Hello and welcome to another video in our series “Winning with ProfitTime”

Now that you’ve completed your personalized training, you can use these videos to refresh your knowledge, dive deeper into a topic or teach others the basics of ProfitTime.

ProfitTime’s Global Acquisition dashboard helps your dealership address all of today’s multi-channel inventory sourcing challenges.

The data within the dashboard range from broad overviews of your inventory sourcing tendencies, to detailed breakdowns of an individual appraiser’s performance.

Both are meant to guide conversations with your appraisal team and help you adjust your acquisition efforts to meet the opportunities and risks in each sourcing channel.

In the Global Acquisition Dashboard, you will first see eight tabs. Each presents different metrics visualized in graphs or tables and broken down by sourcing channel.

The Summary tab gives you a quick overview of each of your sourcing channels’ performance at the “dealership level.”

You’ll see the number of vehicles you’re getting from each channel, average days to sell, median year, median odometer, average ProfitTime score, average distance from your target score, and what percent of vehicles were acquired within your dealership’s strategy.

The Volume tab displays the total number of vehicles coming from each channel and how many were sold at retail vs. wholesale.

The Strategy tab shows the percentage of vehicles in each channel acquired within your dealership’s stated “strategy-zone.”

The Starting Score tab compares each channel’s average vehicle ProfitTime score against your target ProfitTime score. In other words, how are you deviating — higher or lower — from your target in each channel?

For example, if your target score is 6, a deviation of plus 1.5 in “Lease Returns” means the average vehicle ProfitTime score in that channel is 7.5. A bit higher than your target.

The ProfitTime tab shows you the average ProfitTime score of vehicles, by channel.

Both the Starting Score and ProfitTime tabs give you an idea of how much money, on average, you are investing into each channel.

The Days To Sell tab shows you how long it’s taking to sell vehicles acquired from each channel. This is measured in median number of days to reduce the effects of extreme outliers.

The Year tab displays the median year of vehicles you’re getting from each channel. And The Odometer tab shows the median vehicle odometer number, again broken down by channel.

For the dashboard’s channel metrics to work properly, each dealer must set up sourcing channels in the software.

At the top right of your screen, click the gear icon, then click “General Settings.”

In the settings page, find “Vehicle Sources” in the left-hand column.

Here you can add, remove, or rename your sourcing channels. They will automatically populate the drop-down menu in your ProfitTime appraisal screen.

Make sure employees tag each appraisal with a sourcing channel so they appear in your Global Acquisition dashboard metrics.

It’s worth noting that dealers can set up more specific sourcing channel tags that will still appear in the dashboard under a broader category, based on their name. For example, a dealer could create a “Online Auction” tag for the appraisal page, that will automatically sort into the “Auction” channel data.

For a deeper breakdown of performance within each sourcing channel, scroll down in your Global Acquisition dashboard to the “Channel” section.

At a glance, you see which channels are producing the most vehicles, the highest investment value vehicles, and how you’re selling cars from a particular channel.

At the bottom of each channel, you’ll see a list of clickable links. These give you access to a list of recent appraisals, detailed look-to-book reports, a list of trades you’ve lost to other stores, and an “Appraiser Detail” page.

In the “Appraiser Detail” page, you can run a report displaying an individual appraiser’s performance within a particular channel.

This will generate a data table that gives you a snapshot of how closely an appraiser is working within your dealership’s stated acquisition strategy.

You’ll see each appraiser's total number of appraisals, their look-to-book percentage, and how many appraisals they’re making “on-strategy” as a percentage.

For example, when it comes to trade in vehicles, this employee is appraising within ProfitTime’s recommended range about 93% of the time, and this dealer just 66% of the time.

Dealers then have an opportunity to coach their employees — or fine-tune — their appraising process for continuous improvement and optimization.

Thanks for spending just a few minutes getting to know this topic. As always you’re encouraged to reach out to your performance manager with any questions. Take care and happy hunting.