Pricing used equipment with confidence
Dealers of used heavy machinery need prices they can defend to their customers. Setting prices requires years of experience and ongoing market research to keep up to date.
Equal Experts were approached by one of the world’s leading manufacturers of construction equipment to estimate used equipment prices by training a predictive model on past sales data.
Deciding with Data
The tool we built together lets dealers look-up estimates and sense-check them against past sales. They gain confidence by benchmarking against intervals for machines in the same size-class with the equivalent condition.
The rigourous statistical-learning model is able handle businesses constraints like data privacy while also providing explainable price estimates. The data pipeline has the clarity needed for auditing and the robustness needed for rapid feature development.
The product has 900 monthly active users across 100 dealers and is used to track the prices of fleets totalling 5 million machines per week.
As a result, dealers no longer needed to pay for third-party information services, meaning the tool delivers more than $1.5m per annum in equivalent value.
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