Droom's algorithmic pricing engine Orange Book Value reaches 34 new countries - What it does? How it helps?
Online automobile transactional marketplace Droom has made one more important move in the global automobile space.
Online automobile transactional marketplace Droom has made one more important move in the global automobile space. Droom’s algorithmic pricing engine Orange Book Value is now spreading wings in Europe, Middle East, and Oceania as well. Orange Book Value has expanded its reach to 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," Droom said in a statement.
Orange Value Book: What it does? How it helps?
"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," Droom said.
"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," the online automobile transactional marketplace added.
Sharing an insight behind this global expansion Sandeep Aggarwal, Founder and CEO, Droom said, “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."
Sandeep Aggarwal further adds, "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.”
Expansion plans: 100 countries by 2023
"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," Droom said.