Hyundai Capital wins IAAI Award for pioneering AI application

The S.Korean company was awarded for its groundbreaking work in developing AI prediction model for auto prices

Hyundai Capital wins IAAI Award for pioneering AI application
Nan-Sae Bin 1
2023-02-14 13:31:50 binthere@hankyung.com
Artificial intelligence


Hyundai Capital, the financial services arm of the Hyundai Motor Group, was honored with the Innovative Applications of Artificial Intelligence Award (IAAI) at the Association for the Advancement of Artificial Intelligence's conference held in Washington, DC on Feb. 11, the company announced on Monday.

The association is a highly regarded global conference on AI that showcases the latest breakthroughs and advancements in the field.

The IAAI, established in 1989 and celebrating its 35th anniversary this year, recognizes and rewards outstanding projects that have successfully applied AI technology to real-world products and services.

Hyundai Capital was awarded the IAAI for its groundbreaking work in developing a model that predicts automobile market prices using AI technology.

The company's algorithm employs deep learning techniques to automatically identify and control unusual transaction data in the used car market, resulting in a substantial improvement in the accuracy of market price prediction, even for new cars with limited transaction data.

The AI model has been successfully incorporated into Hyundai Capital's app and is currently being used for market price inquiries and used car estimations.

Write to Nan-Sae Bin at binthere@hankyung.com

Lotte Rental wins $30 mn Tower Export Award for selling used cars

Lotte Rental wins $30 mn Tower Export Award for selling used cars

Lotte Rental said on Tuesday that it was granted the "$30 Million Tower" Export  Award at the "59th Korea Trade Day" award ceremony, thanks to the hot-selling eco-friendly cars and SUVs.The Trade Day is an annual event hosted by the Korea International Trade Association to reward companie

Top Korean companies’ new battlefield: Used car market

Top Korean companies’ new battlefield: Used car market

A used car market in Seoul Hyundai Motor Co., Lotte Rental Co., and KB Financial Group, the No. 1 players in each of their sectors, are gearing up to fight in a new arena – the used car industry, which is expected to surpass the new automobile market in the coming years.The domestic secon

Hyundai, Lotte to join used car market, seen as boost for small players

Hyundai, Lotte to join used car market, seen as boost for small players

K Car is Korea's top used car retailer South Korea’s top automaker Hyundai Motor Co. and the country’s No. 1 car rental firm Lotte Rental Co. are advancing into the domestic used car market, which is expected to grow to 50 trillion won ($41 billion) by 2025.The government has for ye

Hyundai Capital sells $2.5 bn dollar bond; Tongyang Life issues $300 mn perpetual bond

Hyundai Capital sells $2.5 bn dollar bond; Tongyang Life issues $300 mn perpetual bond

Hyundai Capital America, the US capital arm of Hyundai Motor Group, has issued $2.5 billion worth of global bonds, the largest amount for a local company to issue abroad so far this year, according to the investment banking industry on Sept. 16.In the bookbuilding on Sept. 15, the dollar bonds

(* comment hide *}