IQR (Interquartile Range)
A statistical method used to identify and remove outlier pricing data from comparable listings. Ensures valuation estimates aren't skewed by abnormally high or low prices.
Definition
A statistical method used to identify and remove outlier pricing data from comparable listings. Ensures valuation estimates aren't skewed by abnormally high or low prices.
Related Terms
Comps (Comparables)
Similar vehicles currently listed or recently sold that are used to estimate a vehicle's market value. Quality comps match on year, make, model, trim, mileage, and location.
Market Value
The estimated price at which a vehicle would sell in the current market, derived from comparable sales data.
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