Value Forecast

Bespoke companies exist to help fleet management, insurers, dealers and manufacturers determine the value of their vehicles over time. Using past data that they obtain from a wide range of sources, value forecast data is useful for large fleets especially. As they can accurately predict future trends.

Historical information such as a similar vehicle selling price, distance covered, wear and tear, service schedules and reputation of specific models are used as value forecast data. Algorithms are used by organisations to combine this data and provide a forecast of the price of a vehicle in the future.

Fleet management can get an understanding of the best model to go for. As the most important factor may not be the purchase price. If a vehicle loses a lot of value over time or is less reliable, it can cost the business more in the long run.

Dealerships can use value forecast data to work out the resale value of the vehicle when a used car comes into the forecourt. Insurers can use this data for payouts during a crash, determining what a vehicle may sell for to settle the claim.