Orange Book Value Glossary
OBV: Orange Book Value, (OBV) is an advanced 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 Perodua,Toyota,Proton, etc.
Model: It defines the specific model of the vehicle, like City,Ertiga,Brezza etc.
Year: It defines the year of production of the vehicle, like in Perodua Viva EZ Elite 2011; 2011 is the year of production of the vehicle.
Variant: It is defined as the designation of the features and standard equipment on a vehicle, like LX, SE, EX, GT, etc. Vehicles with base variant levels have minimal equipment and entry-level prices; a step up in variant 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 or buy the specific vehicle. The purpose can be Buy or Sell.
Kms Driven: This parameter defines how many kilometres the vehicle is driven for which you want to calculate the OBV.
Category: It defines the category of the vehicle, for example - car, motorcycle and scooter.
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 Price: Fair market price 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 price 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.