The automobile industry is growing exponentially in India. But lack in trust is the major setback for the pre-owned automobile industry. Price, vehicle authenticity, trust, condition, and verified seller, are some of the main issues highlighted by a buyer. Off course, buying an automobile requires considerable amount of investment, so it becomes important to make an informed decision.
In current situation used automobile market is completely unorganized, uncertain and ambiguous, leaving buyers with a bad and broken buying experience, where price of the vehicle plays a major role in the final phase of a deal. This gives sellers a great opportunity to play around the price, as there’s no market/government regulated fixed price tag for used vehicles, neither there’s a tool available to check a fair value of a used bike, scooter, car or any other vehicle.
To wipe off the pricing blues of a buyer, Droom introduced Orange Book Value aka OBV. It is an algorithmic pricing engine that suggests a fair price for any used vehicle. Independent, unbiased, objective, and data driven, OBV is built on Droom’s proprietary technologies and data science to help users with a fair price evaluation of used automobiles. In order to organize and structure the existing used automobile market, OBV was built to develop trust around the price.
Orange Book Value is India’s only and the most advanced algorithmic and data science based pricing engine to know the fair price range of any used automobile. In addition to used cars, OBV calculates price for any vehicle category from cycle to airplane.
This simple-to-use tool takes inputs from a user including Purpose (buy/sell), Category, Make, Model, Year, Trim, and Kms Driven. Using these values, it calculates the price based on the following factors:
- Trim of vehicle
- Depreciation of a vehicle over the year of ownership
- Odo-meter reading
- Purpose (buying/selling)
- Party at the other end of the transaction (individual seller/dealer)
- Condition of the vehicle
The result is displayed as estimated fair market value of the vehicle along with its condition. This tool is the easiest and simplest way to get information about the estimated fair price. Users can also download a valuation report of any vehicle at Droom with the Orange Book Value fair price range and high, mean, median and low values of similar vehicles listed and sold on its online platform. This offers more accurate, comprehensive, free and ubiquitous vehicle valuation reports.
Orange Book Value is designed after regress study of the existing tools. This truly user-friendly tool can be easily used by any layman. It helps buyers know the right buying price and removes the ambiguity around the cost of the used vehicle, giving peace of mind. Also sellers don’t have to randomly chose a price tag, and they can now get estimated fair value of the vehicle and price it accordingly to sell in the market. This will definitely help in building better buyer and seller relationship and trust in the automobile market.
Do check Orange Book Value before buying or selling your next vehicle.