What is OBV
Orange Book Value (OBV) is a platform that helps in determining the fair market price of used vehicles. It is an algorithmic pricing engine that suggests market value of used cars, used bikes and used scooters. The pricing of a vehicle is always a bone of contention when one is buying/selling a used car or a bike.
In order to come up with a proper used car valuation or used bike valuation, Orange Book Value uses real time data science to come up with the proper valuation of the vehicles after figuring out the estimated depreciation for the vehicle. It helps the sellers put a fair price in front of the buyer, and for the buyers, it helps them get their desired vehicle at an affordable price. Orange Book Value is a service by Droom, which was founded by Sandeep Aggarwal.
Why OBV?
Orange Book Value uses an independent, objective and unbiased approach to evaluate used/second-hand cars, bikes and scooters. It uses Droom's proprietary technology and data science to come up with fair market price of used cars, bikes and scooters, and utilises scientific data to get the exact value for the vehicle. The primary objective of this used-vehicle price guide is to get the fair market price for second-hand vehicles.Another reason for using Orange Book Value is its unbiased results that help in obtaining reliable data on used-vehicle pricing. Also, it is the kind of valuation tool for used scooters, bikes and cars that calculates the data on real-time basis with a scientific method of suggesting their current market value.
How does OBV Work?
To get the fair market price of your used vehicle, you need to follow just four simple steps. At first, you need to select the purpose, that means whether you want to buy or sell the vehicle. After that you need to select the category of used vehicle, which is whether you have a used car, bike or scooter. The next step is selecting the parameters such as make, model, year, variant, etc., of your vehicle for which you need to get the correct market valuation. The market value of your used bike, car or scooter will highly depend on the condition of the vehicle and the kilometres driven. After that, you will get the exact valuation of your vehicle on Orange Book Value.
Benefits of OBV
Orange Book Value helps buyers get the fair value of a used car, bike or scooter. This way, the buyer will not have to guess the price of a used car or bike and he will return satisfied with price that he/she is paying for the vehicle. For sellers, it helps in determining the best market value for their used vehicle. This valuation tool for used cars and bikes builds transparency and trust in the overall process. It helps in reducing the negotiations and completing the transactions quickly. For banks and NBFCs, it helps in getting the fair pricing of used vehicles that further enhances the process of loan approvals. For insurance companies as well, the real-time data obtained through scientific calculation helps in obtaining the current valuation of the second-hand cars, bikes and scooters.
OBV Methodology
Being the most advanced algorithmic and data science-based value calculator, Orange Book Value is the most accurate valuation tool for used cars, bike and scooters in Malaysia. Unlike other pricing engines, Orange Book Value utilises Droom's proprietary data science methodologies and latest technologies to get the correct pricing of used cars, bikes and scooters depending upon various factors that lead to value depreciation such as make, model, trim, data for kms driven that is obtained through odometer reading, current condition of the vehicle that includes wear and tear, dents, major repair works, etc. A vehicle that is well-maintained and kept in good shape gets to score more in the OBV methodology and gets a better market value.
Appropriate Condition
Orange Book Value calculates the valuation of a used car, bike or scooter according to different parameters that cause depreciation of second-hand vehicles. When OBV comes up with a particular result based on the make, year of manufacture, variant of the vehicle, odometer reading that decides the total number of kilometres driven and the physical and mechanical condition of the vehicle, the used cars and bikes are rated on its basis. These ratings include Excellent, Very Good, Good and Fair. While Excellent and Very Good signify a healthy used car, Good and Fair indicate that it has problem with some of the parts and needs special attention and repairing.