Ford Motor Company has filed a patent for a vehicle resale value evaluation system, Ford Authority has learned.
The patent was filed on September 17th, 2020, published on March 17th, 2022, and assigned serial number 0084080.
The Ford Authority Take
Competition in the used car market has heated up recently as Ford and a number of other automakers launch certified pre-owned marketplaces online to compete with the likes of CarMax and Carvana. FoMoCo’s own answer to this – Ford Blue Advantage – launched early last year and immediately proved useful for participating dealers amid inventory shortages and gives customers a comprehensive way to shop for a used vehicle without leaving the comfort of their homes.
This new Ford patent aims to build upon that program by making it quicker and easier to value used vehicles using connected vehicle data. A computer would be able to pull and analyze diagnostic codes from vehicles and calculate a resale price based on the model’s make, year, mileage, trim, and other factors, with any potential mechanical repairs baked into that price.
It’s a potentially useful and interesting idea given how competitive the used vehicle market has become, one that could presumably save the automaker money and assign more accurate values to those vehicles prior to them being resold. It also builds upon Ford’s heavy investment into connected vehicle technology. FoMoCo is aiming to have 32 million connected vehicles on the road by 2028, and that same technology figures to play a big role in generating revenue for the automaker via subscriptions or even saving money by providing more accurate valuations, too, as is the case with this recent Ford patent.