Online automobile marketplace Droom has seen a rise in car owners adopting its algorithm benchmark pricing engine, the Orange Book Value (OBV), to determine pricing of their vehicles. Droom launched the online tool last year with an aim to reduce the hassle of selling a vehicle or buying a pre-owned one.
According to a survey, nearly 77 percent respondents said that they rely solely on OBV to determine the pricing of their vehicles, up from 50 percent prior to the launch. In addition, about 97 percent of customers now price their vehicles within the OBV range, reflecting the confidence in the pricing engine, the Gurgaon-based company said in a release quoting the survey results.
The survey also revealed that nearly 42 percent of the respondents used OBV multiple times in a week.
Droom’s online tool has already generated 95 million queries since launch, according to founder and CEO, Sandeep Aggarwal. The company says it has seen over 10,000 automotive dealers across India adopting it, and it has used around 50,000 transactions worth approximately Rs 1,000 crore to validate OBV pricing.
In addition to cars, OBV also covers motorcycles, scooters, bicycles and planes. Users can also access the tool via a mobile application available for download on Android and iOS.