7 Dec

SINGAPORE'S 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 they use the AI-enhanced tools provided by the UCARS platform.

Using AI, the company has successfully created a proprietary valuation tool on the platform that provides consumers with an estimate of their cars’ resale value within seconds, making it the first instant AI Car Valuation Tool in Asia Pacific region. Compared to other valuation methods that take at least a day to give an estimate, the UCARS AI Valuation Tool is the fastest valuation tool available to consumers in the region.

With the current economic lull due to COVID-19, transfer of private vehicle ownership for cars has seen an average of 15% year-on-year increase compared to September last year and reached an all-time high in September this year (source: LTA). Consumer demand for new and used cars has been seeing a steady increase in the Southeast Asia region.

We speculate that some Singaporeans are anticipating an economic rebound in the near future, and coupled with pent-up demand for cars and reduced quotas, we are expecting to see car sales skyrocket in the coming months,” said Cho Kok Yick, Chief Technology Officer at UCARS.

“We want to make the second-hand car selling process as safe and as easy as possible, this is why we continuously invest in AI technologies. This will, of course, be made possible by Huawei technologies," Cho added.

GNLM