A B2B marketplace for dealers of used vehicles thinks selecting and purchasing vehicles needs more transparency. To make that happen, Openlane, Inc., a digital marketplace for wholesale used vehicles, is rolling out Visual Boost AI.
Visual Boost AI is an artificial intelligence application that supplements vehicle inspection data. It does so by prominently highlighting detected exterior damage directly on photos within condition reports.
AI for evaluating used vehicles in its marketplace
The goal, the marketplace says, is making experiences faster and easier for interested buyers. Use cases include accurately locating and assessing potential defects before making purchase decisions.
Visual Boost AI combines artificial intelligence and computer vision technology. As a result, Openland claims it can provide a virtual overlay of any exterior damage detected.
The overlays feature hot pink highlights that pinpoint detected damage, including hail, paint peel, detached panels, broken lights, rust, scratches, dents, and cracks.
“Buyers can toggle the overlays on or off within the condition report for each vehicle they review and interpret the data captured in the vehicle description and make smarter, more profitable bidding and buying decisions,” says Openlane executive vice president and president of North American marketplaces James Coyle. “With one click, dealers can toggle the overlays and effectively get a second set of eyes to help them see anything they might have missed — like seeing the car in-person, from the convenience of your screen.”
How Openlane says the AI application will be used
The AI tool was built using applications and services from Click-In. Visual Boost AI automatically generates AI-detected damage overlays for eight standard condition images showing the vehicle at successive 45-degree angles, which the vehicle inspector can validate and reconcile, the marketplace says.
Openlane is a public B2B marketplace company. For the third quarter ended Sept. 30, the company reported total marketplace revenue increased 8% to $316.6 million from $293.9 million in the prior year.
The marketplace, based in Carmel, Indiana, says it sold approximately 1.3 million vehicles in 2022. That same year, it generated revenue of over $1.5 billion and a total gross profit of $685 million.
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