J.D. Power has acquired the data and predictive analytics business of We Predict, a UK-based provider of global automobile service and warranty analytics, the company announced.
We Predict’s software, which is used by auto manufacturers and suppliers to project future component failures and future warranty claims and costs, will be leveraged by J.D. Power to enhance its vehicle quality and dependability analytics, expand repair cost forecasting and provide critical valuation data, the company said.
“Robust data and powerful analytics that help manufacturers, suppliers and consumers better predict future repair costs are a key link in the auto industry value chain that will only become more important as fleets of new electric vehicles start rolling off the assembly line,” said Dave Habiger, president and CEO of J.D. Power. “By augmenting our existing offerings with We Predict’s forecasting software, we will be able to deliver a more complete, detailed view of repair-related costs to better anticipate financial risk exposures.”
“As the automobile industry enters a phase of massive transformation in which electric vehicles and ever-more complex technologies are rapidly becoming the norm, warranty claims and repair costs are a critical variable for manufacturers and suppliers to incorporate into their forecasting,” said Doug Betts, president of the global automotive division at J.D. Power. “By incorporating We Predict’s comprehensive data and powerful analytics into our vehicle quality, dependability and valuation platforms, we will be able to create the industry’s most robust and accurate view of future warranty claims and repair costs.”
We Predict software uses machine learning and predictive analytics to develop projections of future warranty claims and repair costs for the global automobile industry, the company said. Drawing on a database of billions of service records, We Predict says it can accurately forecast true vehicle ownership costs, residual values, repair and warranty claims costs and more.
James Davies, We Predict CEO, will become vice president of repair analytics and data at J.D. Power. We Predict will become part of the global automotive division at J.D. Power.
Read the news on the Shop Mag website here.