AI-Driven Speedy Assessment for Used Cars |AU Small Finance Bank
Gateway to Digital Life. Download AU 0101.

Big News : CamCom enables AI-driven speedy fair-value assessment for used cars

    By Nilesh Wadhwa, Autocar Professional
     
    CamCom is using artificial intelligence to make assessment of used cars more accurate and much faster – in under 5 minutes.
     
    Bangalore-based start-up CamCom aims to change the dynamics of vehicle inspection in the used car space using the power of Artificial Intelligence (AI) and Machine Learning (ML). The start-up, which provides an AI platform for visual inspections built on a computer vision (CV) stack, was founded in 2017 by three friends – Mahesh Subramanian (CEO), Umesh (COO) and Ajith Nayar (CMO).
     
    CamCom enables remote assessment of cars without any human intervention in under five minutes. Traditionally, this process can take up to 30 minutes apart from the travelling time involved.
     
    The company provides defect/damage assessment solutions, which are used across the automotive value chain from component manufacturers, OEMs, FVL companies, service centres, insurance companies, fleet owners, car-rental companies and used-car dealers. It provides Hyper-Intelligent-Automation (HIA) for micro- and macro-level defect assessment across the lifecycle of the automobile.
     
    By using a computer vision stack, the tech helps remove human subjectivity from the quality control process. CamCom says its technology ensures high throughput and delivers objective and auditable results using bespoke rigs with high-end machine-vision cameras and controlled lighting.
     
    Specifically, for the used-car market, CamCom’s solutions helps end users and used car assessors to get a quick, objective and accurate health check of the vehicle exterior. The exterior condition of a vehicle is very important in a used car as the visible component and the condition impacts the pricing of the vehicle.
     
    But with so many makes/models/colours, how does CamCom’s solution provide accuracy in terms of vehicle inspection? The core technology is make/model independent as far as defect and damage assessment goes. CamCom AI breaks down the vehicle into the unique exterior parts of the automobile, identifies defects and damages on every individual part and provides an overall health score based on the part that is damaged and also the visibility of that specific part to the customer. The solution also automatically identifies the make and model of the vehicle.
     
    As part of the health report, the company provides details of the side and parts that were detected, what parts have damages on them, the location of the damage and also the severity of damage. This is combined with a weightage-based model for area and location of damage and the panel to generate a health score for the vehicle.
     
    One of the core challenges for mass deployment of any new solution is the overall cost and, for a price-sensitive market like India, it becomes a core factor that decides its appeal. CamCom says its solution is very feasible for smaller players and large ones alike as it levels the playing field and provides objective inspections without the need for trained personnel. The speed of inspections allows for more inspections on an everyday basis providing almost instant return on investment for used car companies.