Vehicle Facts, a “credit scoring” platform for used cars

This is the first time in Vietnam that there is an initiative for a technology platform used to "credit score" used cars called Vehicle Facts.

KINO group includes Vu Thanh Hang, Pham Duc Nhat, Nguyen Tran Khang, Nguyen Hai Duong, Nguyen Doan Quan at the competition (ranked 2nd, 3rd, 4th, 5th and 7th from left).

Vehicle Facts (VF) - a platform providing vehicle information is an invention idea of ​​Kino group of KALAPA Joint Stock Company brought to the Digital Data For Life contest.

According to a report by market research company Statista, the value of the used car market in Vietnam in 2022 reached about 450,000 billion VND. This market is expected to continue to grow in the coming years, with a compound annual growth rate (CAGR) of 17% from 2023 to 2028. With the above information, it can be imagined that the demand for used cars in Vietnam is extremely large.

However, buying and selling used cars, as well as buying insurance for used cars in Vietnam, is based on the buyer's feelings and experience without any specific measures for sellers to set prices or research... Based on the above reality, the KINO technology engineering team, part of KALAPA Joint Stock Company, has launched the Vehicle Facts platform - a platform providing vehicle information, allowing users to query information about used cars and provide a "credit score" for each specific vehicle.

The information groups Vehicle Facts provides include:

Car information lookup: The product provides users with information about the history, current condition of the car and the future usability of the car. Users only need to enter the car's VIN number and pay a service fee to receive a report on the car's condition.

Transparent and authoritative vehicle data: Information is collected from various data sources, including government agency databases, insurance company databases, and auto repair center databases.

Image of a sample report querying information about a used car on Vehicle Facts

Website interface: The product is designed to be user-friendly, easy to use and access.

API Integration: service to integrate information into existing systems for insurance, car sales, etc.

System of data applications: vehicle scores, vehicle valuation, anomaly detection...

Vehicle Facts is also the first comprehensive data center for Vietnamese vehicles, initially targeting cars. So in addition to providing information, Vehicle Facts also provides data applications such as vehicle scoring, vehicle price prediction, abnormal detection, etc.

Mr. Nguyen Doan Quan, Head of the Vehicle Facts project team, said: “Vehicle Facts’ ambition is to build an operating mechanism where sellers, buyers, facilities, auto repair centers, insurance organizations and state management agencies can interact and exchange data sources regularly, to first serve the practical needs of users in life, and then also help promote economic activities related to the automobile sector. We also expect to support the Government in urban traffic management activities, which is in line with the national digital transformation goal that the Government is aiming for.”

Vehicle Facts is known to be a product of a contest jointly organized by the Ministry of Public Security and Hanoi University of Science and Technology. In the final result, surpassing nearly 200 teams including many veteran faces in the technology industry of the whole country, the KINO team of KALAPA Joint Stock Company ranked 4th in the top 5 best entries of the contest.

KIM THANH

Source: https://www.sggp.org.vn/vehicle-facts-nen-tang-cham-diem-tin-dung-cho-o-to-da-qua-su-dung-post721787.html