LAS VEGAS, March 8, 2022 /PRNewswire/ -- Ravin AI, leaders in developing AI-enabled vehicle inspection tools, today announced the launch of 'Inspect Trade', a new inspection app that helps car dealers generate consistent condition reports, as well as grade and price cars instantly. The solution is an extension of Ravin's product offering, Ravin Inspect, which inspects rental and off-lease vehicles to create a full remarketing condition report, and is used by global clients such as Toyota and KAR Global.
The inspection process for used cars at dealerships today is still mostly a manual one, which is costly and time-consuming, keeping cars from being sold as quickly as they could be. Additionally, dealers often produce incorrect estimates of a vehicle's value because of a lack of transparency in the damage assessment process, which ultimately leads to cars being sold at inaccurate prices.
Ravin's Inspect Trade tool uses computer vision and deep learning AI, as well as dozens of exterior and interior images of a car and other unique VIN data, to get a 360 degree view of cars that helps dealers estimate the impact of damage on a vehicle's value and communicate that accurately to customers. Dealers can easily inspect vehicles for damage using a mobile device and no prior training.
"Ravin is continuing to build out digital vehicle inspection tools at a rapid pace, and we're happy to now offer a solution that specifically addresses some of the pain points that car dealerships have when it comes to inspecting and assessing used cars," said Eliron Ekstein, Co-Founder and CEO of Ravin. "Enabling dealers to leverage AI technology from their mobile phones to get an accurate picture of the condition and value of their assets, not only saves them significant time and money, but also allows them to convey the realistic pricing on cars to customers, which ultimately builds trust."
Ravin will be attending the NADA Show in Las Vegas, March 11-13.
About Ravin AI
Ravin AI is an international provider of automated artificial intelligence solutions for vehicle inspections serving diverse fleet, insurance, and remarketing customers around the world. Unlike other marketplace solutions, Ravin does not require its customers to purchase or install dedicated hardware but rather uses mobile and CCTV cameras. Ravin AI was founded in 2018 by Eliron Ekstein and Roman Sandler, and has raised $25M to date from investors including KAR Global (owner of ADESA auctions, AutoVIN inspection and more), PICO Venture Partners, FM Capital, and Shell Ventures. Strategic partners include Toyota Financial. For more information, visit ravin.ai.
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