Things to look for when reviewing and approving employee deals.
- The Weekly Spiff!
- Posted by AxioMobile
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By Eduardo Hernandez
One of the controls in the sales department that every dealership should have and enforce is management review and signoff on employee deals. Although there should be a certain level of trust in a dealership, it never hurts to “cross your t’s and dot your i’s.”
Some of the items that we recommend reviewing include:
- Make sure all required deal documents are present and signed by the employee.
- Ensure the deal is in compliance with any rules the dealership or group has for employee deals.
- Look over the history of the vehicle being purchased.
- See if the ACV appears reasonable and if there were any recent write-downs.
- Check to see if the employee appraised the vehicle they are attempting to purchase.
- Confirm the vehicle qualifies for all the incentives considered in the deal.
- If a vehicle is being traded-in, verify the ACV is appropriate.
- Make sure the employee did not appraise their own trade-in
- Check for any money that will be owed to the employee and make sure it is appropriate.
- Check that the lien payoff amount is accurate.
- The employee should be responsible for any additional amounts above the amount set up for their lien payoff if it was inaccurate.