TrueCar has been granted a patent for systems and methods that aggregate, analyze, display, and monetize pricing data for commodities, particularly vehicles. The technology involves obtaining historical transaction data for a specific vehicle configuration to determine pricing data, which is then presented in an intuitive manner through a user interface. GlobalData’s report on TrueCar gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on TrueCar, Dynamic premium pricing was a key innovation area identified from patents. TrueCar's grant share as of January 2024 was 56%. Grant share is based on the ratio of number of grants to total number of patents.
Vehicle pricing data aggregation and display system
A recently granted patent (Publication Number: US11869059B2) discloses a system that involves a vehicle data system connected to computer devices via a network. The system includes a processor and instructions stored in a computer-readable medium for generating an interface for users to define vehicle configurations by specifying values for various attributes. Upon receiving the configuration details, the system accesses vehicle price data from a source via the network and determines the price data for the specified configuration by associating it with existing vehicle price data and applying models to establish quantifiable price ranges. The interface is then updated to display the configuration price data and associated price ranges in a user-friendly manner, allowing users to make informed decisions based on the presented information.
Furthermore, the patent claims encompass features such as historical vehicle sales data linked to specific configurations, graphical representation of price data through icons like curves, and the presentation of quantifiable price ranges alongside reference pricing data points on the interface. The system also caters to various aspects of vehicle configurations, including make and model, and incorporates models specific to the vehicle's make. Additionally, the disclosed method involves accessing price data for both new and used vehicles, ensuring comprehensive information availability for users making decisions regarding vehicle configurations. Overall, the patented system aims to streamline the process of specifying and understanding vehicle configurations by providing users with detailed price data and quantifiable ranges in a visually appealing and informative interface.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
