Droom, one of India’s leading online automobile marketplace, today announced the launch of its Orange Book Value (OBV) destination website and its Android and iOS apps. Orange Book Value is an algorithmic benchmark pricing engine that measures the fair market value of any used automobile. OBV as a comprehensive pricing engine is not limited to just cars; it also covers a wide range of vehicle categories including scooters, motorcycles, bicycles, and planes.
OBV users can now calculate the correct market value of their used vehicles in just a few seconds, without any consultation charges. Users are allowed to download/share pricing report. Designed keeping user convenience in mind, the US patent-certified pricing engine is built on Droom’s computational infrastructure and real-time data analytics which extracts and uses empirical evidence to give the end price value of a used vehicle. Various factors like purpose (buying/selling), depreciation, margins and spreads with intermediaries are taken into account as any vehicle changes ownerships.
Talking about the innovation, Sandeep Aggarwal, Founder and CEO, Droom (and Shopclues) said, “Today is a historical day for the entire auto industry in India as we are launching Orange Book Value (OBV).” The company has managed to generate 72 million queries in the last seven months. Spending millions of dollars, according to Aggarwal, has helped them make the app convenient for the users.
The algorithm was made in partnership with Carnation and Renew for insurance. Here are the features of the new website.
- New touch and Feel: Loaded with new-age design, it has interactive features, real-time price changes.
- Revamped OBV Pricing Report: The new version of the OBV Pricing report also gives the overview of the prices of similar vehicles for comparison.
- Buy/Sell on Droom: Navigation to buying or selling page can be done in a click, just like any other Ecommerce website.
The mobile app includes the following features:
- Check OBV Price: Filter the price by selecting the appropriate condition of the vehicle.
- Download/Share Pricing Report: The pricing report can be downloaded and shared
- Buy/Sell on Droom: With a single touch on the result page, you can navigate to the Droom website where you can buy/sell the product for which you just checked OBV.
- Quick Tutorials: Familiarises the user with the app.