Orange Book Value offers a fair market price for any used vehicle. It is currently used by over 200 million users in India and is found to be a useful tool not only for sellers but also for buyers and auto dealers in the country. Based on 21st century data science and machine learning technologies, Orange Book Value (OBV) is a pricing benchmark platform in India that offers independent and unbiased pricing for scooters, bicycles, motorcycles cars and even planes.
This OBV platform is also used by banks and insurance companies to assess the market value of used vehicles for loans and insurance purposes. It has not only served as a comfortable platform for buyers but also has been found useful by over 25,000 automotive dealers in India.
How does it work?
Users who log in to the website will have to select sell / buy in the purpose category. Then on they will have to select a category, be it car, bike, scooter or bicycle. Make, model, year of purchase, variant, kms completed and condition of the vehicle will also have to be uploaded on the site. After all these details are mentioned, the approximate value of the vehicle is calculated after taking into account depreciation, etc.
Who should use OBV?
OBV can be used by buyers, sellers, new and old automobile dealers, insurance companies and banks. Buyers are benefitted as they are not left guessing the market value of the vehicle to be bought. They can be assured of a detailed report which is offered in two types – standard and premium. The standard report gives a general value of the vehicle to be bought with vehicle details and current condition. The premium report offers a more in-depth analysis of the vehicle in question giving total cost of ownership and what others have paid for a similar vehicle.
How is it useful?
• The seller is also benefitted due to the fact that he receives a fair market value of the vehicle to be sold. OBV offers the seller a benchmark pricing and scope for price negotiation.
• Banks and NBFs also rely on OBV as they seek evaluation to write off an auto loan and can get details of used vehicle pricing.
• Insurance companies are aided by OBV in calculating current market value of the used automobile to calculate right Insured Declared Value (IDV).
With these benchmarks received, it is then up to the buyer and seller to come to a final price for the vehicle. Test drives can be conducted, bargaining can be resorted to and the vehicle handed over with both the buyer and seller assured that they have struck a fair bargain.