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Using the Autosoft Market Analysis Tool

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To price your vehicle to compete with similar vehicles in a set radius, use the Autosoft Market Analysis (AMA) tool, which is part of Autosoft's subscription-based Inventory Management product. This is helpful in appraising trade vehicles and used inventory vehicles to ensure they sell quickly while also preserving your equity position. As part of the Inventory Management product, AMA can help you make informed decisions about your inventory vehicles and their pricing. 

AMA is accessible while performing appraisals, accessing an inventory vehicle record's Overview page (in the Pricing card), and while using the Pricing Review tool. For step-by-step instructions on using AMA, click each method below.

Appraisal Screen
Inventory Vehicle Record

 

From the Appraisal Screen 
While performing an appraisal, you can use the AMA tool to compare your appraisal vehicle to similar vehicles in a set radius and use the data to set a Retail Base Appraised Value and Projected List Price that are competitive. You can use market ranking and competitive data to make decisions about your appraisal vehicle's trade value in relation to your projected market-sensitive selling price. Adjust the vehicle's retail values to predict the future selling price for your vehicle. 

Step 1. Start an appraisal from the Appraisal/Bookout page of a vehicle record or from the Appraisal Search screen using the New Appraisal button. (See the Knowledge Base article, "Starting an Appraisal," for detailed directions.)

Step 2. Add the vehicle's current mileage in the Odometer field in the upper-left card on the Appraisal screen and click Get Values. The book provider cards will populate with the book values for the vehicle. Hone in on the most accurate book values by checking any Adds/Deducts and Optional Equipment that apply to the vehicle. 

Step 3. The AMA card will list the Average Market Price, (Number) # of Vehicles, Average Odometer, Average Days on Market, and Market Day Supply for the vehicle based on the mileage radius set as a default in Setup or using the Distance field in the AMA card. To get a larger sampling, expand the mileage and vice versa.

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Step 4. Use the other fields in the AMA card to refine the results and include only the most similar vehicles in the competitive vehicle list. This is especially helpful if the list of competitive vehicles is extensive.

The Certified field defaults to All, but you can determine if you would like the competitive list to include only non-certified used vehicles or certified ones. 

Trim field to select one or more trim levels against which to compare your vehicle. By default, All will be selected. It's best to select the trim or trims most similar to the appraisal vehicle.

Use the Odometer Range field to limit the list to only those vehicles with similar mileage to the appraisal vehicle. Use the options menu to limit the results to vehicles with odometer readings within 10,000; 20,000; 30,000; 40,000; or 50,000 miles more or fewer than your appraisal vehicle's. You may have to adjust this setting repeatedly until you get the most manageable and accurate comparison list. By default, All Odometers will be selected. 

The Engine options menu will list all of the various engine configurations available for the vehicle. Select one or more to narrow the list. Remember, you can select more than one to mimic a consumer search.

Transmission field may not be available to you if the vehicle is only available with an automatic or standard transmission. If it is available, select your appraisal vehicle's transmission type.  

Use the Drivetrain options menu to choose from the various drivetrain options available on the model. By default, All is selected. 

If the vehicle is only available in a single body type, the Body Type field will display that body type. Otherwise, you can select the body type from the menu (as in a vehicle that is available as a sedan or hatchback). The Body Sub-Type field is primarily useful for trucks that have different cab styles and bed lengths. By default, All is selected. 

Step 5. Click Details to view a detailed competitive list of vehicles. Each vehicle listing includes the vehicle's trim package and VIN, selling dealership and its distance from your dealership, odometer reading, whether it's certified, its days on market, and its pricing (list price, the difference between the vehicle price and the average market price, and percentage of market average). 

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Step 6. Learn more about the market by clicking the Listing History Icon to the right of a vehicle's age. This reveals any changes to pricing and when those changes occurred. 

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Step 7. To see an individual vehicle listing, click the vehicle's make and model information (blue font). The vehicle's online listing will open in a new browser tab. 

Step 8. Use the AMA data and the book provider card information to determine the best appraisal and retail Base Appraised Values for the appraisal vehicle in the Appraisal Worksheet. Continue to build the appraisal as normal. (For step-by-step instructions, see the Knowledge Base article, "Performing an Appraisal.")

Step 9. To change your appraisal values based on the projected market ranking, review the AMA card's Competitive List and simply enter the rank you'd like your vehicle to be in using the Projected Ranking field in the Appraisal Worksheet card. For example, if you want the vehicle to be listed second among all the competitive vehicles, just type "2" in the field. This will change the Projected Cost and Projected List values to reflect that market ranking. You can continue to enter different rankings until you arrive at projected cost and list values that you feel allow you to remain competitive based on the market average and individual competitive vehicles. You can also directly enter a Projected List value that you feel is competitive.

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From an Inventory Vehicle Record's Overview Page 
The Autosoft Market Analysis button in the Pricing card of an inventory vehicle's Overview page allows you to perform a Market Analysis Bookout to review the vehicle's pricing and make adjustments to improve its ranking among competitive vehicles.

Step 1. On the Vehicle Search screen, search for an inventory vehicle. 

Step 2. Select the vehicle. Its quick look card will open. Click View Vehicle.

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Step 3. The vehicle record will open to the Overview page. Click the Autosoft Market Analysis button. 

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Step 4. The AMA modal will open. The card at the top of the modal will be labeled with the vehicle's year, make, and model, and the fields below will contain the VIN, vehicle details, and your default book providers against which you can compare your vehicle's pricing. You can use the Book Providers options drop-down to uncheck book providers if you don't want to view all of the providers you've set as bookout defaults in the Setup application.

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Step 5. The Odometer field pulls the odometer reading from the vehicle record. To the right of the field's label, a yellow alert icon reminds you to verify the mileage and enter an updated mileage if necessary. Update the mileage and click Get Values.

Important:  If you update the Odometer field here, when you complete the Market Analysis Bookout, the Odometer field in the vehicle record's Overview page will be updated with the new mileage. This functionality is only present for inventory vehicles.

The AMA card and book provider card/s will populate based on the vehicle's current mileage. If a book provider card does not populate, you may have to select a trim or region for the provider. You may also wish to select a color and grade to return the most accurate values if you're using Manheim Market Report.

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Step 6. The AMA card will list the Average Market Price, (Number) # of Vehicles, Average Odometer, Average Days on Market, and Market Day Supply for the vehicle based on the mileage radius set as a default in Setup or using the Distance field in the AMA card. To get a larger sampling, expand the mileage and vice versa.

Step 7. Use the other fields in the AMA card to refine the results and include only the most similar vehicles in the competitive vehicle list. This is especially helpful if the list of competitive vehicles is extensive.

The Certified field defaults to All, but you can determine if you would like the competitive list to include only non-certified used vehicles or certified ones. 

Trim field to select one or more trim levels against which to compare your vehicle. By default, All will be selected. It's best to select the trim or trims most similar to the appraisal vehicle.

Use the Odometer Range field to limit the list to only those vehicles with similar mileage to the appraisal vehicle. Use the options menu to limit the results to vehicles with odometer readings within 10,000; 20,000; 30,000; 40,000; or 50,000 miles more or fewer than your appraisal vehicle's. You may have to adjust this setting repeatedly until you get the most manageable and accurate comparison list. By default, All Odometers will be selected. 

The Engine options menu will list all of the various engine configurations available for the vehicle. Engine components include engine size, fuel type, aspiration, valves, and cylinders. Select one or more options to narrow the list. There may be scenarios where selecting more than one is optimal. 

Transmission field may not be available to you if the vehicle is only available with an automatic or standard transmission. If it is available, select your appraisal vehicle's transmission type.  

Use the Drivetrain options menu to choose from the various drivetrain options available on the model. By default, All is selected. 

If the vehicle is only available in a single body type, the Body Type field will display that body type. Otherwise, you can select the body type from the menu (as in a vehicle that is available as a sedan or hatchback). The Body Sub-Type field is useful for trucks, that have different cab styles and bed lengths. By default, All is selected. 

Step 8. Click Details to view a detailed competitive list of vehicles. Each vehicle listing includes the vehicle's trim package and VIN, selling dealership and its distance from your dealership, odometer reading, whether it's certified, its days on market, and its pricing (list price, the difference between the vehicle price and the average market price, and percentage of market average). 

AMA_details_modal.JPG

Note:  You can print the Market Analysis Report, which will display the Competitive List for ease of reference using the Print button in the lower-right corner of the pop-up. 

Step 9. Review the vehicle details. To view the pricing history for a vehicle, click the Listing History icon to the right of the vehicle's Age. The pop-up that opens will show you a history of the vehicle's sale listings and all the pricing changes. When you're done reviewing a vehicle's listing history, click the gray X button above the upper-right corner of the card. 

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Step 10. Click the Price/Miles Scatter Chart tab at the top of the Details pop-up to view a scatter chart of competitive vehicles. The competing vehicles are plotted on the chart based on price and mileage, with the average price and mileage noted by an orange square labeled "Average." Your vehicle will be represented as a blue triangle labeled "Your Listing." Click Close to close the pop-up and return to the AMA modal.

scatter_chart.JPG

Step 11. Review the competing vehicles' pricing, mileage, trim, and history to make the best decision about your vehicle's pricing. You can adjust your vehicle's pricing in the AMA card by simply typing the position you would like to be in in the Price Ranking field.  

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Before Initial Ranking Adjustment
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After Initial Ranking Adjustment

If this ranking change negatively affects your Profit (List Price, MSRP, or Internet Price minus Accounting Cost), as it does in the example above, you can continue to enter different positions into the Price Ranking field until you're happy with the Profit

You can also enter the value you'd like to secure as profit in the Profit field, and the other numbers will adjust accordingly.

Step 12. When you're happy with the values in the Pricing section of the AMA card, click Save to Vehicle. The List Price you saved in the AMA card will be saved to the List Price field in the Pricing card of the vehicle record. (Default pricing could be MSRP, List, or Internet.) The Market Analysis Bookout will be saved to the Appraisal/Bookout History list on the Appraisal/Bookout page of the vehicle record. 

Note:  The Pricing Default field in the Autosoft Market Analysis card of the Setup application's Bookout Defaults page determines the Price field in the AMA card. You can choose List Price, Internet Price, or MSRP as the default value displayed in and affected by the tool, and that pricing label will appear in the Pricing section of the AMA tool. When you update pricing using the AMA tool, the default pricing category will be updated in the vehicle record. 

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