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It gauges and corrects by means of a lever attached to the unit.
Problem is, if your necks are out of whack it is probably the reason your bullet runout is so much. My theory on the matter is that all you will end up doing is tweaking the neck to get the bullet straightened.
Proper case prep, neck turning, loading dies should get your runout in the .002-.003 range at worst.
Anything over .003 in my loading and I use for practice only.