Droom, India’s pioneering online automobile transactional marketplace, had introduced its unique and path-breaking pricing engine, Orange Book Value (OBV) in 2016. The benchmark pricing engine that measures the fair market value of any used automobile has generated a whopping 200 million userbase within 28 months of its operations out of which, 100 million users came onboard in the first 20 months and next 100 million users registered themselves in the last 8 months itself. After acquiring such a huge user base and becoming industry defacto standard for pricing, OBV has also become 3rd largest search engine in India.
The process to determine the value of pre-owned vehicles has always been difficult as it was completely dependent on individual evaluation parameters without having a statistical or scientific perspective. However, with the launch of the unique online tool, buyers and sellers are able to come to a conclusive consensus in terms of pricing. Droom’s OBV gets close to 15 million users on OBV every month to obtain a fair market value of a used vehicle in less than 10 seconds! The algorithmic pricing engine covers a wide spectrum of vehicle categories, including cars, motorcycles, scooters, bicycles, and planes in its evaluation base, covering 24000+ products from 100+ makes, nearly 1000 models and 4000 variants produced in the last 15 to 16 years.
Commenting on the soaring popularity of OBV, Sandeep Aggarwal, Founder and CEO, Droom, said, “It is overwhelming to see millions of Indians relying on a product as unique and useful as OBV before finalizing their vehicle sale and purchase. OBV has not only made buying and selling of pre-owned vehicles hassle-free and easy but also has brought down the search time and search cost for used vehicles. With the help of OBV, we have generated a series of checkpoints based on statistical evidence, pricing based algorithms and prior industrial trends to arrive at a price decision that has been comprehensively calculated. As India’s pre-owned automobile market shows an uptick, due to rapid urbanization, changing consumer needs and growing internet penetration, we look forward to serving more consumers, auto dealers and enterprises, and further strengthening our position in the realm of automobile buying and selling space.”
Consumers, auto dealers and enterprises across the country are fast adopting the pricing engine thanks to its ease of use, trustworthiness and easily understandable parameters. In the coming years, OBV is sure to disrupt the automotive resale space further and reaffirm its position as the default pricing engine of any vehicle in India.
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