Buying a used vehicle in India is a complex affair as the variables to be considered are considerably upgrading. You cannot just read basic facts about your next purchase, like kilometre mileage, year of purchase and service history, and jump to a conclusion of buying your next car. As we progress on to better systems of judging used items, cars too need to undergo immaculate observations to be passed as genuine and worthwhile purchases. Until now most companies that deal with chalking out vehicle history and its health have been somewhat vague with information. Enter Droom’s Orange Book Value.
Before you know about Droom and their hocus pocus Orange Book, you need to know a bit about Droom in case you don’t already know it. In the spring of 2014, Droom established itself as one of the largest marketplace to buy and sell automobiles and related services. You can purchase both old and now even new autos from Droom as their latest initiative. Its presence on both iOS and Android platforms on mobile gives it a very wide spread reach to a lot of audience. In fact their success is reflected by the fact that they have accumulated 74K+ B2C sellers displaying 25K+ products. Droom has scaled its Facebook likes to 2.5 Mil+ Likes which is commendable for a recent entrant. They were able to sell 30K used vehicles in a span of just 18 months growing by 700% year on year generating a swelling revenue of Rs 1200 crores.
Why buy new cars from Droom?
After you have made yourself a visible face in the market, it is time to venture into new horizons. Droom got popularity for used vehicle purchases, but now they facilitate new purchases as well. But then many others are doing it, what do you gain with Droom? The company has created a new category that will include a bank loan 50% of vehicle value pre-approved with door-step test drive. Onboard brands associated with Droom include Nissan, Chevrolet, Skoda, Mahindra and e-vehicles from Hero Electric. The leading light at Droom, Sandeep Aggarwal, who is the Founder and CEO expresses his joy and excitement on entering new car selling space and is hoping to bring order to an uncluttered segment of buying vehicles.
And yes, to keep it simple for you and not piling you up with a million papers to sign, the loan approval process has been streamlined and shortened by the company. In a bid to ensure buyers are not discouraged by loads of paperwork, Droom has tried to keep the loan approval process short. Application requisite for loan needs proof of Indian citizenship, birth/age proof for verification as an adult, 18 months of professional experience and a government recognised photo-id.
What is Orange Book Value?
The word fair is still in short supply in the Indian used car market. Droom has come up with a state-of-the-art algorithm based pricing engine to gauge fair market value of used cars, which is called Orange Book Value (OBV) in their terms. Sounds technical, and it is. This OBV a tool built based on Droom’s data and algorithm development that still has its patent pending. For the lay man, OBV is a pricing engine that checks the price of a vehicle based on smart algorithms and historic data which you may download and compare before a purchase. Using it is fairly simple too, simply select if you want to buy or sell, select category and narrow it down based on relevant parameters and generate an OBV report. This tool enhances and streamlines judging vehicle values in an uncluttered market. At least you get a valid datum point to begin with.
Droom is empowering customers to clearly observe minute details about their next used purchase, and also ease them buying a brand new one. The OBV database will start swelling up with time to provide even more concise data as more models and partners join in. It is a bold move by Droom and an applaud is in order for them to stack a chaotic shelf. With a bucket of nearly 50%of user traffic handled by Droom things look bright for the company.