Orange Book Value Glossary
OBV: Orange Book Value, (OBV) is India's first and only algorithmic pricing engine that suggests estimated market value for any used automobile. OBV is built on Droom's proprietary technologies and data science. Use OBV before you buy or sell an automobile.
Make: It defines the manufacturer of the vehicle, like Maruti Suzuki, Honda, etc.
Model: It defines the specific model of the vehicle, like WagonR, City, Alto, etc.
Year: It defines the year of production of the vehicle, like in Maruti Suzuki Ciaz Vxi 2015; 2015 is the year of production of the vehicle.
Trim: It is defined as the designation of the features and standard equipment on a vehicle, like LX, SE, EX, GT, etc. Vehicles with base trim levels have minimal equipment and entry-level prices; a step up in trim level includes more options and standard features along with a price increase.
Purpose: It defines the purpose of using the OBV tool, which means you want to sell the specific vehicle or buy. The purpose can be Buy or Sell.
Kms Driven: This parameter defines how many kms the vehicle is driven for which you want to calculate the OBV.
Category: It defines the category of the vehicle, for example - car, motorcycle, scooter or more.
Party: Anyone who is on the other end of the transaction who is either buying a vehicle from you or selling it to you. Party can be of two types:
Individual: An individual is a standalone entity who can be a seller or buyer
Dealer: A dealer is a professional seller of automobile.
Location: The value of a vehicle varies with different geographical locations. The factors that are responsible are - ex-showroom price in the area, the terrain and road surface, and more.
Condition: It defines the condition of the vehicle. It can be excellent, very good, good, fair and poor. This is also a factor that determines the price of any used vehicle.
Depreciation: It is the rate by which the value of the vehicle decreases year on year.
Fair Market Value: Fair market value of a used automobile is the price at which a buyer and a seller are willing to buy and sell a vehicle at a price calculated by OBV
Algorithm: A set of code that runs on our data science technology to calculate the fair market value of any used automobile.
Benchmark Price: A standard price that can be used as a reference for buying or selling an automobile.
Data Science: Data Science is the method to determine the accurate value using data mining, analysis, statistics and discovery.