As the used vehicle market fluctuates, using the Inventory Pricing Review tool allows you to analyze and update used inventory selling prices using book values, accounting cost, days in stock, and current market position. Use the tool regularly to perform batch book value and pricing updates, saving you time and sharpening your competitive edge. Update your full inventory, or select a set of vehicles to update using the Disposition, Days in Stock, Water, and Price to Market % filters.
|Note: Inventory Pricing Review is part of Autosoft's subscription-based Inventory Management product. You must be subscribed to the product to access this screen. For full details about Inventory Pricing Review, see the Knowledge Base article, "Understanding Inventory Pricing Review."|
|Important: If you haven't established Inventory Pricing Review defaults in Setup, the system will prompt you to do so when you click Update Selected on the Inventory Pricing Review screen. Click Add Defaults on the alert pop-up, and enter defaults in the Inventory Pricing Review Bookout Defaults and Autosoft Market Analysis boxes on the Bookout Defaults page of the Vehicle section within Setup.|
If you haven't booked out all your used inventory vehicles, the Wholesale and Retail book value columns on the Inventory Pricing Review screen will be blank for vehicles requiring bookouts. Performing the Inventory Pricing Review will not return values for these vehicles. You must first bookout the vehicles. To bookout individual vehicles without leaving the screen, click on each vehicle from the list requiring bookout and click Pricing Review Bookout in the vehicle's pricing quick-look card. Perform the Pricing Review Bookout using the steps outlined in the Knowledge Base article, "Performing a Pricing Review Bookout on an Individual Vehicle." You can also consult the article for the steps necessary to update an individual vehicle's pricing in the vehicle record, thereby updating the vehicle's price on the Inventory Pricing Review screen.
Once all the individual vehicles are booked out, when you select the vehicle and click Update Selected on the Inventory Pricing Review screen, the vehicle's most current book values will populate the screen.
Step 1. Hover over the Vehicle application button in the main navigation bar. The Vehicle options menu will open. Select Pricing Review.
You can also click the Pricing Review button in the upper-right corner of the Vehicle Search, Appraisal Search, or Inventory Dashboard screens.
Vehicle Search Screen
Appraisal Search Screen
The Inventory Pricing Review screen will open, displaying all the used vehicles in your inventory.
Step 2. Use the Disposition, Days in Stock, Water, and Price to Market % filters at the top of the screen to filter the list.
- Disposition: Use this field to filter the list to only those vehicles set to be sold as Wholesale or Retail vehicles. If you do not select an option from this menu, the list will include vehicles of both dispositions by default.
- Days in Stock: Use this field to filter the inventory vehicle list to be updated and reviewed by the length of time the vehicles have been in stock. You can select one or more time ranges. The options available in the menu include All Days in Stock (default if no option is chosen), 0-15 days, 16-30 days, 31-45 days, 46-60 days, 61-90 days, 91-119 days, and 120+ days.
- Water: Use this field to filter the inventory vehicle list to be updated based on the vehicles' water value. You can select one or more value ranges. The menu includes All Water Ranges, $-3,001 and below, $-2,001 to -$3,000, -$1,001 to $-2,000, -$1 to -$1,000, $0 to $1,000, $1,001 to $2,000, $2,001 to $3,000, and $3,001 and above. If an option is not selected from the menu, vehicles with all water values will be displayed.
- Price to Market %: Use this filter to view vehicles within a certain percentage of the current Market Average Price. You can select one or more % value ranges. The filter includes All Price to Market Ranges, <90%, 90% to 95%, 96% to 100%, 101% to 105%, 106% to 110% and >110%. If an option is not selected from the menu, vehicles with all price to market percentages will be displayed.
Step 3. To select the vehicles for which you would like to update book values and review pricing, use the checkboxes to the left of the Stock No column. By default, all the vehicles will be selected for updating (signified by a check in the box to the left of each vehicle listing, as well as to the left of the Stock No column heading).
To clear all the checkboxes, click the checkbox in the Stock No column header.
You can then select the vehicles you wish to update by clicking in each vehicle's checkbox to check it.
|Note: If you've used the filter options to filter the list, only the vehicles that meet the filter specifications will be selected for update and review.|
Step 4. Click Update Selected.
The Update Selected Vehicles pop-up will provide a count of the vehicles for which you've chosen to update the book provider value. If any of the vehicles use book values different (symbolized by an asterisk to the right of a book value) from those set as Inventory Pricing Review Bookout Defaults in the Vehicle section of Setup, you can click Clear Book Provider Overrides to ignore the alternative book providers used in previous bookouts and instead use the set defaults. Otherwise, the current book values will be pulled for all selected vehicles.
The page is temporarily disabled while the update is performed.
Step 5. The page will repopulate with the updated book values. Review the numbers to determine if a New List Price/New Internet Price/New MSRP is necessary. It may be necessary to create a new price if you're underwater on the vehicle or if the figure in the $/% toggle column displays an undesirable pricing difference between the vehicle's list, internet price, or MSRP and the retail book value pr Autosoft Market Analysis market average price. (The dollar figure is calculated by subtracting the selected price from the retail book/market value. The percentage figure is calculated by dividing the selected price by the retail book/market value and multiplying that figure by 100.)
Type the new price as needed for each vehicle in the far right column of the vehicle line or adjust the price by adjusting the $ or % value.
Step 6. When you're happy with the adjusted prices, click Save and Update Inventory Records. The prices you entered in the Inventory Pricing Review screen will update to the individual vehicle records.