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How Appraisal Management Records Work Together
Sales reps can efficiently capture trade-in interest on behalf of customers or prospects, estimate trade-in values, and seamlessly process vehicle trade-ins through appraisal management. Understand how different information is modeled in appraisal records.
Required Editions
| Available in: Lightning Experience |
| Available in: Enterprise, Unlimited, and Developer Editions |
Neo Motors, an original equipment manufacturer, wants to increase revenue and improve customer satisfaction by efficiently conducting vehicle appraisals. At Neo Motors, customers and prospects request for different types of appraisals for their vehicles, such as trade-in, sales, or valuation assessments.
Here's how a sales rep at Neo Motors creates sample records.
Appraisals
Sales reps can initiate an appraisal easily from the Lead, Opportunity, Account, Financial Account, or Case record pages. They can quickly create an appraisal record for a vehicle by adding a few basic details.
| Lead | Appraisal Record | Purpose Type | Validity End Date | Fee |
|---|---|---|---|---|
| Mr. Andy Smith | APL-020 | Trade-in | February 12, 2025 | US$50 |
After an appraisal record is created, sales reps can enter granular information for the vehicles to be appraised in appraisal item records.
Appraisal Items
An appraisal record can have multiple appraisal item records, each storing information for a separate vehicle. When users create an appraisal item record, they can search for a vehicle already existing in the system by using its vehicle identification number. Users can also search for information of a vehicle that doesn't exist in the system by using its make and model details or its license plate number. Sales reps can also improve valuation precision by specifying the customer asking value and ownership type of the vehicle in the appraisal item guided flow. Valuations are individually created for each appraisal item record, based on the market sources configured by the admin.
| Appraisal Item Record | Model Year | Make Name | Model Name | Trim Type | Mileage | Registration Zip Code | Vehicle Condition | Ownership Type | Customer Asking Value |
|---|---|---|---|---|---|---|---|---|---|
| APLI-001 | 2022 | Neo Motors | NeoGen | LXi | 2092 | 26497 | Fair | 1st Owner | $29,300 |
| APLI-002 | 2023 | Neo Motors | NeoStar | VDi | 16789 | 23149 | Very Good | 2nd Owner | $18,000 |
Appraisal Item Add-Ons
When sales reps create an appraisal item record, they can specify whether any modifications were made to the vehicle that's appraised. To improve the accuracy of valuations, they can also specify the equipments added to the vehicle. They can later add or edit these add-ons.
Appraisal Valuations
Each appraisal item has appraisal item provider valuation records generated separately. Admins can configure multiple market sources to fetch these vehicle valuations. Each valuation specifies three kinds of trade-in values to ensure precision and for better comparison.
| Appraisal Item Record | Valuation Provider Name | Average Condition Value | Rough Condition Value | Clean Condition Value |
|---|---|---|---|---|
| APLI-001 | Market Source 1 | $28,030 | $27,025 | $29,385 |
| Market Source 2 | $28,700 | $27,291 | $29,025 | |
| APLI-002 | Market Source 1 | $16,000 | $17,800 | $19,000 |
| Market Source 2 | $17,000 | $17,900 | $19,800 |
Sales reps can specify one of the values provided by the market sources or a custom based value on individual assessment as the initial value for an appraisal item. The initial value for APLI-001 is taken as $28,030 and for APLI-002 as $16,000 based on their average condition values provided by Market Source 1.
Appraisal Adjustments
Sales reps can make adjustments based on customer asking values and vehicle inspections. They can create appraisal adjustment records for specific appraisal item records or for an appraisal record.
| Record | Name | Type | Adjustment Value | Status |
|---|---|---|---|---|
| APLI-001 | Adjustment 1 | Discount | −$1,400 | Approved |
| Adjustment 2 | Markup | $300 | Approved | |
| APLI-002 | Adjustment 1 | Markup | $2,000 | Approved |
| APL-020 | Adjustment | Markup | $5,000 | Approved |
Appraisal Calculations
The final value of an appraisal item specifies the value calculated as the adjustment value added to the initial value for an item. Based on the valuations and adjustments created for the appraisal items, sales reps can derive these values for the appraisal item records.
| Record | Initial Value | Total Adjustment Value | Final Value |
|---|---|---|---|
| APLI-001 | $28,030 | −$1,400 + $300 = −$1,100 | $28,030 - $1,100 = $26,930 |
| APLI-002 | $16,000 | $2,000 | $16,000 + $2,000 = $18,000 |
The final value of all appraisal items can be summed up to derive the total item final value. The final appraisal value sums up the total item final value and the total adjustment value of an appraisal. The total adjustment value of an appraisal considers only the adjustment records related to an appraisal record and not to the individual appraisal items. Based on the values derived from the appraisal item records, sales reps can derive these values for an appraisal record.
| Record | Total Item Final Value | Total Adjustment Value | Final Appraisal Value |
|---|---|---|---|
| APL-020 | $26,930 + $14,000 = $40,930 | $5,000 | $40,930 + $5,000 = $45,930 |
