, consumers can sell their car on the UCARS platform with ease of mind knowing the amount they can expect to get back, and at a fraction of the usual time it would take on other automotive platforms. Cho Kok Yick, Chief Technology Officer, UCARS, said, “We want to make the second-hand car selling process as safe and as easy as possible. This is why we are continuously investing in AI technologies. We are confident that by building a strong core in the area of deep tech, we will be able to power future growth in the automotive industry in a post-COVID world.”
With the help of Huawei Cloud, UCARS seeks to deepen consumers trust by integrating better infrastructure and cloud security into the platform and embarking on several AI-related projects to improve customer experience. This includes a Car Image Search Engine powered by machine vision and machine learning, as well as an enhanced AI Valuation Tool. All of them are developed on ModelArts, the AI platform of Huawei. Now consumers can identify the automaker and model of a car using the images only. With machine vision, image recognition can be utilised to find a specific vehicle that consumers desire. When dealers list on UCARS, there is no need for consumers to worry about hidden fees, undisclosed package deals, as they are provided with the latest and most accurate information on every listing.
Daniel Zhou, President, Huawei Cloud and AI Group, Asia Pacific, added, “This is a really exciting time, where we see more companies harness the power of AI to change the way they do business. Huawei is excited to embark on this journey with UCARS to help digitalize and deepen consumer trust in the automotive industry as well as to improve the customer journey and experience.” Moreover, after migrating its backend systems to Huawei Cloud, the UCARS platform has become more stable. It is now able to handle large amounts of data much better and securely than before.
Launched in Singapore early last year, Huawei Cloud has invested copious resources in partnering with local startups such as UCARS. They strive to optimise their backend infrastructure and AI algorithms to better meet business objectives while keeping Huawei’s services secure and affordable. UCARS is also one of the five finalists in Huawei Spark 2020, a hybrid accelerator programme launched by Huawei for deep tech startups. “A more robust architecture translates to enhanced user experience for both dealers and consumers. We truly appreciate the help that Huawei has been providing us throughout the integration process, and we look forward to more collaborative projects in the future,” Cho added.
This news was originally published at The Independent BD