After completing this how-to you will know how to appraise vehicles for purchase by the dealership either in conjunction with the sale of an Inventory Vehicle as part of a Standard Sales Up or without as part of a Curb Purchase.
Add a trade to the Sales Up
Add the VIN of the vehicle to get appraised to the Sales Up and optionally include the mileage of the vehicle then click the Save button.
Decode the VIN
Next, click the VIN Decode Trade-In button which will begin the decode process.
Choose the appropriate vehicle Trim and click the Select link.
The VIN decode allows selection of features equipped on the vehicle in two categories: Installed Equipment and Optional Equipment. The image shows these sections collapsed for illustrative purposes. In general the view will look like the second image below with the features listed and checkboxes available to select that equipment for this vehicle.
When all appropriate equipment is checked click the Save button which will return the screen to the Sales Up where there is now a Service Vehicle attached.
Appraise the Trade
Click the Appraise Trade button to place a purchase value on the vehicle.
The Appraisal screen opens and enables capturing info about the purchase.
- Expected Costs
- Automatically calculated from fees and reconditioning estimates within the appraisal.
- Profit Objective
- Default value is auto populated based upon settings though this can get modified by editing the field.
- Asking Price
- The expected retail value of the reconditioned vehicle.
- Appraised Value
- The value offered to purchase the vehicle. Will automatically update upon save until edited manually.
- Acquisition Method
- What method is being used to acquire the vehicle.
- Store Location
- Which dealership location is handling the appraisal.
- Lost Appraisal
- Did the customer reject the trade offer
The guide books the dealership subscribes to will assist in defining the Asking Price of the vehicle.
- Cost of transporting the vehicle from the purchase location to the dealership location.
- The money it takes to have a vehicle participate in a certified pre owned program.
- Auction Fee
- Fees paid to the auction for vehicles acquired through that method.
Details of the vehicle generally captured from the VIN decode.
The list of previous appraisals performed on this vehicle during its entire history with the dealership.
This section is used to estimate the cost of reconditioning the vehicle to dealership standards. Each repair gets a repair line created and the reconditioning value gets added to the appropriate category. Clicking on the image will place a line number at the point of damage. Interior and mechanical lines get added by selecting the Repair Type, Repair Description, Notes, and Repair Estimate and clicking the Save Line button.
The appraised value and details of vehicles related to a Sales Up push to the Deal when it's created reducing tedious copy/paste. Analyze the reconditioning costs and market value of a vehicle before purchasing it from a retail customer.