Auctioning a Vehicle
When a vehicle is ready for Auction, it can be found by opening the Vehicles in Any Yard view and using any of the various search fields (Completion Time, most commonly) to narrow results.
The title search date, first and second notice sent dates, and vehicle owner/lien holder information can be documented in the Lien tab. Once the lien information is saved, a lien letter may be produced by viewing the tow invoice and selecting the PDF icon next to the Lien Letter template. PDF templates are located in the right column in the “Available Templates” section while viewing a tow ticket.
The Sale tab can be used to document the Planned Auction Date, Sold Date, and Buyer, as well as any notes pertaining to the sale of the vehicle. Once the Planned Auction Date is filled, the vehicle will appear in the Vehicles Sent To Auction view in order to make them easier to locate from that point forward.
A potential Buyer will need to be added to the Buyer List prior to being checked in on Auction day. A Buyer can be added under Buyer>New Buyer in the More menu. Once they’ve been added to the Buyer list, a potential Buyer may be checked into the Auction by creating a new Buyer Check-In located in the More menu (More>Buyer Check-In>New Buyer Check-In).
Upon being sold, a vehicle will need to be released from Inventory. Payment can be documented at the time of release. When releasing a vehicle that has been sold in Auction, “Auction” should be selected in the Release To field. Payments are documented under the Payment tab.
How to handle invoice balances when a car is sold
Often a car is sold at auction for less than what is owed (for Tow/Storage charges, etc…). Omadi best practice is to record this as a Deficiency Balance.
- To record the Deficiency Balance
- Locate the Tow Ticket for the vehicle that was sold.
- The Tow Ticker can be found by searching in the Vehicles Sold list under Views.
- Use the Credits/Refunds field (located in the Payments tab) to record a Deficiency Balance.
- Make sure the correct amount was entered by recalculating the Balance Due field and ensuring that it is zeroed out after recording the Deficiency Balance.
Please see the example of a Deficiency Balance below:
A vehicle had accumulated $1,000 in charges but was purchased at Auction for only $700. A $300 Deficiency Balance would need to be recorded in the Credits/Refunds field in order to zero out the Balance Owed.