Hyundai Capital wins IAAI Award for pioneering AI application

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