Car Price Analysis in Advertising Industry
The project assigned to me during the third sprint involves Exploratory Data Analysis (EDA).
Throughout this sprint, I'm digging further to understand and execute exploratory data analysis to uncover patterns within data and to develop incomplete graphs.
As an analyst at Crankshaft List, I was assigned to isolate the factors that influenced vehicle pricing by utilize the data accumulated from the Crankshaft List website. With the analysis of innumerable daily vehicle advertisements, our aspiration was to equip our users and clients with crucial insights, thus enabling them to make well-informed decisions during the process of buying or selling a vehicle. The subsequent points summarize the deductions derived post my engagement with the project.
The analysis led me to the following findings:
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The mean waiting period for a car to be sold on the Crankshaft List website is 40 days.
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A vehicle listed on the Crankshaft List website has a 75% probability of being sold within 53 days.
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Upon scrutinizing the visual data representation, it is clear that the maximum advertisements on the Crankshaft List website are contributed by trucks and SUVs.
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An observational study of SUVs and trucks revealed that vehicles showcasing lower mileage, superior condition, and more recent make generally demand higher prices.
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On the other hand, when the attributes like transmission and color are considered, the price seems to be contingent on the type of the vehicle.
Based on the aforementioned findings, the marketing team could counsider the following recommendations:
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Offering Pricing Guidance: Considering the average waiting period of 40 days and the 75% likelihood of a vehicle being sold within 53 days, Crankshaft List can offer pricing guidance to its customers to accelerate their sales. This could required presenting data on average pricing for analogous vehicles, as well as providing tips on competitive pricing strategies.
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Emphasizing Key Vehicle Features: Given the evidence that vehicles with less mileage, superior condition, and younger make generally command higher prices, Crankshaft List should advise sellers to emphasize these traits in their advertisements. This might comprise instructing sellers on how to capture high-quality photographs of a vehicle's interior and exterior and how to underscore important maintenance and repair work.
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Branching Out into Other Vehicle Categories: While trucks and SUVs presently dominate the ads on Crankshaft List, it might be worthwhile for the company to consider diversify product into other vehicle types or categories. This could help broaden the company's portfolio and attract a new user base to the website.