1. A method of calibrating a vehicular multi-camera system, said method comprising: equipping a vehicle with a plurality of cameras wherein each camera of said plurality of cameras captures image data; wherein said plurality of cameras comprises a first camera mounted at a forward portion of the vehicle and having a field of view that includes a ground surface forward of the vehicle, a second camera mounted at a rearward portion of the vehicle and having a field of view that includes a ground surface rearward of the vehicle, a third camera mounted at a sideward portion of the vehicle and having a field of view that includes a ground surface sideward of the vehicle at one side of the vehicle, and a fourth camera mounted at another sideward portion of the vehicle and having a field of view that includes a ground surface sideward of the vehicle at the other side of the vehicle; equipping said vehicle with an image processor; inputting image data from each of said plurality of cameras to said image processor; said image processor processing input image data in order to calibrate said vehicular multi-camera system; wherein calibration of said vehicular multi-camera system is achieved independently of a model of the real world; producing a chronological sequence of image data by recurrently applying a selection criterion to select from a sequence of subimage data records recorded by said first, second, third and fourth cameras; determining parameters of transformations of said subimage data records via an optimization method that uses a quality criterion for an overall image; and assembling a sequence of transformed subimage data records to form a sequence of overall image data.