This article applies to lendersThis article details how auctions are determined and how to configure the determination settings.
Step 1: Navigate to settings and click on Auction Determination from the main menu
Step 2: On the Auction Contract page, create a new contract by clicking on +Add A New Contract
Step 3: Provide auction contract details in the pop-up form to create a new contract. Select an effective date for when the contract should be active.
Note: If the dates selected to overlap with another active contract the system will provide a warning message to adjust the dates.
Step 4: Once the new contract is created, you can set up the configurations for that contract by clicking on the truck icon in the upper right corner as shown below.
Auction Setup
Click on the auction settings button to set up and review auction configurations.
Auction Determination Settings
Enable Auction Determination – this setting must be enabled for auction determination to be on. To turn off auction determination, disable this setting.
Enable Closest Auction – this configuration will determine the nearest auction based on the storage lot the Service Provider selects on the Asset Recovery form.
Enable Damage – this configuration will allow you to designate certain auctions for damaged vehicles and what qualifies as a damaged vehicle. If you do not enable this setting all auctions will be considered “standard” and vehicles will be determined without regard for marked body damage.
Mileage Adjustment – The mileage value entered here will determine the distance the system will allow for when determining a damage auction. If the nearest damage auction exceeds the allowed mileage listed it will forego the damage auction and determine the nearest standard auction. If you do not want the system to ever forgo the damage auction enter the value “10000”.
Auction Connection settings
Auction Connections is where you set up your connected auctions and establish if they are standard or damaged auctions. Note, the only auctions that will be available to set up are the ones you have connected with via the Auctions under Entities. For more information on setting up your Auction Entities.
Step 1: Click on Add Auction Assignment to add company
Step 2: Fill in the auction details as indicated. If you have enabled Enable Damage from the Auction Determination Setup screen, designate which auctions are standard or damage under the “damage type” field. If you do not have Enable Damage turned on damage auctions will be ignored in the determination until that configuration is enabled.
Auction Determination Damage settings
When using damage auctions you must define what qualifies as vehicle damage. There are currently two fields that allow you to designate damages.
We can quantify damage by creating a rule. The rule will allow you to assign an age and damage quantity.
Age – Assuming the vehicle is eligible for damages based on selected configurations, the system will determine a damage auction for vehicles up to the age listed in this field. If the vehicle is less than the age listed it will continue to determine a damage auction. If the vehicle is older than the age listed, even if it otherwise qualifies for damages, the system will no longer determine a damage auction.
Damage Count – Assuming the Asset Recovery Damage configuration has been enabled, and the service provider has marked damages on the Asset Recovery form, the system will check how many damages were listed. If the number of damages listed in the Asset Recovery form is equal to or greater than the number listed the system will continue with determining a damage auction. If the number of damages on the Asset Recovery form is fewer than the number listed for Damage Count the system will not determine a damage auction.
Note: If you add multiple rules, the collateral age cannot be represented in more than one rule. See below.
Transport Settings
Transport Settings determines when your service providers can schedule and pick up vehicles ready for transport. These rules can be set by Coverage Areas. To learn how to set up Coverage Areas click <here>.
The Enables Transport Days configuration must be enabled in order for your service providers to arrange transport on vehicles.
Transport days can be added by clicking on Transport Days marked in the yellow box above
Days to Schedule Transport – The number of days that must pass from the time of recovery before the service provider can schedule transport.
Days to Pickup – The number of days from the time of recovery before a transporter can pick up the unit.
While a service provider may be able to schedule transport a day after the recovery, the days available to pick up the collateral will be x-number of days out based on the value set in Days to Pickup.
Note: First transport days will have country and state as default, we can add value only from the second entry.
Auction Assignment
Here we set up some conditions for the auction companies and allow them to override closest auctions. An override allows you to designate a Coverage Area and tell the system for every time x-auction is the closest auction in the x-coverage area override that determination and send it to the selected auction.
The below shows an example of an auction override rule. We can add additional overrides by clicking on Auction Assignment (override).
