The mission
The used car market in the United States is a thriving and substantial industry with significant economic impact. In recent years, approximately 40 million used light vehicles have been sold yearly, representing over two-thirds of the overall yearly sales in the automotive sector. In addition, the market has witnessed consistent growth, driven by the rising cost of new vehicles, longer-lasting cars, and an increasing consumer preference for pre-owned vehicles due to the perception of value for money. As a result, this market segment has become increasingly important for businesses and consumers.
Given the market opportunity, a tech startup is currently working on a machine-learning-driven, two-sided marketplace for used car sales. It plans to work much like the e-commerce site eBay, except it’s focused on cars. For example, sellers can list their cars at a fixed price or auction them, and buyers can either pay the higher fixed price or participate in the auction...
