Orange Book Value Glossary

The terms used across Orange Book Value, explained

OBV
Orange Book Value (OBV) is an algorithmic pricing engine that suggests the estimated market value of any used vehicle. OBV is built on Droom's proprietary technology and data science. Use OBV before you buy or sell a vehicle.
Make
The manufacturer of the vehicle — for example Toyota, Nissan or Honda.
Model
The specific model of the vehicle — for example Land Cruiser, Patrol or Civic.
Year
The year the vehicle was produced. In "Toyota Land Cruiser GXR 2015", 2015 is the year of production.
Trim
The designation of the features and standard equipment on a vehicle, such as LX, SE, EX or GT. Base trim levels carry minimal equipment and entry-level prices; a step up in trim adds options and standard features along with a price increase.
Purpose
Whether you intend to buy or sell the vehicle. The purpose can be Buy or Sell.
Kms Driven
How far the vehicle has been driven, for the vehicle you are valuing.
Category
The category of the vehicle — for example car, motorcycle or scooter.
Party
Whoever is at the other end of the transaction, either buying the vehicle from you or selling it to you. A party can be an Individual or a Dealer.
Individual
A standalone entity who can be either a seller or a buyer.
Dealer
A professional seller of vehicles.
Location
The value of a vehicle varies by geography. Contributing factors include the local ex-showroom price, the terrain and the road surface.
Condition
The state of the vehicle — excellent, very good, good, fair or poor. This is one of the factors that determines the price of any used vehicle.
Depreciation
The rate at which the value of the vehicle decreases year on year.
Fair Market Price
The price at which a buyer and a seller are willing to buy and sell a vehicle, as calculated by OBV.
Algorithm
The set of code that runs on our data science technology to calculate the fair market price of any used vehicle.
Benchmark Price
A standard price that can be used as a reference for buying or selling a vehicle.
Data Science
The method of determining an accurate value using data mining, analysis, statistics and discovery.