Droom, India’s online automobile transactional marketplace, today announced the launch of Orange Book Value (OBV) destination website along with its Android and iOS apps. Orange Book Value is India’s first and only algorithmic benchmark pricing engine to ascertain the fair market value for any used automobile.
Droom arrives at fair price of used vehicles by taking into consideration various factors into account such as age of vehicle, kilometers run and overall condition of the vehicle. These parameters enable Droom to arrive at closest price of the used vehicle.
India’s market for used vehicles is totally unorganised and to get fair amount about the condition and its corresponding price, the prospecctive buyer has to struggle a lot. The Orange Book Value will solve this problem to large extent about the fair price of used vehicle.
OBV is the not limited to cars alone, but also covers a wide spectrum of vehicle categories including motorcycles, scooters, bicycles and planes – covering 24000+ products from 100+ makes, nearly 1000 models and 4000 variants for last 10-11 years.
According to Droom, with OBV, users can calculate the true market value of a used vehicle in less than 10 seconds, that too for free. They can also download/share pricing report in no time. OBV is designed keeping user convenience as a top priority. The US patent-certified OBV pricing engine is built on Droom’s proprietary computational infrastructure and real-time data science which analyses empirical evidences to give the final price value of any used vehicle. It considers various factors like purpose (buying/selling), depreciation curves, margins and spreads with intermediaries as any vehicle changes ownerships, and dozens of factors that impact the valuation of an automobile.
Speaking on the new innovation, Sandeep Aggarwal, Founder and CEO, Droom said, “Today is a historical day for the entire auto industry in India as we are launching Orange Book Value (OBV), India’s first and only algorithmic pricing engine to measure the true market value for any used automobile. For the last two years, we have deployed dozens of development engineers who have diligently worked and made this launch a great success. We have already managed to generate almost 72 million queries in the last seven months. Having spent millions of dollars on this innovation, the app is so convenient that a user can check the price of any used vehicle within ten seconds and can avail the pricing report free of cost.”