The Vehicle Bookout tool provides better information for deal structure, profit optimization, and lender approvals. This feature plays a role in a variety of tasks in your dealership, from vehicle evaluation and acquisition, to vehicle pricing, to working a deal. Validating vehicle values with third-party book providers will strengthen your negotiations on both trade-in and inventory vehicles. In addition, printing a Book Provider Worksheet for your lenders can be done quickly and easily from the Desking screen or any inventory record. Your sales manager, general manager, used car manager, F&I manager, and sales people can use the tool to make their jobs easier and ensure they're building the most value for your dealership.
|Note: Autosoft's Bookout product is subscription based. You must subscribe to the service and to book providers through Autosoft to access the Bookout modal.|
You can perform and print a bookout by clicking the Vehicle Bookout button on the Appraisal/Bookout page of any vehicle record. This will open the Vehicle Bookout modal, where you can choose the book provider (using the providers you establish in the Setup application based on those with which you have subscriptions through Autosoft) and the details to print for the customer. This allows your sales team to quickly use third-party numbers to justify your inventory list pricing and trade value offers on a deal.
|Note: Most dealers will subscribe to only one or two book providers. To illustrate the information returned by each available book provider, the screenshots in this and other Bookout articles will show all of the book provider cards to which you can subscribe through Autosoft.|
Use the tool to stay competitive while protecting your profit and managing your aging inventory.
Vehicle Bookout Modal
The Vehicle Bookout modal can be accessed from the Vehicle Bookout button on the Appraisal/Bookout page of both customer vehicle and inventory vehicle records.
|Note: You will only see the Vehicle Bookout button on the Appraisal/Bookout page of a vehicle record if you have a subscription to the Vehicle Bookout product. If you subscribe to both Vehicle Bookout and Inventory Management, you'll see both the Vehicle Bookout and New Appraisal buttons on the page.|
You can also perform a bookout by clicking the New Bookout button on the Vehicle Search and Appraisal Search screens.
|Note: The New Bookout button on the Vehicle Search and Appraisal Search screens allows you to perform a bookout on a vehicle for which a VIN is not recognized in your system without creating a vehicle record. However, if a VIN in the system matches the VIN you enter in the Bookout modal, the bookout will be saved to the respective vehicle record.|
You can select which vehicle book providers you'd like to use based on the providers you've subscribed to through Autosoft and have set up in Bookout Defaults within the Setup application's Vehicle section. Autosoft offers subscriptions to Black Book, Kelley Blue Book, NADA Used Car Guide, and Manheim Market Report.
|Important: To return results, you must enter the vehicle's current mileage in the Odometer field and click Update. This step ensures the most accurate values.|
The book providers will be presented in individual cards within the modal. Each book provider returns slightly different information. All of the providers will list retail values. Trade-in values are offered by Black Book, Kelley Blue Book, and NADA Used Car Guide; lending values are provided in the Kelley Blue Book and NADA Used Car Guide cards; and wholesale values are available only in the Black Book and Manheim Market Report cards. Each provider lists values based on vehicle condition, as well as optional equipment or "Adds/Deducts." Adjustments are also made for geographical region and mileage. If data can't be pulled from a provider for a vehicle, an alert icon will appear next to the provider's name on the card, and hovering over the alert icon will display a message explaining the blank card.
|Tip: If some of the book provider values don't populate the modal, you may have to select a trim level on that provider's card to pull the most accurate and complete estimates.|
You can view a more detailed book provider card by clicking the Details button on the card. This will open a pop-up with the vehicle values. At the top of the pop-up, you'll find the vehicle and trim, mileage, and the date the information was pulled. These pop-ups provide base values and total adjusted values based on positive and negative adjustments calculated using the optional equipment or "Adds/Deducts" you selected in the book provider card, as well as mileage and geographic region adjustments (Some adjustments may be grouped; hovering over an information icon will provide details of the adjustment.) Manheim Market Report also may include value adjustments based on exterior color and condition grade. The values are listed by vehicle condition. Each provider pop-up will display the different values it provides (Lending/Loan, Trade-In, Retail, Wholesale) in coordinating tabs. To view the data, click the tab. When you're done reviewing the provider's detailed information, click Close.
Printing a Book Provider Sheet
You can print a Book Provider Sheet to share the information with your customer. This builds trust and demonstrates transparency when justifying trade offers or selling prices for inventory vehicles.
To use this feature, click the Printer Icon in the upper-right corner of the provider card.
A pop-up card will open, the top of which will list the book provider and the vehicle and trim. You can select one or more bookout values to list in the report. Select the appropriate condition for the customer or inventory vehicle (you can only select one condition), and click Print. The Book Provider Sheet will open in a separate browser tab.
Saving and Recalling the Vehicle Bookout
When you've finished with the vehicle bookout, click Save. Once a bookout has been performed for a vehicle, the bookout will follow the vehicle record throughout your Autosoft system. You can access the bookout by clicking the Appraisal/Bookout button below the Vehicle Summary Card, opening the Appraisal/Bookout History page of the record, where you can then click to open the completed bookout.
Each item in the list displays the date it was performed, type of record (Vehicle Bookout, Desking Bookout--a bookout performed on the Desking screen of a deal--or Appraisal and, in the case of appraisals, whether it is in progress or complete), odometer reading at the time of the operation, wholesale value, retail value, and the employee who performed the operation. In the case of vehicle bookouts, the dollar values are absent.
To view a bookout from the list, click the View Icon on the far right of the line or double-click the line from the list. The bookout record will open. You will not be able to edit the bookout once it's been saved, but you can review the details for the individual book providers by clicking the Details button in the book provider card. You can also print the book provider sheets using the Printer Icon in a provider card.
|Note: Lenders will require the most timely bookout values. You can review the bookout dates and perform a new bookout to comply with bank requirements.|