Vehicle value appraisal system
First Claim
1. A system for determining an appraisal value of a machine comprising:
- a processor;
a reference databank containing a plurality of published values for similar versions of said machine; and
, means for diagnosing the mechanical condition of said machine, said diagnosing means generating an adjustment factor according to said mechanical condition and sending said adjustment factor to said processor, said processor selectively accessing said databank and combining one of said plurality and said adjustment factor according to a predetermined algorithm to yield said appraisal value for said machine.
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Accused Products
Abstract
A vehicle appraisal system in accordance with the present invention includes a processor, a reference databank of published values for different makes and models of vehicles and an enclosure having diagnostic tools for determining and recording the mechanical condition of the vehicle. The vehicle is positioned within the enclosure and data concerning the interior condition of the vehicle alignment, undercarriage, engine, interior and body are recorded by the diagnostic equipment within the enclosure. The processor accesses the reference databank for a baseline value for the vehicle under consideration. The processor then receives this data collected from inspection of the vehicle and access a plurality of discrete databanks containing repair data to determine the cost of repairing the vehicle. The processor then adjust the baseline value by the repair cost of the vehicle according to a predetermined algorithm to yield an appraisal value for the vehicle.
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Citations
20 Claims
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1. A system for determining an appraisal value of a machine comprising:
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a processor;
a reference databank containing a plurality of published values for similar versions of said machine; and
,means for diagnosing the mechanical condition of said machine, said diagnosing means generating an adjustment factor according to said mechanical condition and sending said adjustment factor to said processor, said processor selectively accessing said databank and combining one of said plurality and said adjustment factor according to a predetermined algorithm to yield said appraisal value for said machine. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19)
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14. A device for determining the repair cost of a vehicle from a remote location comprising:
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a processor;
a repair databank containing a plurality of repair values, said databank being selectively accessed by said processor; and
,means for diagnosing the mechanical condition of said vehicle, said diagnosing means generating a plurality of repair requirements according to said mechanical condition and sending said plurality to said processor, said processor accessing said repair databank and combining said repair values and said plurality according to a predetermined algorithm to yield said repair cost for said vehicle.
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20. A method for appraising the value of a vehicle which comprises the steps of:
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(A) building a reference databank of published values for said vehicle;
(B) diagnosing the mechanical condition of said vehicle;
(C) generating a list of prioritized repair actions for said vehicle;
(D) establishing a maintenance databank having a plurality of adjustment factors, each adjustment factor corresponding to the cost of a respective repairs action for said vehicle;
(E) accessing said databank of published values to yield a baseline value for said vehicle;
(F) combining said repair actions and said adjustment factors to yield an overall repair cost for said vehicle; and
,(F) selectively adjusting said baseline value according to said overall repair cost to yield an appraisal value for said vehicle.
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Specification