Independent third-party used car valuation and search engine- Fair Price

Fair value is based on independent third-party valuation of used cars and search engines. Provide authentic second-hand car trading information, fast online second-hand car valuation, accurate second-hand car market quotes, comprehensive second-hand car trading market information and other services.

• The Origin of Fair Price

Do you sometimes feel that buying things in your hands is too expensive? Or do you feel regretful about transferring your beloved item too cheaply?

There are many shops on the Internet. Even the same type of goods have different prices. In the era of information explosion, no matter how diligent you are to investigate and analyze, you can see only trees but not forests.

The initiator of fair pricing found that the most frequently asked question in people's lives is: How much is this worth?

Whether it's a newly launched vehicle or a used car that has already been driven; Newly developed houses or houses that have been lived in before; The new clothing bag is still an old item. The first question people ask when doing business is about price - how much is it worth? The second question is still about the price - can it be cheaper?

Comparing prices and bargaining seems to be an eternal principle. And fair price is to provide you with a reference standard when bargaining, making your purchasing decision simple and confident.

• How to use fair price?

If you want to exchange your car through a 4S dealership, Fair Price can provide you with a reasonable exchange price reference; If you want to sell a car, fair price can provide you with an accurate price evaluation of your car and tell you a reasonable expected transaction price; If you want to buy a used car, fair price can help you determine a fair and reasonable payment price for the vehicle you have selected locally.

• Fair Value · Second hand Car

Fair price adopts the most advanced search engine technology in the Internet industry, and has independently developed a product search engine suitable for China's e-commerce.

At present, Fair Price can crawl millions of website pages every day and retrieve real-time used car records from all domestic car trading websites. By tracking the historical, current, and transaction records of the same car model from over 50000 car merchants across the country, it has established the largest and most comprehensive used car database in China.

Through the retrieval, statistics, and intelligent analysis of massive data, Fair Price can instantly report the current reasonable price, historical price, and market price trend of each used car, providing the most objective and fair second-hand car price guide for users.

• Second hand car valuation: two-stage weighted linear regression model

The big data linear weighting model is a used car valuation model based on big data independently developed by the Public Equity team.

The principle of this model is to track the bidding and transaction records of each used car through search engine technology, and determine the weight of the merchant's bid by analyzing the successful transaction volume of the used car merchant. Then, by weighted average and linear regression analysis of the bids of a large number of used car merchants, the approximate price of a specific car model number is obtained (80% close). Finally, by evaluating the condition of a specific car (insurance, maintenance level, specific parameter configuration, and the price of the same new car, etc.), the "fair price" of a used car is accurately determined. Due to the fact that accurate estimation is achieved through two stages, the model is also named the "two-stage weighted linear regression model".

The two-stage weighted linear regression model effectively solves the serious problem of chaotic pricing and lack of credibility in the current domestic second-hand car trading market's third-party evaluation standards. Provided a practical and feasible valuation method for the second-hand car trading market in China.