Performing a Pricing Review Bookout on individual inventory vehicles allows you to set and save vehicle information for the Inventory Pricing Review pricing update and for future bookouts. This assists you in determining competitive list price, internet price, or MSRP for your dealership's used vehicles. Once you've performed a Pricing Review Bookout on a vehicle, the bookout entry will be added to the vehicle record's Appraisal/Bookout History screen where you can review it.
To perform a Pricing Review Bookout, follow these steps:
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
Inventory Dashboard Screen
The Inventory Pricing Review screen will open, displaying all the used vehicles in your inventory.
Step 2. Select a vehicle from the list. Clicking on a vehicle in the list opens the vehicle's pricing quick-look card. The card will list all the information relevant to pricing.
At the upper-left corner of the card, the stock number, year, model, and trim are listed. Below that, the card is broken up into two sections. In the top section, you'll find that Appraised Value and Odometer reading. In the bottom section, the left side displays wholesale information, while the right side displays retail information. Each side lists the Selected Wholesale and Selected Retail valuation book provider and vehicle condition and the Wholesale Value and Retail Value, respectively. In the lower-left corner of the card, the date the values were last updated is listed.
In the upper-right corner of the card, you can click View Vehicle to open the vehicle record, leaving the Inventory Pricing Review screen, or the pop-out icon to open the vehicle record in a new browser tab, allowing you to keep the Inventory Pricing Review screen open in the current tab. Using either of these options, you can manually adjust the vehicle's pricing directly in the List Price, Internet Price, or MSRP field of the Overview page's Pricing card or use the Autosoft Market Analysis button in the Pricing card to to adjust the price based on market data. The changes you make to the pricing field you've set as the Inventory Pricing Review default price will update to the vehicle's New Price field on the Inventory Pricing Review screen.
Or, use the Pricing Review Bookout button in the upper-right corner of the vehicle's pricing quick-look card to manually perform the vehicle pricing review bookout on the individual vehicle.
Step 3. The Pricing Review Bookout modal will open. Verify that the Odometer field displays the most current vehicle mileage. If it is not current, update the mileage. The mileage you enter here will be recorded in the vehicle record.
The Pricing Bookout card of the modal will display the Selected Wholesale Valuation and Selected Retail Valuation used to set the wholesale and retail values listed for the vehicle on the Inventory Pricing Review screen. If an asterisk was displayed to the right of the vehicle's wholesale or retail values on the Inventory Pricing Review screen, it indicates that the book provider and condition used to determine the value/s differs from the default used to perform Inventory Pricing Review. In this case, this card will display the non-default wholesale and retail valuation used in the vehicle's most recent bookout. (See the Knowledge Base article, "Setting Inventory Pricing Review Defaults," for detailed instructions on setting defaults for Inventory Pricing Review.)
The book provider cards below the Pricing Bookout card will include both the default book providers you've set for Inventory Pricing Review and the book providers used in the most recent bookout--if they differ from the defaults. The current book values selected for the vehicle will be highlighted (orange for the wholesale value and green for retail) in the book provider cards.
If the most recent book values were selected using non-default settings, you can use the options menus in the Pricing Bookout card's valuation fields to select the default wholesale and retail valuations or different book providers, vehicle types, and vehicle conditions. If you leave the fields as is, the same valuations used for the vehicle's latest bookout will be used in the Pricing Review Bookout you're performing.
Step 4. Click Update. The new wholesale value will be highlighted in orange. The retail value will be highlighted in green unless you've selected to use Autosoft Market Analysis to set the retail value. In that case, you can adjust the retail list or internet price using market ranking or a competitive dollar amount. You can also directly select wholesale and retail values by clicking on the value you wish to use for each and selecting Wholesale or Retail in the pop-up that opens.
Step 5. When you're happy with the values, click Save and Close. The read-only Pricing Review Bookout will be saved to the vehicle record's Appraisal/Bookout page with the date it was performed. The vehicle's listing on the Inventory Pricing Review screen will be updated to reflect the bookout you just performed, including any price adjustments.
|Note: Once a bookout has been performed on a vehicle, the selections made for the vehicle (model, trim, region, etc.) will auto-populate with every book update.|
Step 6. Confirm your New List Price/New Internet Price/New MSRP for the vehicle on the Inventory Pricing Review screen was accurately updated if you made price adjustments in the Inventory Pricing Review Bookout, or make price adjustments on the main screen.
Step 7. To commit the new price to the vehicle record, ensure that the checkbox to the left of the vehicle's stock number is checked and click Save and Update Inventory Records.