DMV/VERIFI Tip of the Week, #98
Sale Price Entries and Accuracy
A recent review of VERIFI transactions revealed thousands of vehicles in dealer records with selling prices over $1,000,000. These sale prices appear to stem from errors at the time of data entry (such as a misplaced decimal).
Because the information contained in VERIFI represents official records, we strongly urge users to double check entries and make reasonable efforts to ensure the accuracy of data.
Below are some suggestions:
- Only enter the whole dollar amount numerically -- decimals and commas are not allowed.
- Round the taxable sale price from invoices to the nearest dollar amount on all sales prior to entering in VERIFI. Note VERIFI automatically populates the “.00” at the end of entered values.
- Double check entries for transposed figures or typos.