- Droom strikes yet another deal for Orange Book Value; official Price calculator for Ford Assured
- OBV will facilitate Ford with its objective and unbiased pricing mechanism for the company’s used car vertical ‘Ford Assured’
Gurugram, August 2019: Orange Book Value, a comprehensive pricing engine provided by Droom, India’s largest and pioneering online automobile transactional marketplace, has recently been adopted by Ford India for its used car vertical ‘Ford Assured’. Through this strategic association with one of India’s top pre-owned car setups, Droom’s OBV solution will enable the company to utilize its pricing mechanism and API integration. Using OBV Pricing certification services will thus facilitate an objective and unbiased mechanism for better-informed decision before the sale of a pre-owned Ford car
.OBV has been venturing into various segments and verticals, and this alliance with Ford India is a part of this verticalization. Further, with Droom continually evolving OBV at its recently-established AI Lab under Droom Innovations, the pricing engine is touted as the best solution for this purpose.
Owing to the various evaluation parameters, and in the absence of a statistical or scientific perspective, that the pricing of pre-owned vehicles depends on, determining their fair value has always been a difficult and hassling experience. To address this pressing concern, Droom’s Orange Book Value has emerged as one of the most effective solutions. Equipped with a distinctive methodology, OBV is essentially an arithmetic pricing engine that provides fair market value for any used vehicle in less than 10 seconds! This innovative tool leverages technologies like AI and Data Science for advanced evaluation, covering a wide spectrum of 9 automobile categories including cars, motorcycles, scooters, bicycles, and planes. With an evaluation base spanning across 24000 products from 100 makes, over 1000 models and 4000 variants manufactured in the last 15-16 years, OBV has emerged as a solution for individuals as well as businesses across verticals. Moreover, by registering more than 15 million users every month, OBV has steadily succeeded in becoming the industry defacto standard for pre-owned automobile pricing.
Because of its trustworthiness, convenience of use, and highly comprehensible parameters, OBV has been catering to the pressing evaluation needs when it comes to pre-owned vehicles. Such is its impact, that OBV has been rapidly adopted by consumers, auto dealers, banks and NBFCs, insurance companies, OEMs, ride and taxi aggregators, and repo companies across India and Southeast Asia, garnering a remarkable count of 300Mil queries till date. And with the continuous developments being made at the AI Lab under Droom Innovations, technological interventions like AI and ML are being actively leveraged to evolve OBV further to enable it to manage larger data within lesser time. Wits its presence in 38 countries (Europe, Middle-East, and Oceania) OBV is set to disrupt the automobile space all across the globe with its revolutionary data-driven approach.
Commenting on this partnership, Devesh Rai, President, Business Development, Droomremarked, “Since its very inception, OBV has made finding accurate and fair pricing of used vehicles tremendously transparent along with bringing the same in reach of not just individual buyers and used car dealers, but also for banks and NBFCs, insurance companies, OEMs, and other such corporates in these verticals. Through OBV’s facilitation, the process of buying and selling pre-owned vehicles has not just become hassle-free and easy, but the search time and cost have also been significantly brought down. Such success has made OBV the benchmark for used vehicle pricing amidst the industry not just in India but in Southeast Asia as well. As consumers, auto dealers, and enterprises are rapidly adopting this innovative pricing engine, this alliance with Ford India for its used car vertical will prove to be beneficial for all the stakeholders involved in the long run. Through this association, we look forward to toenablingmore and more people with better-informed decisions when buying a pre-owned vehicle.”
Ford Assured, the pre-owned car business vertical of Ford India, is among the leading pre-owned car setups in India. One of the very few organized players in the segment, Ford Assured was launched in 2011 and has been offering warranty and credit offerings to used car buyers
of all makes. While Ford Assured was leveraging automated evaluation processes prior to bringing OBV onboard, OBV will facilitate increased transparency for more convenience and reliability. With Droom continually evolving its revolutionary 21st-century pricing engine, OBV will certainly come really handy for Ford Assuredto provide a more hassle-free experience.
Sharing further insight into the collaboration Mr Lakshmi Ram Kumar, Vice President Sales at Ford India affirmed “At Ford, we are committed to winning the trust of our customers through complete transparency at every step. Droom’s Orange Book Value will help us strengthen this promise of transparency by providing prospects with a comprehensive, unbiased, and more accurate pricing mechanism. We are confident that this transparent tool will help Ford Assured in retaining as well as bringing new customers to the Ford family,”
This alliance with Ford India sets yet another achievement in OBV’s journey towards becoming a truly-verticalized vehicle pricing engine. Envisioning to cater to 1.6 billion queries across 15 categories in over 100 countries by 2023, OBV is bound to disrupt the global automobile space further, establishing itself as the default pricing engine for any vehicle all over the world.About Orange Book Value (OBV):
OBV is India’s first and only algorithmic pricing engine that lets you calculate the fair market price of any used vehicle in just 10 seconds for free. OBV is based on 21st-century data science and machine learning. Since its launch, OBV has seen 300 million pricing queries for 45k products, and 300k auto dealers use it across India each month. OBV is now available for used mobile phones also. OBV is available as destination website (www.orangebookvalue.com
), iOS and Android App, OBV Widget for 3rd party bloggers and a print edition.About Droom:
Droom is the 3rd largest E-commerce company in India in terms of GMV and the largest online auto marketplace for buying and selling new and used automobiles with over 80% market share of the automobile transactions online.
Droom is headquartered in Gurugram, India, with a team size of 480 . Droom has four marketplace formats i.e. B2C, C2C, C2B and B2B, and three pricing formats - Fixed Price, Best Offer and Auction. The platform offers a wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan.
Droom has in-built tech and data science tools to create the entire eco-system around used automobiles, including OBV (pricing engine), Eco (1,000 points vehicle inspection), History (200 million vehicle history records), Discovery (dozens of pre-buying tools) and Credit (India’s first and only marketplace for used vehicles’ loans). The company is currently generating $1.2 Billion in annualized GMV and growing at a rate of 150% Y/Y. Droom has a presence in 830 cities across India (India’s largest hyper-local marketplace), 300K auto dealers (largest auto dealer platform in World), 55 Million monthly visitors, nearly 12 Million app downloads and 6.5 Million Facebook followers.
Droom is a Singapore Holding Company with subsidiaries in India and the United States. The company has so far raised close to $125 Million dollars over six rounds of funding. Some of the prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management and Family office of Japanese based investor Joe Hirao, Founder ZIGExN.About Ford Assured:
A Ford venture, Ford Assured is providing customers with complete peace of mind to buy and sell pre-owned cars since February 2011. Ford Assured is listed among Top Pre-Owned Cars setups in India.
Ford Assured gives both the buyer and seller complete peace of mind and hassle-free driving experience. All cars are refurbished at state-of-the-art workshops of Ford Assured dealers. Ford Assured staff is trained and equipped with the latest online and offline support system. Ford ensures that staff's capabilities are enhanced through professional training by Ford Academy.