ADVERTISEMENT FEATURE: Using AI to save time and money
29 January 2021
The industry-leading technology behind ADESA's success at the Business Car Awards.
When ADESA UK developed its Intelligent Vehicle Inspection (IVI) technology, the remarketing company was aiming high, wanting to transform the way cars are remarketed with its technology-first, disruptive approach. It's a policy that proved a hit with the 2020 Business Car Awards judges, who chose the company as the winner of the Innovation Award.
IVI is described by ADESA as the first deployment of AI in the UK remarketing sector and, since its launch, has helped fleets to reduce costs throughout the process of defleeting, from third-party inspections and storage charges to depreciation. It allows company car drivers to carry out their own vehicle inspections prior to end-of-contract, using a smartphone or tablet to take predefined pictures following an easy-to-use, menu-driven template. These images are then automatically assessed by the AI to pick up any damage and produce a fully costed damage report, based on the finance provider's charge-out method, and in line with fair wear and tear standards.
Once the inspection is done, the vehicle is offered for sale on ADESA's UPSTREAM online platform, along with multiple images and the AI-produced condition report. This allows fleets to start the remarketing process as soon as the inspection is complete, minimising their vehicles' exposure to depreciation and book drops. In fact, some of ADESA's clients are now choosing to start the remarketing process before the vehicle is actually defleeted.
Compared with a traditional physical auction process, the IVI system means that there is no need for costly third-party inspections, which can also inconvenience drivers if the vehicle is still in service. There are also no storage fees to be incurred while the vehicle waits for the next auction day.
The benefits offered by ADESA's approach with IVI aren't only measured in time and money - other areas of critical importance to today's businesses are also addressed. By cutting down on journeys by third-party vehicle inspectors, vehicle movements during the sale process itself, and mileage completed by buyers to reach a physical auction hall, there's a reduction in the carbon footprint associated with the whole remarketing process. And with the current Covid-19 situation, the greatly reduced need for physical contact throughout the IVI process means businesses can easily deliver higher levels of hygiene and safety.
"We were honoured to win Business Car's prestigious Innovation Award for our game-changing ADESA IVI solution," says ADESA UK managing director Jonathan Holland.
"Winning this award recognises the ground-breaking tech at the heart of IVI, the first deployment of artificial intelligence in the UK's vehicle remarketing sector.
"The award acknowledges how ADESA IVI's innovative lead is enabling fleets to lower their total cost of disposal by eliminating unnecessary downtime normally associated with defleeting; addresses the impact of storage costs and book-drops; and reduces the environmental impact caused by multiple vehicle movements in traditional defleeting routes," Holland continues.
"This award vindicates our strategy to deliver innovative digital solutions to serve the evolving needs of businesses requiring smart and cost-effective defleeting solutions."