TAKING THE GUESSWORK OUT OF USED VEHICLE PRICING
Orange Book Value: Disrupting The Used Vehicle Market With Data Science Based Pricing
The used-vehicle industry in India is highly fragmented and estimating the fair value of any vehicle becomes a tough task for both sellers and buyers. Most of the times, the lack of a benchmark price leads to a lot of debate and confusion between the two parties and this mistrust results in the deal falling through. Buyer and seller remorse are common by-products of such deals. In order to bridge this gap and to bring transparency in the whole process, Droom, a leading online automobile marketplace, has launched Orange Book Value (OBV), which is India’s first and only algorithmic pricing engine for used vehicles.
OBV suggests fair market value of used vehicles that include cars, motorcycles, scooters, bicycles and even planes, covering 24000+ products from 100+ makes, nearly 1000 models and over 4000 variants. Its role in the automobile market is that of an independent benchmark for used vehicle pricing.
Sandeep Aggarwal, Founder and CEO, Droom, said, “Orange Book Value is India’s first and only algorithmic pricing engine to measure the fair market value for any used automobile. For the last two years, we have deployed dozens of development engineers who have diligently worked and made this a great success. Having spent millions of dollars on this innovation, the app is so convenient that a user can check the price of any used vehicle within ten seconds and can avail the pricing report free of cost. We have developed OBV with a long-term vision of making it the most trusted valuation guide for automobiles, be it a cycle, bike, car or even an aeroplane”.
Consumer response seems to be overwhelmingly in favour of the tool. As per quoted numbers, over 85 million people across the country have used OBV to get the proper valuation of used vehicles so far. One such consumer from Delhi, Satish Gupta said, “I consulted many used vehicle dealers but couldn't get a satisfactory price. Then I heard about Orange Book Value from a friend, and using it helped me to purchase at right price”.
The industry too, seem to be adopting this quickly. Vishal Jain, a used car dealer from Delhi said, ”We used to face many problems as customer always negotiated on the price proposed by us. Now customers are satisfied and comfortable to buy at the price suggested by OBV”.
With both professional sellers as well as consumers rapidly adopting OBV, it seems that the mistrust and confusion around pricing is soon going to be a thing of the past. This should help buyers develop more comfort around buying used vehicles, and enable the used vehicle industry to move to the next level. The next testing grounds for OBV would be in the fields of used vehicle loans and in the insurance sector.
Orange Book Value is available on www.OrangeBookValue.com, Android and iOS.