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Determinants of 2003 Ford Taurus Auction Prices

Determinants of 2003 Ford Taurus Auction Prices. Presented by: Brandon Briggs, Samantha Gardner, Brett Hanifin, Dane Louvier, Ali Irturk, Ryan Nabinger. Introduction. What goes into the auction price of a car?. Data Set. We examined the auction prices of 19,704 2003 Ford Taurus.

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Determinants of 2003 Ford Taurus Auction Prices

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  1. Determinants of 2003 Ford Taurus Auction Prices Presented by: Brandon Briggs, Samantha Gardner, Brett Hanifin, Dane Louvier, Ali Irturk, Ryan Nabinger

  2. Introduction • What goes into the auction price of a car?

  3. Data Set • We examined the auction prices of 19,704 2003 Ford Taurus. • All data was from individual auction records from Aucnet. • Mileage • Trim package • Location • Sale type • Sale month

  4. Data Set • Mileage – Numerical Variable • Trim Package – Dummy Variables • SE, LX, SES, SEL • Location – Dummy Variables • West, Middle, East • Sale Type – Dummy Variables • As is, Reposessions, Dealer, Fleet, Manufacturer • Sale Month – Dummy Variables • Jan 06 – Nov 06

  5. Descriptive Statistics

  6. Descriptive Statistics

  7. Exploratory Data Analysis

  8. Exploratory Data Analysis

  9. Percentage of Total Sales by Month

  10. Percentage of Total Sales by Location

  11. Percentage of Total Sales by Sale Type

  12. Percentage of Total Sales by Trim Type

  13. Regression Analysis

  14. Regression Results • The F-statistic was 2393.282 • P-value for F-statistic was significant at 5% level • T-Statistics for manufacturers, repossessions, May, July, and August were not significant at the 5% level

  15. Regression Results • Sale Type – Lowest to Highest • As is • Manufacture (statistically insignificant) • Fleet lease • Reposessions (statistically insignificant) • Dealer • Sale Month • Later months decrease price more than earlier months

  16. Regression Results

  17. Regression Results • Mileage decreases auction price • Trim type – Lowest to Highest • LX • SE • SES • SEL • Location – Lowest to Highest • West • East • Middle

  18. Price as a Function of Mileage

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