Challenges of Automobile Industry in India and Its Solutions

When the situation is a person wants to give a used car for sale, he/she will try to find a buyer and grab the maximum value of the car. Similarly, when a buyer of the car is unable to afford a new car, he/she wants to get a used car at an affordable value. There are several challenges that are faced not only by the buyers and sellers, but also by the entire automobile industry. So, to bridge the gap between buyers and sellers and to solve all major problems and challenges, Droom has brought a revolution in the automobile industry by introducing its Ecosystem services.

Learn How Droom and It’s Eco System Services Helping Automobile Industry

Droom Ecosystem Services include:

OBV

Problem: Price is the main driving factor. A seller always gives the effort to gain the maximum price of the car and a buyer always tries to lower down the price. So, a seller can charge any random price regardless of the condition and true market value of the car. Manual negotiation is also a problem.

Solution: Orange Book Value or OBV is an algorithmic pricing engine, that uses technology and data science to give accurate used car valuation and fair market value of any used vehicle under 10 seconds for free.

ECO

Problem: Proper inspection of a used car is necessary before going into any kind of transactions. Hiring a professional technician can be hectic and costly plus you have to deal with some strangers. This one of the challenges of automobile industry.

Solution: ECO offers a scientific and comprehensive way to inspect a used vehicle by a professional. But here you will not have to contact them or talk to any stranger. They will travel to the spot and inspect on behalf of you and will let you know the actual condition of the car, what parts of the car is damaged and what needs to be replaced. So, you will be able to know how much expenses will be involved after purchase and what should be the exact price of the used car. ECO is completely independent, objective and unbiased, so, you will get a proper inspection report of the used car.

Droom History

Problem: As a buyer of used cars, it is not possible for you to know the history or the proper condition of the car. If you contact a seller individually, they may hide some information regarding accidents, scratches or failures.

Solution: Droom History provides an unbiased report mentioning the detailed information about a vehicle’s background. You just need to provide the vehicle’s registration number and you will get the entire history report online.

Droom Discovery

Problem: One more major challenge is to decide which car is perfect for you and your family or even for your budget. The requirement of a car will vary as per your family size, usage and affordability.

Solution: Droom Discovery tool helps to discover a car that has higher resale value, lower maintenance cost and fits your budget. It solves various confusions such as new vs used car, Honda vs Hyundai make, Honda City vs Honda Amaze model, etc.

Droom Credit

Problem: Another challenge of automobile industry is financing the car purchase. Generally, planning to purchase a car to actually purchasing a car, revolves around the concept of how to pay the price of the car. All dream to have own car, but not all have the power to fund it from own pocket. This may force them to either postpone the plan or cancel the plan of car purchase.

Solution: There comes the role of Droom Credit. It assists the buyers to finance their car purchase at least possible interest rate. Whichever car you choose, Droom Credit will be ready to provide a loan for that. You can even get used car loan at a minimal rate of interest. There is no need to submit any physical documents. So, it will be a 100% paperless process where the loan will be processed within 30 seconds.

The tree structure of Droom Ecosystem services includes On-Droom factors and Off-Droom factors.

On-Droom factors:

Under the umbrella structure of On-Droom, different factors are enlisted which drive to build these five Ecosystem tools of Droom to assist the buyers and sellers.

  • Marketplace format include B2B, B2C, C2B and C2C
  • Pricing format include Best Offer, Fixed Price and Droom Auction
  • Protection format include Buyer Protection Certificate, ratings and reviews

Off-Droom factors:

The Off-Droom includes those, with whom Droom needs to coordinate to conduct the whole procedure smoothly and flawlessly.

  • Dealers
  • OEMs
  • Buyers
  • Sellers
  • Borrowers
  • Lenders
  • Online Auto Portals
  • Online Classifieds

Droom mainly deals with used automobiles- cars, bikes and scooters. Sellers of used cars contacted with Droom to sell their products quickly and at a better price tag. Buyers of used cars also take the help of Droom to purchase a used car at good condition and at a lower price tag. So, Droom acts as a bridge between buyers and sellers and assist them to overcome these challenges and complete their transactions at a fair market value and with utmost satisfaction.

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