Hello, it’s christian younger, and i want to welcome you to another automotive best practice of the week.
How many times has this one ever happened to you? It’s a busy saturday afternoon and you’re with some guests that are looking at an suv.
No, it’s a couple and they’ve got two kids and you do a meet and greet, and you investigate by asking some either or questions and open-ended questions that also helps.
You establish some rapport and you find out that they’ve got kids about the same age and both their kids like to play baseball and softball, and then the families both of you like to go hunting and camping and fishing on the weekends.
So you have this natural rapport.
Now you select this ford escape and you do a really good six point walk around because you were able to investigate and find out the features that were really important to them.
So it was a customized walk around then y’all went on a demonstration drive that went very well when they got back from the demonstration drive.
They actually agreed that they would purchase the vehicle if it, the terms were agreeable and it could fit into their budget.
And then you go inside to sit down and start writing up the order and the guests insist on a 1500 discount on a ford escape.
That was a price leader on your website and had been heavily discounted after the gas kind of gets, hung up on the price, and you guys aren’t able to meet that because your sales manager says due to supply and demand.
They just can’t sell the vehicle for what the guest asking for they end up leaving now.
Wouldn’t it be great if this objection never even came up at all, well, actually, there’s a way to keep it from coming up and that’s what we’re going to find out in this video now.
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Okay, let’s go to welcome back at the top of the video we said.
Wouldn’t it be great if we could just eliminate the price objection from even coming up at all, actually there’s a way to do that.
It’s called pre-addressing an objection, so we can hopefully eliminate the ejection before it even comes up or we’ll at least lessen the opportunity, the chance of it coming up throughout the whole sales process.
Now, what we’re going to use in today’s video is the truth to set us free, we’re going to talk about market-based pricing or that third-party pricing that you guys use with your third-party software, and i think, just about everybody – has some type of version of this.
Some people call it real-time, market-based pricing, market-based pricing, third-party pricing, whatever you call it we’re going to today discuss it as market-based pricing, so as you’re sitting there with this idle time, you and your guest you’re waiting for the figures from your manager, he’s appraising or she’s Appraising a vehicle and putting the figures together, you’ve got this idle time that sometimes could be anxiety filled for the guests, because they’re waiting for the numbers to come back.
So what you’re doing when you’re sitting there with them is? You can be talking about different things, but why not just pre-address an objection that could be coming up right whenever you go ahead and review the figures with the guests, so it would go something like this joe.
There sure has been a lot of changes in the car business, the last five to ten years.
Hasn’t there yeah and may i ask when was the last time that you purchased a vehicle four years ago now? Did you have to do a lot of negotiating or some negotiating to get a discount? You did well.
The good news is, you won’t have to do that here.
Hey bill, real quick, while my manager’s working up the figures.
Let’s talk about market-based pricing, market-based pricing is just simply a third party software that goes out in the marketplace and searches for the exact same new and used vehicles and then compares the prices.
It’s the same third party software you’re used to because it’s pretty much everywhere.
Nowadays, in fact, when was the last time that you bought milk at the grocery store yeah, that milk you bought priced by third-party software, their produce third-party software, amazon, airlines, hotels, tickets for concerts all priced by third party software? In fact, i bet you did some online shopping looking for cars before you stopped in here.
Am i wrong, and would you even stopped in and talk to us and come to see the vehicle if we were priced way higher than everyone else, of course, and that’s just it, you know we had to pre-discount our vehicle.
We had to price that vehicle right or you or anybody else for that matter, wouldn’t have come in to even look at it.
So that’s why we’ve pre-discounted it now.
Let me go see where my manager’s at and see.
If he’s got our figures, do you want a pop water or coffee? While i go and grab those figures? Okay, i’ll be right back and there you are so now you’ve addressed the pre-discount.
So when it comes up again, you can remind them.
Well, as we discussed, it’s been pre-discounted now, if you try to go back later after they’ve asked for a discount after you’ve shown the figures, it loses some of its magic because you’re doing this prior to going through the figures.
Now, when you come back with figures from your manager, you’ll be able to use that pre-discount story.
That’s truthful and you’ll be able to use that throughout your whole negotiations, you’ll just kind of call back to it throughout the negotiations when they keep coming at you.
For a discount, no different than a comedian does in their sets a lot of times a comedian early on in their set will tell a joke and then they’ll call back that joke several times throughout the set and many times that’s their final.
Big laugh at the very end, so you can kind of do the same type of thing.
For instance, let’s say that they’re asking for some for a discount of a thousand dollars, and so you could use a little close that we call the advertising credit.
Little number close, and then you couple that with the pre-discount store, so it would go something like this hey joe, it sounds like you want to get an additional discount and, as we’ve discussed, the vehicle has been pre-discounted.
Now, all that aside, here’s an idea in our sales meeting last week my manager said on average we spend 212 dollars in advertising just to get a guest into the showroom now, rather than us have to spend that money to get another guest to come in and Look at your car and sit in your seat.
Why don’t we go ahead and just ask the manager if he could advance us that 212 dollars in advertising credit today? If i could get him to go ahead and give us that credit and we could go ahead and put it towards the deal today, do you see any other reason why you wouldn’t take the vehicle home and again you could use it as a closing tool.
You can use it as a callback to remind them that the vehicle has been pre-discounted because after all, it has – and you don’t have that same negotiation – room like they may have had in 1980.
Well, there you have it a way to pre-address an objection like, for instance price, so you either lessen its impact or perhaps even keep it from coming up at all.
Now, if you’d like to hear more techniques and hear more word tracks and more closes like we just talked about go ahead and hit on one of the videos that you’re seeing coming up right about .
Now you .