Used Car Dealer Software – Web Based DMS – Updates and New Features

welcome this video is about the latest changes that have you released with version 3.1 it’s been a long release and our software cycle is such that we continuously release updates but when we but there’s always a goal in mind a milestone that we were planning on reaching and at this point we actually reached that milestone and we call that a new version a major version update which is version 3.1 in this case so let’s talk about some of the updates that we did over the past couple of months so the first one is we we there was in every state there is different rules as far as the license registration and title goes and before in the system you had to again keep track of these fees and in two fields and now you can actually separate every single one of them and if we go to create a new deal for example here you can see that the the structure we have registration license and title fees all separated out and you can you can enter all of them separately one of the things that we also did is free values for custom fields now let’s look at what that means and I’m gonna go to the admin section options where we can cause configure the custom fields and here you can see we have a few custom fields and you know each of these values are men and their aunt button and there are any values entered for a custom field just custom vehicle field – for example custom vehicle field one these values are are presented in a drop down fashion so if I go to for example vehicles here I can see that they’re gonna be shown in a drop-down fashion here you can see but what happens when I don’t enter any values at all for a custom field I’m gonna say new custom field I will leave the section empty and I’m going to update my options and now when I go to vehicles I want to edit now you can enter whatever you want great car and it becomes a new custom field that is you can enter any values that you want what else we introduced we we now you can keep track of the insurance information in the system so let’s look at the deal that we just created there’s now an insurance tab and here you can copy the the buyer information so let’s look for example an existing customer with let’s see let’s select this one there’s not a lot of information here it just says test test test but let’s go to insurance I want to copy the buyer information I can copy the buyer information and the insurance company you can actually set the insurance companies here that you do business with and you can set insurance agents and this information is basically used in the in the forms very applicable agreement to provide insurance and and similar forms so you can now keep track of that information in the system one of the other changes that we did is in the structure tab as you can see it is it’s quite a bit of a remodel here we show upfront if there’s if it’s a finance deal like if you see an amount amount financed here it just shows you a nice worth of lending disclosures along with in line of Regulation Z for the federal government we we separated out the the fees the vehicle fees aftermarket products trading taxes and as you can see as I’m going down this summary section slides down in the screen and

then finally we have the cash payments and rebate and loan information and obviously this is not I mean this is currently we don’t have anything in this field in this deal but you know we have some documentation fee and all that stuff so that’s why it’s assuming that it’s it’s a finance deal because there’s amount financed well let’s enter let’s say that I actually want to pay it cash so if I save it like that you’ll see that the top section has gone because now this became a cash deal now if you look at the payment information a loan information here there are a lot of different lenders that you can select we used to have an odd days and calculation here so what what odd days is let’s say you actually got your loan on the 3rd 30th of the month and Bank has a policy that you you’re not allowed to to get the loans paid the loans on the 30th of the month because some months don’t have the 30th day so in those cases they they basically what they do is they extend the loan another couple of days you pay a daily interest on those couple of days and then you your loan these it starts from the first now we used to show an odd days here it it was kind of confusing because you know now you have to calculate okay well when it’s my first date starting and all that stuff and now you can clearly see it’s we were you’re just answering the loan first payment date and you know this information is usually given to you by the by the lender so it’s much easier to to enter and basically how we calculated from the lost loan first payment date as we also need a mechanism to to know that’s used by by the lender so let’s look at the lenders here sorry it’s the finance lenders so I’m gonna be editing this this lender and here you can see there’s there different options for each lender it can be the first payment you may be due in one month 30 days or 45 days so what that means is let’s say for example you you’ve got the the loan on on the 30th and their policy is one month but the next month let’s say it’s February so the first payment would be due in that case and let’s say there are 28 days on that particular February your first payment date would be it would be due on the 28th if the lenders policy is one month but if it’s 30 days then it will be due on the 2nd of March and if it’s 45 days and it will be 17th of March so and we basically take that regular first payment date and then use it to calculate the odd days in the deal and that’s how we calculate daily interest and let me show it over here the interest is calculated automatically and I another one that we introduced here was is the equal payments option so usually there is a problem with the last payment of the of the loans and each Thunder has different policies about the last payment but a lot of them actually require equal payments so what that means is if there is if the loan does not fit let’s say you actually you’re planning on paying the loan back in six years which is 72 months and the loan amount is not equally divisible by by 72 in those cases well they eight we adjust the the interest total interest and that’s that’s how we we arrive at an equal payments calculation which is usually the method you utilize by by the lenders let’s see we we also have some some new fields one of them is the the dealer number the official dealer number for each location or it can be on a global site wide basis so I’m gonna go to the admin locations these basically show you if you have multiple stores you can set up each store here as as a different location and here you can see we can now

enter the dealer number so this dealer number is the official dealer number and it is utilized in in some of the forms especially in California and Michigan and some other states the other one that we have is a salesperson number which is again official number that you get from DMV and that’s that’s configuration per user so each user may have a different salesperson number and here you can see that you can enter that another one is let’s go to our deals and one of the important ones and that has been coming for that has been requested quite for quite some time is the actual cash value and let’s look at here in the structure tab so here you can see we’ve got the trade in trade allowance and this basically says you know if you’re taking a trade in how much are you gonna be paying for it let’s say it’s five thousand dollars and the actual cash value like as you can see is automatically entered as five thousand dollars but it may not be the case so you may be actually overpaying something and you know you may want to keep track of the difference as a cost to you for whatever reason to get the deal working you’re paying more than the actual cash value of the vehicle so let’s say the vehicle is actually worth $3,000 and let’s say we’re paying and we’re selling this vehicle for $10,000 so let’s save the deal we go to recap section which shows us the the overall profit for the deal so here you can see our total revenue is ten thousand four hundred dollars but you can see that we lost some money on trade and the total cost is two hundred two thousand dollars and our profit right now is eighty four hundred dollars let’s see we have we have the we show the license plate now it is utilized in some salt forms we added a County field for the customer addresses this is this is usually very useful for tax purposes now one of the other things that has been requested for quite some time is uncontradicted deal and I’m gonna go to the vehicle that was sold and when you close the deal you can see that these are the deals done for the for the vehicle and this last one was contracted and now you can actually set on contract now one of the things I mean you need to be careful with the amethy on contract option because it’s got a lot of undo operations that is needed for the for the deal let’s say for example you set up the deal you created the vehicle and you you’re entering a new vehicle as you’re entering the deal it’s possible you may you may be selecting an existing vehicle or you may be entering a new vehicle you may be entering a new trade you may be entering a new customer or new lender so these options may not have been in the system prior to contracting the deal now what is the system to do when you uncon tracked that deal well they’re kept as is but they’re just set unsold the sale information for the vehicle basically just goes away and it is kept in the deal but as you can see you can actually edit the sale information outside of the deal as well so that’s why it presents a particularly challenging problem if you edited the sale information edit the insurance information or anything else outside of the deal and then you try to uncontracted your you’re gonna be losing this data so that’s why we show a lot of warning here as to what’s going to be happening we’re going to be deleting all the sale information about the vehicle if you entered any payments for the vehicle or participation information trade information loans etc they’re going to get deleted and let’s say this is usually useful for you know you just closed the deal you know that nothing has changed you just want to uncontracted you know change something quickly and then recon tracked it and that that is perfectly fine and right now that’s what we did and if I go to the vehicle now as you can see there are some deals but this is not sold yet so

let’s go back to the deal and let’s say I want to reduce my documentation fee and then I want to recon tracked this deal and now it’s reconstructed so now this is the the vehicle screen as you can see now it’s recon tracked that the sale price is ten thousand dollars and here you can see in the summary screen that my documentation fee now is reduced and one of the things that we also introduced in this release you may have seen this already but these little drop downs next to each field show the possible options that you can utilize now I’m not going to go to so much in detail into this because we already created a video about this but very briefly you can you can set different options quick values and you can even set default values for these for these fields in the deal and you can set different county tax values and if it’s California it’s gonna get automatically synced and you may have realized we also save the information automatically as you’re switching between tabs now each tab in the deal became a separate screen before they were all just one giant screen which was reducing the performance and now this allows us to increase the performance and allow for new expansions in the future now there are quite a bit of enhancements in the forms section let’s look at some of the forms one thing that we did is we were relying on the browser plugins for the for the form out but it was we were usually utilizing technology called FDF and it is is like the older technology with adobe introducing different releases at different times it did cause quite a bit of problems so we decided to actually switch back to pure PDF output and this actually reduces the headaches and in an iPad for example if you want to view a particular form these interactive fields are not available and they get deleted so we actually introduced an option where you can we can completely flatten out for you so as you can see now there are like no text boxes on the form no interactive fields so that certainly helps with the and with the iPads as you can see there’s no text fields another one that we introduced in this print in this release is a form groups now let’s go for example to the admin section forms form groups you can see that we don’t have any form groups defined let’s define new form group test form and I can select anything that I want let’s call this a California formed group California forms and I’ll select California plate or power of attorney registration bill of sale and title release yeah inside the form group so now you can see this and let’s go to our sold vehicles this is the last one that we sold now you can generate the forms from the document from deal side or from the vehicle directly if it’s a sold vehicle which is what I’m gonna do for now and here you can see we now have the California forms I want to select view the selected forms so on when I select this it automatically checks the the necessary forms I can add on to it for each individual form generation as you can see this is bill of sale attaching to the entire registration the buyer information is automatically filled in obviously in this case there’s not a lot of information about the buyer I think this one is titleholder release and this is the

power of attorney all put into one nice package now you can email these forms as well or view them and if you want to email you just enter the email address and and sent like that I believe you can actually configure your fax gateway with this email as well if you have an email to fax gateway and basically effects all these forms directly to your customer or fax them what else we have a lot of new forms some of which you already saw California bill of sale registration title transfer release of liability title release agreement to provide insurance this is a very nice form usually this is used as dot matrix printers in California we now have it available for regular printers we have we have a Utah agreement to provide insurance this is more a generic version of agreement to provide insurance and this is completely configurable California plate the application statement affairs taking the facts the purchase agreement contract is actually a retail installment contract for California let me show you on another configuration here California Purchase Agreements and this is uh this is a pretty big big form and in California the retail installment contracts and the purchase contracts are in the same thing so the and this form is pretty complicated and it is fully compliant with the DMV regulations and we’ve worked quite a bit on it you can see that there’s a lot of different fees and different terms and conditions entered and California law is pre specific as to what you can enter here like this section that has to be right about the signature line this section has to be right about the signature line this has to be visible it’s like at least ten point for font this Texas to be in red and all that stuff what else is there we have new Colorado forms you can see some of them here Colorado registration I also have in verification out-of-state insurance to put a title request which is used when you don’t have the title for the vehicle rebuilt from salvaged evidence of Insurance Limited power of attorney I’m not gonna go through every single one of them but you can check them out contact us and check it out in the system you’re yourself we all documentary we have a lot of fun new standard documents IRS Form 8300 for cash transactions over ten thousand dollars two more else’s there notice the cosigner power of attorney this is a generic power of attorney that’s configurable and then I say it’s configurable you can just go to the admin section forms and here you can see all the settings regarding these different forms contract cancellation option agreement for California for example you can you can configure it you can enter these I mean like I said these are required by law as to what you should be entering so I will not suggest messing around with with the different values but let’s say your default restocking fee is different you can enter it here days restriction mileage restriction let’s look at some of the other ones guarantee of title settings for example and optional goods and services disclosure disclosure of credit bureau power of attorney this is a generic power of attorney that I was saying before the power of attorney we

have quite a bit of other forms as well one of them is the retail installment contracts from voltar’s kluever which is it’s it’s almost universally recognized by by all lenders so here for example you can see utah retail installment contract it may take a little bit of time because it’s a relatively big form so you can see here what else is there I think that’s about it I mean we have some of the credit union forms you can see here Mountain America Credit Union applications some credit unions require their own credit application and you can see here that we built well for example for Cyprus credit union so if you have any such credit unions that you would like to work with we can set them up now we have a lot of new fields in the vehicle exports let’s go to report vehicle exports and you can set up new exports here these are the export fields and you can enter all sorts of new information here seller address by your address purchase age turn days total revenue total cost outstanding payment and custom fields that you entered for the vehicle make model and trim external stock number color and all that stuff we have in the auto trader so they as far as the online marketing goes this online distribution so now we have multi multiple locations you can enter multiple locations for the auto trader feed different locations can have their own account now the the websites now I’m going to go to our demo website let’s go to the vehicles available here you can see that the locations it can be filtered now and here it says what location the dealer the the vehicle is in so this definitely helps if you have multiple locations and another one that we have is now you can actually have multiple application applicants in the credit application and finally in if you go to one of the vehicles let’s go to for example one of the vehicles that we display here 5:42 I’ll go to vehicle 542 and let’s say let’s say for example you you want to display you know for this vehicle let’s say we’re asking $32,000 let’s say you actually want to display $32,000 for ebay Autotrader and all the online avenues but if somebody came to your website you want it to display $30,000 because well you’re not going to be paying as much Commission and here now I’m going to be refreshing this and now the price became 30 about $30,000 and if I were to try to send it to auto trader or pre-exists for example what’s the Craig’s List here you can see the price is going to be showing $32,000 so that’s about it there are quite a bit of fun enhancements call us for more information and your demo account thank you