Auto Credit Express Blog
June 11, 2008
New LotProOnline feature ensures vehicle profit accuracy
A valuable feature of the new release of LotProOnline allows the special finance manager to adjust lender fees prior to running an inventory deal comparison for a more accurate profit picture in the compare deals report.
Change Lender Program Fees on the fly
One of the important chances in the new LotProOnline software release is the ability to change the lender fee before you run the Compare Deals program. The ability to override the lender fee means that you get a true profit comparison between vehicles as well as between lenders without having to change the figures “in your head” while going through the Compare Deals report.
Here’s how it works: Once you’ve selected the applicant and the lenders, the lender list appears in the “Selected Program List” box below the “Applicant Information”. A new column, labeled “Fee”, has been added to each lender row. This column displays the default lender fee for the selected program.
If the payment call from the lender lists a fee other than the standard fee listed in the Fee column, simply click on the “Pencil” icon in the “Add” column. This action changes the fixed numbers in the Fee column to numbers that can be edited. Moving the cursor to the box and clicking the mouse will allow you to edit the fee.
Once you’ve finished editing the fee, move the cursor back to the “Add” column and click on the “U” icon on the left. This will lock in the changes that you’ve made to the lender fee.
Not only will the changes be locked into the program in Compare Deals, those changes will also be reflected in the deal structure screen on the “Lender Fee” line when you go to structure a deal.
Fewer mistakes and a more accurate profit picture
These latest features should help special finance department managers and employees more accurately pick vehicles and structure deals. With a truer picture of profit margins, you no longer have to make adjustments “in your head” for changes in lender fees.
To find out more about these changes, as well as other features of the best subprime auto dealer finance software on the planet, contact us at 888.535.2277 or by using our quick contact form.
