Today we will address a second key inventory feature of LotProOnline. That feature is the ability to configure the monthly update process to your particular needs. It is especially important if you are carrying over deals from the prior month.
Vehicle Update Lock
In addition to giving you the ability to “lock” a vehicle and prevent that vehicle from being dropped from the inventory, LotProOnline also has a second “lock” feature - the ability to prevent a reappraisal on that vehicle at the end of the month.
Practical applications of the update lock feature
At the beginning of every month, LotProOnline will prompt you to reappraise your vehicles to conform to the new NADA and Kelley Blue Book Values. Once this option is chosen, the entire inventory in LotProOnline is re-booked. In this way, any new deal structures that you build will have the correct vehicle values from both books, preventing accidental over-booking and possible chargebacks from the bank. It also means that any vehicles that you book after the first of the month will automatically have the correct values assigned to them.
There are instances, however, when this automatic function is not desirable. As an example, there are times when you are working on a deal and it doesn’t get delivered before the end of the month. The bank has approved the deal and you have a certain number of days to deliver the car. The bank has already approved the booking sheet, based on the figures from the previous month. If the vehicle gets reappraised at the end of the month, the previous information will be lost and you’ll be unable to print a bookout. With LotProOnline, you can lock out the reappraisal on this vehicle without affecting the rest of the inventory.
This is how it works: to change the status of any vehicle to prevent reappraisal, click on the “inventory” tab. When the inventory screen has populated, scroll down to the vehicle you want to change and click on the “pencil” icon to the left of the stock number. This will open the inventory edit screen. Once the edit screen is opened, you will notice the “Reappraisal Lock” icon in the upper left-hand corner. By clicking on the icon, the vehicle is locked from reappraisal. If that vehicle was part of a saved deal structure, that deal structure will turn yellow to let you know that the vehicle values contained in the structure no longer conform to the new NADA/Kelley values.
Once a vehicle has been locked, it must be manually unlocked. To do this, LotProOnline has one additional feature to help you locate these locked vehicles. Just above the inventory list, on the right hand side, is a button labeled “Advanced Reappraisal”. Clicking on this tap will bring up a list that includes all locked vehicles. You can then place a check mark in the selection box to the left. At the bottom of the vehicle list is a drop-down menu that will allow you to either unlock it or reappraise the checked vehicle(s).
The Bottom Line
It’s absolutely critical in subprime finance that vehicle information be kept accurate and up-to-date. With the vehicle lock feature, you can be sure you’re your inventory values are current, while allowing you to selectively segregate vehicles that should not be updated due to special circumstances. For more information on this as well as other features of LotProOnline, contact us at 888.535.2277 or by using our quick contact form.