Droom’s Orange Book Value crosses 100 million queries
Droom, India’s pioneering online automobile transactional marketplace, is riding high on the success of its unique used automobiles pricing engine called Orange Book Value.
Droom, India’s pioneering online automobile transactional marketplace, is riding high on the success of its unique used automobiles pricing engine called Orange Book Value. OBV, which is also India’s first and only algorithm-based benchmark pricing engine, recently crossed the colossal figure of 100 million queries since its launch 14 months back.
OBV, which has been hailed as a game-changer in the used automobiles transactional sphere, covers a wide spectrum of vehicle categories in its evaluation base-including car, motorcycles, scooters, bicycles and planes - covering 24000+ products from 100+ makes, nearly 1000 models and 4000 variants produced in the last 15 to 16 years.
As per an OBV adoption survey, nearly 77 percent respondents claimed they relied completely and solely on OBV to determine the valuation of the vehicle to be purchased. Furthermore, even sellers have started quoting the price range for their offerings well within the OBV range, which shows the amount of practicality in its valuation and the immense trust bestowed by the sellers on OBV’s evaluation algorithm.
Commenting on the exponentially rising popularity of OBV, Sandeep Aggarwal, Founder and CEO, Doom, said, “With a product as unique and useful as OBV, the figure of 100 million queries is definitely heartening but comes as no surprise. With OBV, we have created a revolutionary product, which has reduced search time and search cost for used vehicles and buying and selling much easier.
The pricing estimate carried out by OBV is the national benchmark now and is completely trusted by both buyers and sellers, resulting in its immense popularity. OBV is data science behind price and is not only at droom.in but also its own destination Website, iOS and Android App, widget for third party bloggers and print edition.”
The data collected from the 100 million queries received for OBV revealed certain interesting results. According to the data, the two-wheeler category surpasses the four-wheeler category in terms of queries generated. With income rising rapidly and the price of a motorbike being relatively less, first-time buyers with no or small familial responsibilities generally opt for the same.
Furthermore, youngsters are attracted to the latest bikes with a high-price range, hence they look to buy used versions of the same in a perfect working condition. The top two-wheeler brands searched included Hero, Suzuki and Yamaha, with Honda topping the charts. As for four-wheelers, the top brands searched were Maruti Suzuki, Honda, Mahindra and Hyundai.
A major chunk of OBV’s users reside in metropolitan cities such as Bengaluru, which tops the charts of highest traction of OBV city wise. Following Bengaluru are Delhi, Mumbai and Chennai. Consumers across the country are fast adopting OBV as the default definer of the pricing of any vehicle. Its ease of use, trustworthiness and easily understandable parameters have aided its emergence as the ultimate and most trusted valuation guide for automobiles in India.