New AI app developed to know value of 2nd hand motorcycles
As of 2023, the Philippines has about 7.7 million motorcycle owners, according to data from SEAsia Stats. Additionally, a report by the Motorcycle Development Program Participants Association (MDPPA) – which is composed of the Japanese ‘Big 4’ motorcycle manufacturers Suzuki, Yamaha, Honda, and Kawasaki – says they have sold 1,564,087 in 2022. The MDPPA is confident that motorcycle sales will continue to boom in the following years.
That said, with close to 1.6 million motorcycles sold each year and an ever-growing motorcycling population, the market for 2nd hand motorcycles is also huge.
Thanks to AI (artificial intelligence), assessing the value of these 2nd hand motorcycles is now easier than ever.
The Department of Science and Technology (DOST), together with the Asian Institute of Management (AIM), has created a tool that uses AI to assess the value of these 2nd hand (or repossessed) motorcycles. This app is called the Automated Repossessed Motorcycle Assessment System or ARMAS. The beneficiary of this technology is Unistar Credit and Finance Corporation.
According to Dr. Erika Fille Legara, Project Leader for Unistar-ARMAS, the AI assesses and predicts the subject 2nd hand unit motorcycle’s quality so that it can make a valuation.
ARMAS only needs 4 items to know the current value of the 2nd hand/repo motorcycle: brand, model, brand new year, and repo date. Afterward, the user would need to take photos of the motorcycle from different angles as required by the AI.
Finally, the motorcycle needs to be turned on (engine running) so that the AI could “listen” to the motorcycle’s sound. Within 5 minutes, the AI would provide its assessed value of the 2nd hand/repo unit.
“Masasabi mo talaga na mataas yung accuracy nung prediction compared to doing it manually,” said Legara.
(You can say that the prediction accuracy is high compared to [just] doing it manually.)
Before, human assessors with the help of trained mechanics would need at least 1 hour to assess the value of the 2nd hand/repo unit. With ARMAS, it was brought down to just 5 minutes.
Would you trust AI to evaluate your motorcycle’s market value?
