Release Notes - August 2022

Release Notes - August 2022

Check out the major updates, enhancements, fixes and new features released in August 2022.

• Deal: New Reporting Columns for Payments Applied and Payment Balances
• Deal: Lentegrity - eContract State Expansion
• Deal: CPS state expansion – GA
• Deal: Credito Real
• Inventory: CarOffer : Show Warning Message during Sign up if active inventories count < 40
• Inventory: Add "Repo" Category for Cost Adds and Packs
• Inventory: Carvana - Expand to Additional States
• Inventory: Provide ability to configure the list of inventory status to which the default cost and packs should be applied

DEAL

New Reporting Columns for Payments Applied and Payment Balances

Additional reporting fields have been added to the reports to be able to capture Down Payments, funding amounts and uncollected down payments.  

• Cash Down Collected
  • This will show the total of the cash down amount that was received
• Cash Down Balance
  • This will show the total of the cash down that has not been collected (Deferred Downs)
• Funding Payment Collected
  • This will show the total amount funded to the dealer.
• Funding Payment Balance
  • This would show the total of the funding payment that is uncollected
• Withhold Payment Collected
  • This will show the Withhold Amount that has been collected
    • The withhold amount is the deferred reserve amount that may be paid to the dealer as the loan achieves certain triggers (consecutive payments made, the loan is not paid off before a specified time, etc…)
• Withhold Payment Balance
  • This will show the total of the withhold amount that has not yet been collected
• Deferred Down 1 Collected
  • This will show the total of the deferred down 1 amount that was applied to the deal
• Deferred Down 2 Collected
  • This will show the total of the deferred down 2 amount that was applied to the deal
• Total Deferred Down Collected
  • This will show the total deferred down amount that was applied to the deal
• Total Down Collected
  • This will show the total down amount that was applied to the deal
• Total Down Balance 
  • This will show the total down amount that was applied to the deal

Lentegrity - eContract State Expansion

The ability to distribute eContracted docs to Lentegrity has been expanded to the remaining Lentegrity states. All Lentegrity dealers will now be able to eContract in DC without Papering Out at the end of the eContracting session.

7/26/2022

• Colorado
• Maryland
• Tennessee
• Utah
• Virginia
• Maine
• New Hampshire
• Vermont

7/19/2022

• California
• Florida
• Georgia
• Illinois
• Indiana
• Kentucky
• Massachusetts
• Michigan
• New Jersey
• North Carolina
• Ohio
• Pennsylvania

6/15/2022

• Maryland
• Texas
• Washington
• Arizona
• Nevada

6/1/2022

• Missouri

CPS state expansion – GA

CPS is now available to GA dealers.

The full list of CPS states is as follows:

• GA
• OH
• TX
• NC
• MN
• PA
• FL
• IN
• CA
• CO
• KS
• AZ

Credito Real

Credito Real is a new PLP lender. They are only live in Florida for now with 1557 active/temp new dealers.  

Once the deal is structured and the dealer clicks on “Go to Deal,” the deal will either come back “Aligned” or “Not Aligned.”  Credito Real is not on Auto Submit and dealers will still need to manually submit to lender of they want Credito Real to receive the actual decision.

The basic lender guideline can be found here: https://www.crealusa.com/finance/markets-we-serve

 

INVENTORY

CarOffer : Show Warning Message during Sign up if active inventories count < 40

CarOffer will only provide offers to dealer with more than 40 vehicles in inventory. If the dealer has fewer than 40 vehicles in inventory (vehicle where the status is In Inventory, Inbound, or In Recon) a warning message will be shown to the user stating, “CarOffer prefers a minimum inventory count of 40 units in order to complete the sign up process. Do you want still proceed?"

 

The “Sign Up “ button is located in the VDP and in the dealer settings under Inventory > General > Partner Settings

VDP

 

Dealer Settings

 

Add "Repo" Category for Cost Adds and Packs

A new Category has been added in Inventory Cost Adds and Packs for “Repo.” This will help the dealer better track the costs associated with getting a vehicle ready for sale after a repo

 

Carvana - Expand to Additional States

Carvana has expanded to 8 additional states. The complete list of states and the dates on which those states went live is as follows

7/26/2022

• Delaware
• Massachusetts
• Maryland
• Maine
• New Jersey
• New York
• Pennsylvania
• Rhode Island

7/19/2022

• Alabama
• Arkansas
• Connecticut
• Kansas
• Louisiana
• Mississippi
• South Carolina
• Tennessee

7/12/2022

• Arizona
• Virginia
• Utah
• Washington
• Nevada
• Oregon
• New Mexico
• Nebraska
• Idaho

Feb - 2022

• Georgia
• Florida

May 2022

• Colorado
• Missouri
• North Carolina
• Texas

<<CLICK >>Carvana Offers in DealerCenter

 

The Carvana Sell Now offer provides an instant buy offer from Carvana for vehicles that meet or exceed program condition standards.

 

Carvana Sell Now Offer Minimum Standards:

• A Vehicle inspection with no major mechanical issues or frame, and an acceptable condition report of 3.5 grade or better. ( Carvana will sent out an inspector to complete the inspection )
• Less thank 100K Miles.
• No accidents – Clean Carfax and Autocheck report.
• Less than 10 model years old.

 

When Carvana’s Sell Now offer price is above the dealer’s asking price, the “Sell Now” button will appear in green. Just select the “Sell Now” button from the Carvana Offer Report or from a Vehicle Detail Page.

 

For additional details of the Carvana program condition standards, or to contact a Carvana representative:

Carvana Representative: http://carvanapartnersales.zendesk.com  (844) 670-1723

 

 

 

 

Vehicle Record Page:

 

Dealer Settings Page:

 

Carvana Offer Report:

 

Provide ability to configure the list of inventory status to which the default cost and packs should be applied.

We have added a setting to allow dealers to apply default Costs and Packs to vehicles in a specified status. Previously, when dealers set up their Cost and Packs, they could set the default Costs and Packs to be added to new vehicles being added with the In Inventory, Inbound, and In Recon statuses. The dealers can now apply the default Cost and Packs to vehicles in “Trade In” and “Appraisal” statuses as well.