Droom today announced expansion of their pricing engine for used mobile phones. Known as Orange Book Value (OBV), Droom’s OBV for Mobile looks to provide a fair market value of any used vehicle, and now mobile phone, to help buyers accurately ascertain the Fair Market Value.
OBV for Mobile feature analyses mobile phones based on their make, model, age, condition, and accessories, besides many other factors, to come up with a fair, unbiased, and independent market value for a used phone. The feature is engined by artificial intelligence and has created a large database of used mobile phones to give the user a valuation report.
“India is the world’s second largest smartphone market and will have over 500 million smartphones by end of 2018. At the time when smartphone adoption is growing very rapidly, the average duration of ownership is coming down equally rapidly,” said Sandeep Aggarwal, Founder & CEO of Droom. He further added “OBV for Mobile will extend the technical merits of our proprietary Orange Book Value platform, which has proven track record of accurately identifying market value for products as complex as automobiles, to pre-owned mobiles.”
By selecting available accessories and the working condition of individual components, such as camera, display, Wi-Fi, etc, the prices can be refined further to more accurately reflect the phone’s actual market value. OBV for Mobile comes with another Artificial Intelligence technology to evaluate the price of the used mobile phone by itself. This feature is known as “Self-Diagnostic Test”. In this case, the seller or buyer can run this test on the smartphone he/she wants to sell/buy. The test runs through all the technical components of the smartphone such as speakers, mic, Screen, camera, power and volume buttons etc.
“We are confident that this new offering by Droom will help both sellers and buyers, and will emerge as a game changer for buying and selling used mobile phones in the country,” Sandeep said.