Vehicle bookouts can help you justify your asking price while ensuring a buyer can secure the financing for a vehicle, as banks base their lending on book provider vehicle values. Bookouts are helpful in knowing where you may have to adjust values to ensure you close the retail or lease deal while protecting your profit.
When building a deal for a used vehicle, you will only need to perform a desking bookout to obtain the most up-to-date value for the vehicle if you have not previously appraised or booked out the selling vehicle on the deal. However, even if a bookout has previously been performed on the vehicle, banks require current numbers, so you will want to perform the bookout again during the desking process to print the most current values for the lender. You don't need to leave the deal or the Sales application to do the bookout; you can use the Bookout tool on the Desking page of a deal.
Step 1. Build a retail or lease deal as you normally would, selecting a vehicle and adding any front and back options. You can also search for and open an existing deal from the Deal Search screen.
Step 2. Bookout information is presented in the far right column. You must have the Presentation View toggle turned off (noted by the gray background on the toggle) to view the bookout information.
At the top of the Desking Bookout card, the Last Updated line displays the date of the most recent desking bookout. If a desking bookout has not been performed, the Last Updated date will read "Never Updated." If you've set Max Advance - Used Vehicle default retail and lease book providers and max advance percentages in the Bookout Defaults page of Vehicle Setup, the appropriate defaults will be used to calculate and auto-populate the Book Provider and Max Advance % fields. If the desking bookout has been performed in the past, the Bookout field will display the vehicle's bookout value.
If you've selected a lender for the deal, the lender's default book provider, vehicle condition, and max advance percentage will auto-populate the fields if those defaults have been established in Setup.
If you have not selected a lender or if neither default has been established in your Setup application, the fields will be blank.
Click the Bookout button to perform a bookout.
|Note: This feature is present only when adding a used vehicle to a deal.|
Step 3. The Vehicle Bookout modal will open. The top of the card will list the vehicle details and mileage. The yellow alert icon above the Odometer field reminds you to verify the vehicle's mileage. The Desking Bookout card's Desking Retail Valuation field displays the default book provider and vehicle condition set for your dealership or the deal's lender if one has been selected on the Desking screen. Below that card, the book provider card will be displayed.
After you've verified the vehicle's current mileage and updated the Odometer field if necessary, click Get Values.
Step 4. Based on the information entered in the top card of the Desking Bookout modal, the book provider card will populate with values. You can hone in on the most accurate values by selecting or unchecking items in the Optional Equipment or Adds/Deducts areas of the provider cards. The book value for the default vehicle condition will be highlighted in green.
Note: If the book provider does not return values, you may need to enter additional information, such as a trim level (using the Trim option menu in the provider card). Additionally, if you do not have an Autosoft subscription for a book provider you've selected, the card will be grayed out, and a message will refer you to Autosoft to purchase.
Step 5. To access a more detailed view of a book provider's results, click the Details button in the provider card. A pop-up will open with the vehicle values arranged in tabs. Click the tab that corresponds to the default vehicle valuation. The detail view includes a base value, adds/deducts or optional equipment adjustments, and any adjustments based on mileage or region, as well as the total adjusted value. You can share this information with a buyer to make them understand the vehicle's pricing. When you're finished reviewing the details, click Close. You'll be returned to the Desking Bookout modal.
Step 6. To print a provider's values to share with a customer or to provide for a lender, click the Printer icon in the upper-right corner of the card. A print modal will open. Use the Bookout Values and Condition options menus to select the appropriate book value and the vehicle's condition, respective. Click Print.
The desking bookout sheet will open in a new browser tab, listing the book provider; date the values were pulled; vehicle year, make, model, and VIN; and odometer reading, as well as a detailed justification of the value.
Step 7. Return to the browser tab containing the Desking Bookout modal and click Save and Close at the bottom of the modal. The Book Provider field and Bookout dollar amount on the Desking screen will be populated with the selection you just made.
Step 8. Click Save to save the changes made to the Desking screen.
You can review the desking bookout in the vehicle record's Appraisals/Bookout page. For step-by-step directions, see the Knowledge Base article, "Recalling Bookouts."