All buyers have four questions. Answer these questions and you will close more deals and make more money.
Buyer’s 4 Questions:
If you can help buyers answer these 4 questions, you will have a car deal.
Answering your buyer’s 4 questions starts during the Understanding Goals step in your Sales Process. The Sales Process in the Excellence Roadmap is intentionally designed to answer all 4 questions and help your buyer feel comfortable saying “yes” to buying the car from you today (which, by the way, is what they came to do).
Ask your buyers questions like:
“What got you interested in the (model)?”
“Tell me more about…”
Get buyers talking about how the car fits their lifestyle. This starts to answer the “why” question. As they tell you the story behind the “why”, you can also get your buyers to answer the “when” question.
“What made you decide now to trade/get that upgrade?”
Before your buyer even steps on your lot, they have spent 16-20 hours online researching and usually only go to 1.3 dealerships. You are already a finalist for the “where” to buy.
(For additional training on asking good questions and understanding your buyer’s goals, review Sale One, Sell Yourself in your Excellence Roadmap training.)
Before we close today’s Sales Tip, let’s talk a little bit about the buying feeding frenzy of this summer. The combination of low inventory and pent-up demand from the shut downs in March and April created a huge market explosion. Basically, the “when” question was answered by the market. When this feeding frenzy slows, you will now have to answer the “when” question again. Keep this in mind during the winter months.
How do you communicate with your managers?
Be aware and thoughtful of how you communicate with your managers.
It determines the response you get. It impacts your deal sheets, sales,
and how you feel about your career.
How did your managers get their jobs? By being an excellent, best-of-the-best sales consultant. They are powerful salespeople who can and will help you structure a great deal. They will help you succeed. They will help you develop your career.
When there’s a team effort, when managers and sales consultants support each other, that is when win-win deals are made.
Be thoughtful in how you approach your management team, especially when it comes to your buyers. It will enable you to work together to turn today’s buyers into Excited, Loyal, Lifetime Customers.
Technology can be a great addition to your Sales Process.
When I first started selling cars, my CRM was an index card. We’ve come a long way.
Today, your CRM can be an amazing tool.
However, like all tools, if it not used properly, it can be a barrier.
It can be a barrier to developing the relationship & trust you need to close
your deal today, maximize gross, and make your buyers feel comfortable.
Where do relationship and trust come from? They come from first seeking to understand your buyer (before trying to be understood).
You need to learn:
– What your buyer wants.
– Why they want it.
– Who they are.
– How the vehicle fits their life (family, work, & play).
The CRM scanner, when used appropriately saves you time.
When used inappropriately, it costs you relationship & trust.
Learn to use CRM scanners in a way that enhances the Excellence Roadmap steps you walk your buyers through every day.
When you negotiate, you have to have a plan – a process.
You know your buyer will say things like…
“I want more for my trade.“
“I can’t afford that payment.“
“I can get a better price somewhere else.“
Don’t fall for your buyer’s emotional response.
When you have a plan, when you have a proven process for negotiation,
you can respond with confidence.
Without a process, it is easy to respond with fear. You negotiate from the fear of losing the deal. It’s a natural response.
Use the 5 Steps of Negotiation & the 5 Steps of ReSell ReAsk training in your Excellence Roadmap. They both teach you to negotiate with process instead
of with fear.
– Higher closing %.
– Higher gross PVR.
– Higher commission checks.
– Higher customer satisfaction & CSI scores.
If you want to remove fear, the best way to do it is with confidence. Confidence comes from preparation – practicing your process until your actions and reactions become instinct.
That is the art and skill of a professional, master sales person.
Today’s Sales Tip is about a frequently forgotten key to
negotiating that costs you $1,000s of dollars a year.
So, what is this often forgotten key to negotiation?
Another way to say this:
Remind your buyer of discounts you’ve already given them
before talking about any additional concessions.
Typically, when you sit down with a buyer and present your deal sheet, they want to talk more money off, more discounts. Buyers often try to use your online,
pre-discounted price as their starting point for further discounts and concessions.
Do not do this.
The online selling price should be the selling price!
You should always go back and remind your buyer about what you have already given them. Remember, it is not just the discounts. It is everything already included in their deal (car washes, oil changes, warranties, gas mileage savings, etc.).
It is redirecting your buyer’s attention to the entire package. A deep dive into this topic is part of ReSell-ReAsk in your Excellence Roadmap training. This 5 part, quick, easy turnaround is designed to double your number of first pencil closes.
Buyers like to chip away at the selling price little by little.
Often sales consultants think “it’s not a big deal“.
Have you ever fallen into the trap of thinking
“It’s only $500 off. That’s not a lot.”
It’s precisely this thinking that costs you a lot of money.
Think about it…
$500 off costs you around $125 in commission.
Multiply that by your next 100 deals.
That “$500 is not a lot” has now cost you $12,500 in commission.
Before you discuss any other possible concessions,
always remind your buyers of what you have already given them.
During your Sales Process, especially during negotiation, remember the car is the star. Sell the features, advantages, and benefits. Most importantly, sell what these things mean to your buyer.
Too often, we get stuck on price (or payment) and think the whole deal is about that.
It’s not. Price is only one piece of the entire package.
The most important piece is the car.
During your Sales Process, you are important. The relationship and trust you build with your buyer is a critical component of closing the deal. And remember, the car is the star. During the Test Drive, be quiet and let the car do the selling.
Remember during negotiating, the car is the star.
In your Excellence Roadmap training, you study Re-Sell Re-Ask. It is the most powerful, comfortable negotiating tool you have. It is designed to double your number of first pencil closes.
During Step 3 of Re-Sell Re-Ask, Redirect, you focus on the car:
When you make the car the star, when you focus on the joy the car will bring to your buyer, you will comfortably close your deal today and maximize your gross in a way your buyer loves.
I know most of you can’t stand dealer trades,
and they are part of our business.
Do you know, we often create the dealer trades we claim to hate?
By starting the sale wrong and asking the wrong questions.
By following the Sales Process in the Excellence Roadmap, you learn to ask the right questions, help your buyer find the right car (on your lot), and decrease dealer trades.
Always explain dealer trades to your buyers.
Don’t assume they understand it.
If you can’t get a buyer on the car or there’s a product objection you cannot sell around, let them know about the dealer trade option.
Think about the dealer trade process from the point of view of a buyer who has never been through it. Follow your dealership’s game plan.
There is power in trust and relationship.
To stand out to your customers, you have to connect with them. There is power in establishing a common bond with your buyers.
(This works for both the seller and the buyer.)
In your Excellence Roadmap training, Sale One, Sell Yourself, focuses on building relationship and trust with your buyers. Review the videos and notes in this step of the Sales Process. You will master:
This is how relationship is established and how the customer decides who to do business with.
Why is important to know your customer’s why?
The why is the fuel that drives actions.
The why is the motivation.
Their why is everything.
The why drives your buyer’s actions. When you find our their why, it also gives you insight into the who (family, work, & play). The why is the motivating factor – why now, why your dealership, why this car.
Learning to understand your buyer’s why is one part of becoming a master sales professional. Master sales professionals – regardless of the economy, market, or where they are working – can make a great living and take care of their family.
Go through your last few days, your last few deals, and ask yourself:
The power, the fuel is in the why.
Seek the why.
The why is the key to relationship & trust, the key to selling that car today, the key to a first pencil close, the key to creating Excited, Loyal, Lifetime Customers.
Sales is about integrity, curiosity, and creativity.
Creativity – Seeing beyond that little picture in front of you and trying to think
outside the box to come up with a solution that works.
Creativity is problem solving.
You have many different options to solve your customer’s situation and help them find a car. Selling is not what the world thinks it is…
You have a better way of doing things, of serving your guests with excellence.
How can you creatively find a way to move your buyer to the next step of the Sales Process, find a car they love, and feel comfortable saying “yes” today?