FAQ-070-VEHICLES-How do I handle automated price updates?

Prerequisite: you must have the right to manage used vehicle prices in order to update them.

In the rights management section, open the file for the group of your choice, click on the “Vehicles” module, then go to the “UV” tab. Ensure that the “Manage prices” box is ticked.

You may limit this right to either the trade-in price or the sale price. To do that, tick the “I want to limit vehicle price changes” box.

In this tutorial, it is the selling price that is relevant for the rest of the process. Select the option from the drop-down menu, then save by clicking on “Save”.

From the home page, the “price to be updated” line of the “Stock management” block lets you find the list of all vehicles whose price has changed and is awaiting validation.

The stock manager can quickly and accurately identify a vehicle by entering any of the following data in the search bar:

• make
• model
• version
• trim
• registration number
• internal no.
• chassis number

Filters are available to find the vehicles whose new price must be validated or rejected by the stock manager.

Advanced filtering options are also available to refine the results by point of sale, destination or price.

Handle the table columns in the same way as in the “Vehicles” module. First, click on “Column Management” on the right-hand side and then tick and move the columns so that they are displayed in your chosen order. Finally, click on “Save”.

If you consult the list of vehicles with price updates awaiting validation, you will see the following:

-UVs intended for individuals.

-UVs intended for professionals.

-UVs intended for individuals that are “saleable” to professionals.

Presentation of a UV intended for individuals, saleable to professionals:

-validation request of the new price for individuals.

If the user wants more information to refine their decision, they can click on the “Details” button to display a comparison of the data before and after the price update.

In the “Update alerts” list, the column to the right of the “Requires validation” status tells you why the new price must be validated:

-“Price below the threshold”: the new price has dropped by more than 10%;

-“Price above the threshold”: the new price has risen by more than 10%;

-“Systematic monitoring”: your settings submit all price changes for validation.

Presentation of the values comparison before and after the update.

This table also gives access to the published ads and lets you enter the selling price manually.

Presentation of the filters to be used for validating price updates according to the destination of used vehicles.

Example of how to confirm a price of a UV that can be sold to professionals:

Price updates can be ordered by the date they were made:

As part of the semi-automatic price update, the manager can view the list of vehicles whose price has been updated automatically by the system from the “price to be updated” line of the “Stock management” block on the home page.

By selecting the “Automatic price updates” filter, you will get the list of vehicles whose price has been updated by the OpenFlex algorithm.

The stock manager can use the “Price updates to be validated” filter to find all vehicles whose difference from the previous selling price exceeds the configured thresholds and requires validation, as well as those whose remaining margin is too low and whose price must be validated by a manager.

These thresholds have been customised by an OpenFlex administrator in the pricing policy settings (see “FAQ-037-SETTINGS-How do I set up automated price updates?”). The manager must check the prices that do not meet the conditions set in the configuration, to make sure that their update is profitable enough for the dealership.

You can also display lists of vehicles for which price updates have been approved or rejected by using the filters designed for this purpose.

If a selling price is recalculated and validation is required, an alert is sent to the user for each affected vehicle.

This contains a “Validate selling price” button that enables the administrator to validate or reject the new price:

Clicking on this button will open the “Price details” window, where you can approve the selling price and compare the vehicle's market position.

Click on the pencil icon to correct a price and other financial data yourself:

Complete the fields in the drawer, then save.

To update the prices of the whole stock, you must at least have the right to update the selling price according to the pricing policy.

In the selling price updates table, an additional tab allows you to update all UV prices based on the defined settings.

This feature notably allows users who do not have the price management right to quickly run the automatic calculation.

The stock list includes columns relating to prices to help you easily identify vehicles:

-“Previous adjusted market value”,

-“New adjusted market value”,

-“Adjusted market value difference”.

These columns can be added to the table via the column management feature and can be exported.