U.S. patent application number 11/337871 was filed with the patent office on 2006-06-15 for vehicle lead generation system using byer criteria.
This patent application is currently assigned to Veretech, LLC. Invention is credited to Art DeLaurier, Mike McFall, Santiago Ramirez, Michael Sheinson.
Application Number | 20060129423 11/337871 |
Document ID | / |
Family ID | 32911978 |
Filed Date | 2006-06-15 |
United States Patent
Application |
20060129423 |
Kind Code |
A1 |
Sheinson; Michael ; et
al. |
June 15, 2006 |
Vehicle lead generation system using byer criteria
Abstract
The invention is directed to a system for generating a lead by
determining an estimated for a vehicle. The system may receive
vehicle identifying information; receive seller identifying
information; receive information for a sample of vehicles of the
same make and model as the vehicle; determine a value for vehicle
using the vehicle identifying information and the historical
information, wholesale sales through auctions and at dealerships;
(and also vehicle condition information if provided), and determine
an estimated value, estimated value range, or offer price for the
vehicle using predetermined buyer criteria and the determined
value. This offer may then be transmitted to the seller in the form
of a price certificate, appraisal report, etc., and the seller
identifying information may be transmittal to the buyer as a sales
lead.
Inventors: |
Sheinson; Michael; (Highland
Beach, FL) ; DeLaurier; Art; (Parkland, FL) ;
McFall; Mike; (Parkland, FL) ; Ramirez; Santiago;
(Lake Worth, FL) |
Correspondence
Address: |
IP GROUP OF DLA PIPER RUDNICK GRAY CARY US LLP
1650 MARKET ST
SUITE 4900
PHILADELPHIA
PA
19103
US
|
Assignee: |
Veretech, LLC
|
Family ID: |
32911978 |
Appl. No.: |
11/337871 |
Filed: |
January 23, 2006 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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10640852 |
Aug 14, 2003 |
|
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|
11337871 |
Jan 23, 2006 |
|
|
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60403272 |
Aug 14, 2002 |
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Current U.S.
Class: |
705/306 ;
705/14.39; 705/35 |
Current CPC
Class: |
G06Q 30/0601 20130101;
G06Q 30/0239 20130101; G06Q 30/0278 20130101; G06Q 40/00 20130101;
G06Q 30/02 20130101 |
Class at
Publication: |
705/001 ;
705/014; 705/035 |
International
Class: |
G06Q 99/00 20060101
G06Q099/00; G07G 1/14 20060101 G07G001/14; G06Q 40/00 20060101
G06Q040/00 |
Claims
1. A method of generating sales leads as a service for one or more
vehicle dealerships, the method comprising: maintaining a web site
that is accessible over a computer network by a consumer who may be
considering selling or trading in a first vehicle and potentially
purchasing a second vehicle; offering to the consumer while the
consumer is accessing the web site to provide the consumer with an
estimated value of the first vehicle, wherein the consumer must
provide the consumer's contact information before the estimated
value is provided; maintaining one or more processors in
association with the web site, the one or more processors
performing the following steps (a) receiving information indicative
of the first vehicle transmitted from the consumer over the
computer network, the information indicative of the first vehicle
comprising one or more selected from the group consisting of make,
model, options and condition of the first vehicle, (b) receiving
contact information of the consumer transmitted from the consumer
over the computer network, and (c) actively transmitting the
contact information of the consumer to the one or more vehicle
dealerships as a sales lead; the one or more vehicle dealerships
and consumer following up with one another about the one or more
dealerships potentially purchasing the first vehicle from the
consumer, or the consumer using the first vehicle as a trade in,
and the one or more dealerships potentially selling the second
vehicle or another vehicle to the consumer; and the one or more
dealerships providing an estimated value of the first vehicle to
the consumer in accordance with the prior offer given to the
consumer.
2. The method of claim 1, wherein the step of determining the
estimated value of the first vehicle comprises considering buyer
criteria selected from the group consisting of a price control
option, vehicle specific criteria, historic vehicle issues, and a
price offset for state sales tax.
3. The method of claim 1, wherein the step of determining the
estimated value of the first vehicle comprises considering
historical data, adding for optional equipment, subtracting for
excess mileage, and subtracting for physical and/or mechanical
condition flaws.
4. The method of claim 1, wherein said vehicle identifying
information is used to generate an appraisal report.
5. The method of claim 1, wherein said estimated value is
determined as an estimated value range.
6. The method of claim 5, wherein a low end of said range is a
wholesale value derived from auction data from wholesales vehicle
sales, and a high end is calculated as a percentage above said low
end range.
7. The method of claim 6, wherein said percentage is between about
8 to 10 percent.
8. The method of claim 1, wherein said estimated value is provided
as a trade-in allowance accounting for state sale tax.
9. The method of claim 1, wherein the consumer's contact
information comprises one or more selected from the group
consisting of name, street address, phone number, and email
address.
10. The method of claim 1, wherein the estimated value of the first
vehicle is determined by comparing the information indicative of
the first vehicle received from the consumer against a database of
vehicle value information contained in one or more data sources in
communication with the one or more processors.
11. The method of claim 1, wherein the estimated value of the first
vehicle is determined by the one or more dealerships.
12. The method of claim 11, wherein the one or more dealerships
provide the estimated value to the consumer when the one or more
vehicle dealerships and consumer following up with one another.
13. The method of claim 12, wherein the one or more dealerships
determine the estimated value from one or both of the information
indicative of the first vehicle received from the consumer or
information obtained by an inspection of the first vehicle, which
is compared against one or more data sources of vehicle value
information available to the one or more dealerships.
14. The method of claim 13, wherein the data sources of vehicle
value information is selected from the group comprising one or more
of a reference book of vehicle value information, database of
vehicle value information, Black Book, NADA, or Kelly Blue
Book.
15. The method of claim 12, wherein the web site is maintained
independently of the one or more dealerships, in order to
communicate to the consumer that the web site is unaffiliated with
the one or more dealerships.
16. The method of claim 12, wherein the web site is maintained
without indicating to the consumer whether or not the web site is
affiliated with the one or more vehicle dealerships.
17. A system of generating sales leads as a service for one or more
vehicle dealerships, the method comprising: maintaining a web site
that is accessible over a computer network by a consumer who may be
considering selling or trading in a first vehicle and potentially
purchasing a second vehicle; offering to the consumer while the
consumer is accessing the web site to provide the consumer with an
estimated value of the first vehicle, wherein the consumer must
provide the consumer's contact information before the estimated
value is provided; maintaining one or more processors in
association with the web site, the one or more processors
performing the following steps (a) receiving information indicative
of the first vehicle transmitted from the consumer over the
computer network, the information indicative of the first vehicle
comprising one or more selected from the group consisting of make,
model, options and condition of the first vehicle, (b) receiving
contact information of the consumer transmitted from the consumer
over the computer network, and (c) actively transmitting the
contact information of the consumer to the one or more vehicle
dealerships as a sales lead; the one or more vehicle dealerships
and consumer following up with one another about the one or more
dealerships potentially purchasing the first vehicle from the
consumer, or the consumer using the first vehicle as a trade in,
and the one or more dealerships potentially selling the second
vehicle or another vehicle to the consumer; and the one or more
dealerships providing an estimated value of the first vehicle to
the consumer in accordance with the prior offer given to the
consumer.
18. The system of claim 17, wherein the step of determining the
estimated value of the first vehicle comprises considering buyer
criteria selected from the group consisting of a price control
option, vehicle specific criteria, historic vehicle issues, and a
price offset for state sales tax.
19. The system of claim 17, wherein the step of determining the
estimated value of the first vehicle comprises considering
historical data, adding for optional equipment, subtracting for
excess mileage, and subtracting for physical and/or mechanical
condition flaws.
20. The system of claim 17, wherein said vehicle identifying
information is used to generate an appraisal report.
21. The system of claim 18, wherein said estimated value is
determined as an estimated value range.
22. The system of claim 21, wherein a low end of said range is a
wholesale value derived from auction data from wholesales vehicle
sales, and a high end is calculated as a percentage above said low
end range.
23. The system of claim 22, wherein said percentage is between
about 8 to 10 percent.
24. The system of claim 17, wherein said estimated value is
provided as a trade-in allowance accounting for state sale tax.
25. The system of claim 17, wherein the consumer's contact
information comprises one or more selected from the group
consisting of name, street address, phone number, and email
address.
26. The system of claim 17, wherein the estimated value of the
first vehicle is determined by comparing the information indicative
of the first vehicle received from the consumer against a database
of vehicle value information contained in one or more data sources
in communication with the one or more processors.
27. The system of claim 17, wherein the estimated value of the
first vehicle is determined by the one or more dealerships.
28. The system of claim 27, wherein the one or more dealerships
provide the estimated value to the consumer when the one or more
vehicle dealerships and consumer following up with one another.
29. The system of claim 28, wherein the one or more dealerships
determine the estimated value from one or both of the information
indicative of the first vehicle received from the consumer or
information obtained by an inspection of the first vehicle, which
is compared against one or more data sources of vehicle value
information available to the one or more dealerships.
30. The system of claim 29, wherein the data sources of vehicle
value information is selected from the group comprising one or more
of a reference book of vehicle value information, database of
vehicle value information, Black Book, NADA, or Kelly Blue
Book.
31. The system of claim 28, wherein the web site is maintained
independently of the one or more dealerships, in order to
communicate to the consumer that the web site is unaffiliated with
the one or more dealerships.
32. The system of claim 28, wherein the web site is maintained
without indicating to the consumer whether or not the web site is
affiliated with the one or more vehicle dealerships.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation of U.S. application Ser.
No. 10/640,852 filed Aug. 14, 2003, which claims priority of U.S.
Provisional Patent Application Ser. No. 60/403,272, filed on Aug.
14, 2002, which are herein incorporated in their entirety by
reference.
FIELD OF THE INVENTION
[0002] The invention relates to a system for generating leads for
the sale of vehicles. More particularly, the invention relates to a
system for generating leads by determining an offer price for a
vehicle using historical data, such as wholesale sales that occur
at vehicle auctions and dealerships, and dealer selected buyer
criteria. Even more particularly, the invention relates to an
online system for generating leads by determining an offer price
for a vehicle using this information.
BACKGROUND
[0003] In order to acquire a new vehicle, the consumer who intends
to dispose of their current vehicle must complete at least three
major processes. These operations can either be performed online,
in the traditional fashion at the dealership, or through a
combination of both the online and traditional settings.
[0004] For example, if the consumer is using the Internet to
complete these operations, then they are completed as follows. The
consumer first selects the new vehicle, either by browsing through
the inventory of vehicles that the dealer currently has on hand, or
by using configuration software to select the vehicle and the
various options desired. Next, the consumer determines the value of
the vehicle that he or she is currently driving, and ascertains how
or if the value derived from that vehicle will contribute to the
acquisition of the new vehicle. Finally the consumer considers how
he/she will pay for or finance the remainder, once the value of the
current vehicle is subtracted from the cost of the new one.
[0005] Each of these steps needs to be completed in order for the
consumer to acquire a replacement vehicle. The steps do not
necessarily have to be performed in a serial fashion, and thus,
some customers will first ascertain how much their trade-in is
worth, while others will want to understand if their credit rating
is adequate for them to finance a new vehicle. Most consumers will
select the new vehicle first, and will generally do that by
accessing a Web site operated by an vehicle manufacturer, an
portal, and/or a franchised dealer close to their home or place of
work.
[0006] A number of systems exist in the prior art for determining
the value of a used automobile. A number of these prior art systems
also allow for this valuation to be conducted over the Internet.
Examples include the National Automobile Dealers' Association
("NADA."), which allows users to determine the value of a used
vehicle through their Web site at www.nadaguides.com; and the
Kelley Blue Book, which allows consumers to determine the value of
a used car through their Web site at www.kbb.com.
[0007] However, these sites do not allow the consumer to obtain an
actual offer on a vehicle from a dealer. As a result, other systems
have been developed in the prior art that allow the consumer to
obtain an actual offer for their used vehicle over the Internet
using an interactive Web site. For example, one such site can be
found at www.buyfigure.com. In order to obtain a price offer using
this system, the consumer enters the VIN number for a particular
vehicle and completes a questionnaire. This information is then
submitted to the BuyFigure Web site where a price is determined for
the vehicle. This price is returned to the user in the form of a
demand certificate. This demand certificate can be used to sell the
vehicle to any dealer that is franchised in the BuyFigure
system.
[0008] Unfortunately, such systems have the significant
disadvantage that they do not allow the dealer to customize an
offer for the vehicle based upon dealer designated buying criteria.
This is a significant disadvantage, since particular dealers may
want to adjust their offer price based upon factors that are of
importance to them specifically. Moreover, such sites do not refer
the consumer (and generate leads) from the dealer's own Web site.
This is a significant disadvantage as such systems can not readily
be used as a lead generating engine for specific participating
dealers.
[0009] Accordingly, a system is needed that serves both the
consumer and the automobile dealer; and which enables a dealership
to ascertain the actual wholesale value of the vehicle and to alter
the offer price or other estimated value based upon the dealer's
current buying criteria. The system may also enable consumers who
are seeking to part with their current vehicle to secure a firm
offer from a participating dealer, who is willing to purchase the
vehicle. The system is preferably accessible via the Internet,
served to the user via an existing Web site operated by the dealer
or an automotive portal.
SUMMARY OF THE INVENTION
[0010] Embodiments of the invention may incorporate a system for
generating leads for the sale of vehicles. This may include a
system for generating leads for the sale of a vehicle by
determining an offer price by a buyer, typically a dealer, for a
vehicle for sale by a seller, typically a consumer. The system is
preferably accessed by the seller over the Internet, such as
through the use of an interactive dealer Web site, but may also be
used locally, such as by a customer and/or dealer in a dealer
showroom.
[0011] The invention is preferably engaged when a consumer decides
to obtain an offer for the value for a vehicle from a dealer. The
value of the vehicle and/or a dealer's offer can be used as a
credit toward the purchase of another vehicle. Through a connection
to the Internet, the consumer can use a browser to access a local
or remote Internet Web site and interact with the system. After
supplying the necessary information, the consumer will receive an
offer from the dealer that may be used in buying or trading-in the
vehicle. This offer may take the form, for example, of a demand
certificate, an appraisal report, an estimated value, and/or an
estimated value range.
[0012] This may preferably be accomplished through the use of a
series of forms that are provided by the user interface to the Web
site. The information provided by the consumer is then preferably
stored in a data source, although this is not required. A data
source interface, which is in communication with the user interface
and the data source, can then use this information to determine the
current value of the vehicle. The data source interface can also
access historical data, such as wholesale sales that occur at
vehicle auctions and dealerships, and dealer specified buying
criteria is preferably stored in a dealer profile if in the data
source. This information can be used to generate the offer for the
vehicle, which can then be refined by using specific buying
criteria before being sent to the consumer.
BRIEF DESCRIPTION OF THE DRAWINGS
[0013] The foregoing and other aspects and advantages will be
better understood from the following detailed description of the
invention with reference to the drawings, in which:
[0014] FIG. 1 is a diagram of a preferred embodiment of the
invention used over the Internet;
[0015] FIGS. 2(a)-(f), 3(a)-(g), and 4(a)-(e) are computer screen
shots of preferred embodiments of Web page forms for submitting
vehicle identification and condition information in accordance with
the system of the invention;
[0016] FIGS. 2(g), 3(h), and 4(f) are computer screen shots of
preferred embodiments of a Web page form for submitting seller
identifying information in accordance with the system of the
invention;
[0017] FIG. 2(h) is a computer screen shot of a preferred
embodiment of a Web page demand certificate in accordance with the
system of the invention.
[0018] FIGS. 3(g) and 4(i) are computer screen shots of a preferred
embodiment of a Web page estimated value in accordance with the
system of the invention.
[0019] FIGS. 3(h) and 4(j) are computer screen shots of a preferred
embodiment of an email-based appraisal report in accordance with
the system of the invention.
[0020] FIGS. 4(g)-(h) are computer screen shots of status message
Web pages in accordance with the system of the invention.
DETAILED DESCRIPTION
[0021] The invention will be understood more fully from the
detailed description given below and from the accompanying drawings
of preferred (but not exclusive) embodiments of the invention;
which, however, should not be taken to limit the invention to a
specific embodiment but are for explanation and understanding
only.
[0022] FIG. 1 is a schematic demonstrating the typical components
used in a preferred embodiment of the invention when used over the
Internet. Those of ordinary skill in the art will appreciate that
the present invention, while described below in connection with its
use over the Internet, is certainly not limited thereto.
[0023] As shown in FIG. 1, this embodiment of the invention
includes Seller Access, which includes Document Viewer 1, Computer
2, and Network Connection 3 (described in more detail below), which
allows sellers to access the system of the present invention. The
seller is preferably a consumer but is not limited thereto and may
be businesses, other dealers, etc. The present invention also
preferably includes Buyer Access, which includes Document Viewer 4,
Computer 5, and Network Connection 6.
[0024] Seller Access and Buyer Access communicate with each other
and have their transaction facilitated by, Lead Generation System
7. Lead Generation System 7, preferably includes at least an
Internet Web Server 8, a Data Source Interface 9, a Data Source 10,
and an Email Server 11.
[0025] To input and extract information from Lead Generation System
7, an electronic document, such as a Web page, is loaded in a
conventional manner into a Document Viewer. Each Document Viewer
may be any software application capable of viewing electronic
documents and loading additional electronic documents from within
the original document, such as through the use of a hypertext link
or form (although not limited thereto).
[0026] For example, the Document Viewer could include a Web
browser, such as Navigator from Netscape Communications or
Microsoft's Internet Explorer. The electronic document may be
loaded automatically when the Document Viewer is first started, or
may be opened into the viewer by the user from a file stored
locally or at a remote address. For example, the user may load the
document by typing the document's address into the Web browser's
command line.
[0027] Each Document Viewer may be accessed by the user through any
of a number of computer systems, such as through the use of a
terminal connected to a mainframe system, from a personal computer,
or over computer connected to a local computer network.
[0028] Each Document Viewer is connected to the Internet along with
each respective Computer, through each Network Connection. The
Network Connection is typically made through local telephone lines
using an analog, ISDN, or DSL connection, though it can be over a
direct network connection, such as an Ethernet network and leased
line. Each Network Connection may be a computer network that routes
any requests from each Document Viewer to the appropriate location
on the Internet. This operation is well known to those of skill in
the art. The Network Connection connects its Document Viewer to Web
Server 8 in Lead Generation System 7 through any of a number of
well-known connection schemes, such as through the use of leased
lines.
[0029] Web Server 8 is typically a software application running on
a computer that is capable of forwarding or processing requests
from the Document Viewer. For example, Web Server 8 may include any
one of a number of well-known server applications, such as the NSCA
Web server, the Apache Web server, etc. Web Server 8 passes a
document request from the Document Viewer to Data Source Interface
9 for accessing Data Source 10. Data Source 10 contains all of the
information provided by the Seller or Buyer as described in more
detail below.
[0030] After a document, such as an HTML form (or series of forms),
is loaded into the Document Viewer, the Seller enters in the
appropriate information and activates a hypertext link or form
"Submit" button, generating a signal back to Data Source Interface
9, as described in more detail below. This is preferably in the
form of an HTTP request sent over the Internet using TCP/IP and
possibly a Secure Socket Layer ("SSL"). The request may be routed
through the Network Connection and through Web Server 8 to Data
Source Interface 9. It will be appreciated that the details of HTTP
operation in conjunction with TCP/IP and SSL are well known to
those of ordinary skill in the art and will, therefore, not be
elaborated on here.
[0031] When the HTTP request is received by Data Source Interface
9, it may access Data Source 10 to retrieve requested information
based upon the signal from the Document Viewer, may store
information received from the Document Viewer, may perform
calculations using the received information, or any combination of
these steps. In one embodiment of the invention, a common gateway
interface ("CGI") program, well known to those of skill in the art,
may be used to parse the data from the Document Viewer. This
program acts as an interface between the Web Server 8 and/or Data
Interface 9 and Data Source 10 by executing a set of instructions.
The interaction of Web servers and CGI programs and the sending of
information therebetween is well known to those of ordinary skill
in the art.
[0032] The CGI program may extract the document information from
the information passed to it by the server and retrieve the
appropriate information from Data Source 10. This may be
accomplished in a number of ways known to those of ordinary skill
in the art. For example, the CGI program may be a database access
module of one of a number of commercial available relational
database applications. Examples of such databases include Oracle,
Sybase, SQL Server, and the like. It is also possible for these
systems to be accessed directly by Web Server 8 using their own
internal data engines.
[0033] Information is submitted to or extracted from Data Source
10, depending on the signal sent by the Document Viewer. Data
Source Interface 9 then generates a signal back to the Document
Viewer through Web Server 8. Email Server 11 may also be used to
communicate with Buyer or Seller, preferably using a known
transmission protocol, such as SMTP (Simple Mail Transfer Protocol)
or by posting the information to a Web site where the recipient's
application may process it further.
[0034] FIGS. 2(a)-( ), 3(a)-( ), and 4(a)-( ) illustrate preferred
embodiments of Web page forms used to submit the vehicle
identifying and condition information to Lead Generation System 7.
As shown in the Figures, the first of these forms preferably
describes how the process works, what is required by the Seller,
and any industry specific disclaimers to deal with existing
commercial codes that affect the retail sale of vehicles, such as
automobiles.
[0035] As shown also shown in the figures, the Seller is then asked
to provide the vehicle identification information, such as the
vehicle identification number (VIN) in the case of an automobile.
While the make, model, style, and year of the vehicle may also be
provided, this identifying information can also be determined from
the vehicle records for the vehicle under the VIN. This information
may be obtained, for example, from the Black Book, well known in
art, which contains a breakdown of each manufacturer's VIN
information, and may be stored in Data Source 10. It is also
possible for VIN related information to be maintained by the state
department of motor vehicles for the state in which the vehicle is
registered and obtained in any number of ways well known to those
of ordinary skill in the art, such as through direct access to the
department's online database.
[0036] The Seller may then be prompted to indicate the "trim level"
of the vehicle, i.e. the optional equipment or option packages with
which the vehicle was equipped when it left the factory. The Seller
may also be prompted to provide the number of miles that the
vehicle has been driven since new. Finally, the Seller may be
prompted for his/her zip code. The seller's zip code may then be
matched with a dealer, based upon the dealer's zip code (which may
be stored in Data Source 10). The zip code of the dealer is often
an important factor to consider in establishing an accurate value
for a vehicle.
[0037] The Seller may also be presented with a list of options that
are standard trim packages for the vehicle, as well as a number of
the most common options that may have been added to the vehicle.
This gives the Seller the ability to describe the components of the
vehicle in the most comprehensive and accurate manner, and helps to
ensure that all of the options installed on the vehicle are taken
into account when its value is being calculated.
[0038] The Seller may then be prompted to record an observation of
the condition of the vehicle on a questionnaire. The questionnaire
electronically emulates the process of the used car appraisal that
is traditionally performed in person at the dealership. All
condition flaws are noted, whether physical or mechanical, that
might reduce the current wholesale market value of the vehicle. As
each portion of the vehicle is reviewed, the consumer is prompted
to comment on its condition, such as being "like new", "fair", or
"damaged". If the Seller marks any item as being something other
than "like new", the questionnaire can be expanded to probe more
thoroughly as to what the exact flawed component is, and to record
its current condition in greater detail.
[0039] Once all of the vehicle identifying and condition
information has been provided, Lead Generation System 7 may prompt
the Seller for contact information, including name, street address,
phone number, and email address. Valuation System 7 may also prompt
the Seller to describe the new (or at least replacement) vehicle
that the Seller is seeking. This information can also be used to
generate the lead to the dealer. The Buyer (dealer) can contact the
Seller in order to follow up on the Seller's interest and intent in
disposing of the vehicle and procuring another one.
[0040] Once all of this information has been received by Lead
Generation System 7, Valuation System 7 may access Auction Data
Source 12 to obtain the relevant historical data, such as wholesale
sales that occur at vehicle auctions and dealerships, for vehicles
related to the vehicle that the Seller is offering or at least
valuing for sale. Auction Data Source 12 may comprise a single
database of auction records or may comprise multiple sources of
auction related information. Of course, this information may be
manually entered into Valuation System 7, as well. For example,
this information may be obtained from a variety of industry
sources, such as Manheim, ServNet, ADESA, and/or Digital
Microworks.
[0041] Once the historical data has been received, it may be used,
along with vehicle identifying and condition information by Lead
Generation System 7 to calculate an estimated value for the vehicle
in real time. For example, one manner in which the estimated value
may be calculated is by taking the historical information to
determine a base value, adding for optional equipment, subtracting
for excess mileage, and subtracting for physical and mechanical
condition flaws. Preferably, Lead Generation System 7 will
calculate the current average wholesale value for each vehicle
based on auction results of the last few weeks within the
geographic region of the dealership (Buyer).
[0042] Alternatively, the information may be sent to the Buyer to
separately calculate a value for the vehicle. This information may
be transmitted to the Buyer through any of a number of conventional
means, such by email using Email Server 11, or by a facsimile
generated by Lead Generation System 7 in a manner well known to
those of ordinary skill in the art.
[0043] Lead Generation System 7 may then generate an offer price or
estimated value for the vehicle using the initially determined
value. This offer price may then be submitted by the Buyer to Lead
Generation System 7, such as through the use of a Web page in a
Document Viewer using Web Server 8 or by an email using Email
Server 11. Lead Generation System 7 may then transmit this offer
price to the Seller, similarly through a Web page in the Document
Viewer using Web Server 8, or by an email using Email Server 11.
This offer price may take the form of a demand certificate that the
Seller can print and take to the Buyer to accept the offer or to
keep in the Seller's records. An example of a demand certificate is
shown in FIG. 8.
[0044] In the preferred embodiment of the invention, however,
before submitting the offer price to the Buyer, Lead Generation
System 7 may refine the price using any of a number of buyer
criteria. The buyer criteria are preferably stored in Data Source
10 in a profile for each participating Buyer (dealer). These buyer
criteria may comprise a set of rules selected by the dealer when
establishing his/her profile in Data Source 10. The dealer profile
may be established using an interactive set of web page forms.
[0045] The actual buyer criteria may comprise an number of factors,
such as the "black book" value, well known to those of ordinary
skill in the art, or offsets to price determined by trade-in or
inventory incentives, etc. These may be selected (and modified) by
the dealer from a list of items provided through the interactive
Web forms.
[0046] For example, the buyer criteria may include a price control
option, wherein pricing is restricted to a maximum of some
predetermined percentage (preferably 0 to 10%) above the average
price provided in the Black Book, NADA, or Kelley Blue Book; or the
average wholesale price. This is further illustrated in Table 1.
TABLE-US-00001 TABLE 1 Appraisal Value: Discount: From $5,000 to
$10,000 reduce price by $500 From $10,001 to $18,000 reduce price
by $700 From $18,001 to $25,000 reduce price by $1,000 From $25,001
to $40,000 reduce price by $1,500
[0047] Vehicle specific buyer criteria may also be used. In other
words, the average wholesale (auction) price on each vehicle may be
reduced or increased a percentage based upon the Year, Make, Model,
Style, and/or Color of the vehicle. These pricing rules will be
used in addition to the general rules noted above.
[0048] Vehicles matching certain historical concerns may also be
excluded from the aforementioned price adjustments, or even denied
an offer/value altogether. Such historical concerns could include,
for example, vehicles that have been used for commercial purposes,
vehicles used by tradesmen, vehicles used to carry cargo, vehicles
older than 1994 model year, vehicles with major damage or excessive
condition flaws, vehicles with major hail damage or rust, vehicles
that have sustained previous damage exceeding $2,500, vehicles with
excessive mechanical problems, vehicles with faulty or inoperative
odometers, and/or vehicles that have branded or salvage titles.
[0049] An offset for state sales tax may also be used as buyer
criteria for modifying the offer to the Seller. For example, state
tax tables can be used to show the difference between the tax on
the purchase of a new car and the purchase of a used car. This
difference may also be used to modify the offered value for the
used vehicle accordingly. The estimated value may be provided, and
the tax savings for that state may also be shown.
[0050] In one embodiment, such as is shown in FIG. 4(i), for
example, this value may be presented to the Seller so as to clearly
demonstrate that it is independently generated (i.e., not
calculated by the dealer whose Web site the Seller has accessed or
to whom the Seller may be in contact regarding the sale or
disposition of the vehicle). This provides the significant
advantage of greatly increasing the Seller's willingness to rely on
the value provided and the perception that the value is fair,
accurate, and/or unbiased. This, in turn, increases the chances
that the Seller will approach that dealer.
[0051] Alternatively, however, the entire process may be done in a
private labeling manner, so that the Seller is unaware that Lead
Generation System 7 is calculating the estimated value
independently of the dealer (if that is the case).
[0052] Once the lead is generated by Lead Generation System 7, it
may then be provided to the Buyer (dealer) in any number of
conventional manners (such as the systems described above), and
stored locally by the Buyer in the dealer's own database. The lead
is preferably transferred and stored in a format known and used by
the industry and usable by known lead management software, such as
Applied Virtual Vision, Sale Enhancer, DealerPoint, and/or Car
Client.
[0053] As noted above, in one preferred embodiment, the system of
the invention may calculate an estimated value for a vehicle
without requiring the VIN from the Seller. The Seller need merely
insert the Year, Make, Model, Trim, Mileage and/or Zip. With
advanced data mining techniques, the invention can derive the value
at the auction, just as accurately as it would have had the VIN
been used. This is a significant advantage. Many consumer don't
have their VIN handy or just considered using the VIN too laborious
to bother with. By eliminating this step, many more consumers will
be able to use the invention.
[0054] As also discussed above, the system of the invention may
provide an estimated value rather than an actual offer from the
dealer to buy the vehicle. This has the significant advantage that
the dealer will feel more comfortable about what is expressed to
the consumer. Because sales tax savings may be added to the
estimated value of the vehicle in order to maximize the value
expressed to the consumer, this value is preferably shown as an
estimated trade allowance rather than an actual offer to purchase
the vehicle.
[0055] In addition, it is possible that a consumer may be
disappointed with a proposed trade-in value that reflects a lower,
wholesale value, and they may decline to engage in a dialog with
dealership sales personnel. For example, depreciation rates on 2000
and 2001 vehicles, particularly SUVs have been extremely steep.
Many consumers find that they owe more than their vehicle is worth.
To remedy this situation to some degree, the estimated value of the
invention be expressed as a range of estimated value of the
vehicle. The low end of the range can be the wholesale value that
is derived from the auction data from wholesales sales that occur
at auto auctions and/or dealerships. A range can then be set above
that value (such as 8-10%, depending on the dealer's preference),
and the high end of the range is calculated.
[0056] Thus, a vehicle whose wholesale value at the auction or
automobile dealership is $16,000 might have an estimated value of
"16,000 to $17,600". This range serves the dealer by expressing the
true wholesale value, and serves the consumer by stretching the
value closer to what they desire from their trade. In practice, if
a dealer is keeping the vehicle for his retail lot, he is more apt
to make the offer closer to high end of the range. The vehicle, in
this case, will probably be about $19,800 at the retail sale. There
is still plenty of profit and the dealer makes two customers (the
original seller and the subsequent buyer of the used vehicle) very
happy. An example of how this pricing page is broken down is
illustrated in FIG. 9.
[0057] Although this invention has been described with reference to
particular embodiments, it will be appreciated that many variations
may be resorted to without departing from the spirit and scope of
this invention. For example, while the present invention has been
described in connection with lead generation from the valuation of
automobiles, it is not limited thereto and may include any vehicle
that is capable of being valued using historical sales data and
specific vehicle history, such as motorcycles, mobile homes, boats
and personal watercraft. Also the system of the present invention
may be implemented over a local network or virtual private network
or any internet worked system, and is not limited to the
Internet.
* * * * *
References