Patent Document ID: 8005684
Application ID: 09607069
Patent Status: 1

Claim One:
1. A computer-implemented method for estimating market value of a used vehicle, the method comprising: A) electronically receiving data from a nearest neighbor database consisting of a number K of used vehicle nearest neighbor records, each used vehicle nearest neighbor record comprising resale information and a plurality of used vehicle features, at least one target used vehicle record comprised of a plurality of used vehicle features, at least one constraint for determining a neighbor relationship between a pair of used vehicles, and a neighborhood distance function for determining a distance between a pair of used vehicles, the number K is iteratively selected for estimation accuracy based on a historical database of N used vehicle records; and B) electronically determining an estimated value for the at least one target used vehicle based on the data from the nearest neighbor database, the at least one target used vehicle record, the at least one constraint, and the neighborhood distance function, wherein the estimated value of the at least one target used vehicle is relied upon by individuals to at least price used vehicles for resale.