Method for estimating a used vehicle's market value
US8005684B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Jun 29, 2000 |
| Grant date | Aug 23, 2011 |
| Priority date | — |
| Expiry date | Aug 3, 2026 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0278
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method for estimating a used vehicle's market value is disclosed. The method searches for a set of comparable vehicles in an existing historical database of used vehicles. Estimations of the used vehicles are established based on each comparable vehicle (neighbor) in the set of comparable vehicles by adjusting their resale value in accordance with the individual differences found between the neighbor(s) and the used vehicle whose market value is to be estimated/predicted (the target vehicle). Finally, a distance-weighted average of all such estimations is calculated to arrive at a market value estimation for the target vehicle.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.