Droom launches Orange Book Value algorithm that can tell the price of your used vehicle in seconds
Droom, India's premier online automobile transaction platform has announced the launch of Orange Book Value (OBV) website. The OBV website is accompanied with the launch of Android and iOS apps, multiple brand partnerships and third party widgets for web publishers. Orange Book Value is an algorithmic benchmark pricing engine which can tell the market value of used automobiles thereby helping both buyers and sellers of second hand vehicles immensely by leading them to make informed decisions rather than hasty ones. OBV is vehicle agnostic and covers motorcycles, bicycles and planes as well. OBV database encompasses a collection of more than 24000 products from 100+ manufacturers, around 1000 models and 4000 variants across the last 10-11 years.
The pricing engine allows valuation of second hand vehicles in less than 10 seconds without costing a dime to the users. Moreover, value reports can also be generated and shared online. Droom has utilised its homebred computational infrastructure as well as real-time data science to develop OBV. The algorithm also uses historical inferences to compute the final price of a used vehicle. Various factors are accommodated during the calculation of the vehicle's true market value namely purpose of knowing the price like buying or selling, depreciation curves, margins and spreads with middlemen through which the vehicle has been transacted and a lot others too.
The OBV website can be found at www.orangebookvalue.com. The website has a modern design along with interactive functions and ability to modify certain conditions like vehicle trim. The OBV pricing report enlists similar vehicles sold in last 60 days, 90 days and lifetime. The website allows you to navigate directly to Droom website where the customers can directly buy or sell the particular vehicle. Users can also leave feedback regarding their relevant experience.
The OBV apps on Android and iOS allow for checking the price, downloading and sharing price reports, checking your recently searched vehicles, buying or selling on Droom, workflow tutorials and a side menu which has link to significant OBV information like methodology, condition factors etc. as well as a link to navigate to Droom app.
The Orange Book Value algorithm can provide valuable information to buyers and sellers of vehicles alike specially to those who are buying or selling for the first time as they might have no clue whatsoever about the value of the vehicle in question. It can ease the work of second hand dealers too who have a hard time working out the same. Thus this new time and effort saving proposition is a welcome change for India's second hand automobile market.
OBV App Links
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