Jason Kuruzovich, an associate professor of business analytics and the director of the Severino Center for Technological Entrepreneurship at Rensselaer Polytechnic Institute, was awarded a grant from the New York State Center of Excellence (COE) in Data Science to study the potential of auto auction data for being a leading indicator of economic activity.

The grant will allow Dr. Kuruzovich to analyze data assets from collaborator ACV Auctions to explore the creation of advanced machine learning models that will predict vehicle valuation and relate shifts in valuation over time to broader indicators of economic activity.

“Receiving this funding from the Center for Excellence is a strong indicator that New York State recognizes the value in the potential economic impact in the application of our research,” said Dr. Kuruzovich. “Analytical understanding of the domain could facilitate the creation of new AI driven tools that could further increase the success and associated job growth powered by the platform as well as build auction theory that directly reflects reality and the complexities of human decision making.”

ACV Auctions is a wholesale automotive digital marketplace for dealers that serves as a platform for buyers and sellers to purchase and sell used vehicles via a B2B auction mechanism. The company is Buffalo’s first billion-dollar startup, creating over 2,000 jobs in Upstate New York.

“Thought leadership in the application of data supports both the existing value proposition of ACV Auctions as a tool that creates value for dealers as well as opens up the potential of non-dealer consumers of the data such as hedge funds,” said John Coles, Director of Analytics, ACV Auctions. “We’re interested in seeing what new information will come from this research partnership with the Lally School of Management in hopes of a continued positive economic impact in New York State.”

The Center of Excellence in Data Science is housed in the Goergen Institute for Data Science at the University of Rochester. Funded by the New York State Department of Economic Development, the NYSTAR CoE program helps to drive regional economic development through supporting basic research, training, and technology development.

Dr. Kuruzovich is a leading expert in the analysis of data from the auto industry as well as online auctions. Previous research has looked at how eBay auctions are used by car dealers and the behaviors of consumers and auto dealers in online auctions.

This grant is a continuation of work Dr. Kuruzovich began in January 2022 as a capstone project with his Masters in Business Analytics students.