Droom’s Pricing Engine – The Orange Book Value Now Available In 38 Countries
In a move that will disrupt the automobile space across the globe, Orange Book Value, a comprehensive pricing engine provided by Droom, India’s largest and pioneering online automobile transactional marketplace has announced its launch in 34 new countries. Through its independent, unbiased, and objective algorithmic approach, OBV has succeeded in establishing itself as the de facto industry standard for used vehicle pricing in India, Thailand, Singapore, and Malaysia in the last 5 years. By introducing this AI and Data Science-led pricing engine in 34 more countries across Europe, Middle-East, and Oceania, Droom aims at establishing OBV as the default engine for the fair market price of any vehicle in all these markets.
Determining the fair value of pre-owned vehicles as always been a difficult task, owing to the fact that it depends on several evaluation parameters with little to no statistical or scientific perspective. In such a scenario of ambiguity, OBV has emerged as one of the most effective solutions for the automobile industry. Essentially an arithmetic pricing engine, OBV provides the fair market value for any used vehicle within as little as 10 seconds. Equipped with a distinctive algorithmic methodology, OBV leverages proprietary technologies like AI and Data Science for advanced evaluation across 11 criterions, covering a wide spectrum of 9 automobile categories. Such offerings give OBV an edge over all its contemporaries not just in India but all across the globe. Moreover, OBV has emerged as a solution not just for buyers and sellers but also for automobile dealers, banks and NBFCs, insurance companies, ride and taxi aggregators, and repo companies.
Owing to its trustworthiness, convenience of use, and easily comprehensible parameters, OBV has succeeded in garnering a phenomenal count of 299,359,600 queries across all its verticals till date, covering 24000+ products from 100+ makes, 1000+ models, and 4000+ variants manufactured in the last 15-16 years. Moreover, with continuous innovations and improvements being made to evolve the tool in Droom’s recently-established AI Lab, OBV is steadily paving its way towards becoming the most preferred vertical search engine. OBV is set to disrupt the automobile space across 34 new countries including Germany, Italy, France, Spain, Sweden, Netherlands, UAE, Saudi Arabia, Qatar, and Australia, to name a few.
Sharing an insight behind this global expansion Sandeep Aggarwal, Founder and CEO, Droom remarked, “Since its inception, OBV has brought tremendous amount of transparency, making fair and accurate pricing of used vehicles within the reach of individuals, dealers, insurance companies, banks, and many other verticals and stakeholders across the ecosystem. OBV has facilitated not just an easy and hassle-free evaluation of pre-owned vehicles, but has also brought down the search time and cost remarkably. We are beyond ecstatic about our global expansion as something that started as an initiative meant for the world’s 3rd largest automobile market i.e. India is now becoming available in 38 countries across the globe. In last 5 years, we at Droom have made significant investments in computation infrastructure, algorithms, AI, and machine learning so that we can offer a 21st century way for pricing used vehicles.”
Having generated approximately 300 million queries across 9 categories in 4 countries till date, OBV plans to cater to 1.6 billion+ queries across 15+ categories in 100 countries by 2023. This strategic foray across 34 new countries sets another milestone in OBV’s journey towards establishing itself as the most preferred vehicle pricing engine all over the world. This move will also bolster Droom’s growth further across international markets, helping the company elevate its position as one of the most innovative automotive and e-commerce organizations to have pioneered from India.
