1) The best data sources
To accurately value vehicles you always need a finger on the pulse of the market. eVA has partnered with Auto Trader and combines their retail data with Cox Automotive’s wholesale data (from Manheim and Dealer Auction) to create one of the UK’s largest vehicle data sets. More than one million price observations are made daily which are used to drive eVA’s valuations engine.
2) Constantly improving
eVA’s valuation engine is backed by historical trends that are constantly fed with the latest market data. The underlying model uses a rolling 28 days of observation data, and observations are weighted by age so that prices from yesterday will have more of an effect than prices from two days ago. To ensure utmost accuracy, the model is 'trained' twice each day to find outliers on the first pass and exclude them on the second pass.
3) Condition-based valuation specialists
As with all used cars, wear and tear affects a vehicle’s value so this information needs to be taken into account. At its most simple, eVA allows the user to select from five pre-set conditions for the appraisal, but if required, more detailed information can be inputted to arrive at an even more accurate number. eVA also factors in various adjustments based on shorter-term market, seasonal, and sector factors.
4) Manual adjustments
Data and algorithms are vital and help eVA get to a figure that’s extremely accurate but checks and balances are in place behind the scenes to ensure utmost accuracy. eVA’s team of dedicated valuation specialists monitor the valuations produced by its algorithm and compare them to real auction and retail prices daily. Adjustments to certain models or sub-sets can be made on the fly to ensure prices are always relevant to the current market.
5) Market-leading accuracy
All of these factors combined enable eVA to produce the most accurate vehicle valuations in the UK market – >99% accurate on average to be precise. In today’s market, more than half of all vehicle transactions involve a part-ex so it’s vital that dealers get the valuation right if they want to secure a deal. Whether online or in-store, eVA’s market-leading valuations help to improve the part-ex experience for everyone.