Droom, a marketplace for automobiles, has recently announced the launch of Orange Book Value (OBV) to measure the fair price range for any used automobile.
The Silicon Valley founded start-up states that used automobile market in India is full of uncertainties and pricing mechanism is often ambiguous, subjective and dependant on the seller’s discretion.
“Unlike a ‘new’ vehicle that comes with a standard price, the pricing of a pre-owned vehicle always varies depending on parameters like condition, kilometres driven etc. Orange Book Value is aimed to provide fair valuation of any vehicle,” says the company in a statement.
"We are launching India’s first algorithmic pricing engine to calculate the fair market value of OBV. Right valuation of a pre-owned vehicle has always been a difficult task for both buyers and sellers and with OBV we have tried to address and solve this problem,” says Sandeep Aggarwal, Founder and CEO, Droom.
The company claims that the OBV is the most trusted valuation guide for automobiles, be it cycle, bike, car or even plane.
“Droom is technology and data science driven company and with our innovative and disruptive marketplace approach, we build trust, pricing, transparency and convenience advantages in a unique way for buyers and sellers for used automobiles. Launch of this feature is a step towards this commitment to our users, “adds Aggarwal.
Till now the market for buying and selling of cars has remained very fragmented and price fixation has always remained a challenge. India’s second hand auto market which is bigger than its premium car market has always had the problem to fix a price which is suitable for the two parties, the buyer and seller.
Droom is amongst the fastest growing consumer Internet companies in India with 19k+ B2C sellers, 25k+ products, 18k+ listings, Rs 675 crore+ in listed GMV.
The start-up has witnessed a rapid expansion since its public launch in January 2015 and has grown over 500 times during this period.