Best Price

Welcome to the next instalment of our very popular ‘Meet & Greet’ series, and this time we look at ‘What’s your best price?’

A lot of sales managers are using this mini-series  to play in their sales meetings, helping to motivate and build the knowledge of their teams.

Let’s look at three ideas to help you handle this objection: getting the numbers right, customer’s trade-in and speed them up to slow them down.

Here are the highlights:

{01:17} Paint the picture

{01:40} How do you currently deal with it?

{02:10} Getting the numbers right

{04:32} Trade-in

{06:35} Speed up to slow down

{08:17} The Farmer

About Symco Training:

Symco Training was founded in 2000 by Simon Bowkett and it was his belief that the business had to offer its clients something different. That difference was clear to Simon from his days in the dealership when he experienced many sales trainers who had all the answers, but were unable, unwilling or both to actually show the delegate how they could be implemented. It remains the ethos of the business today. You see, Symco only employ trainers that are committed to delivering not only in spiring and insightful training, but are equally as happy to demonstrate these skills and techniques with real customers in your own showroom. We believe in order for sales training to be effective and in Simon’s words ‘real world’, it needs to be tried and tested in the only place it matters the showroom floor. There is no room for theory when your goals are for your team to sell more cars, hours or parts and retain more profit. In dealerships around the world the focus applied by many of the sales executives is to try and sell a deal. Symco specialise in getting your teams to focus on selling themselves, the product and then supporting this with the deal.

To find out more visit

www.symcotraining.co.uk

Time, welcome to the Selling and the Motor Trade podcast in Association of Car Without. The online car-changing destination. Together we share tips and ideas on how to sell more cars, improve your service department, and generally put more profit into your department, dealership or dealer group. I'm your host, Simon Bowkett, or some of you might already know me as Skippy. First thing, I just want to say thank you for taking the time to listen to this podcast. Hi, welcome to another episode of Selling and the Motor Trade. Now, guys, I've got to tell you, this shocked me. People really like the ideas, these tips and these ideas, and everyone's just sharing this in their sales meetings and with all their salespeople there.

So we're going to continue on with the objections at the meet and greet stage. Now, what if someone says, what's your best price? On that car. Right at the beginning of the process. Now, we've been talking about meet and greet on a physical dealership when people walk in. But this one you could almost use on the phone, and also digital inquiry as well. It's the concept to start with. And we're just going to give you three different techniques here that you might like to try. Okay? So firstly, let's paint the scenario again. A customer walks into the dealership. You meet and greet them. Good morning, good afternoon. What brings here today? They're looking at that lovely chair roller.

If you don't know why I call a chair roller, go back to a few episodes and we'll explain exactly why back then. Okay? And within the first two minutes, someone says, hey, what's your best price? What deal can you do it? Okay? How are you currently doing with it? Well, that is the best price. Well, the best price is the price on the screen. That's the best price for us. Okay? Well, where are no haggle dealerships? That's why no haggle means that is the best price. Well, if agency Mercedes says we're not allowed to do anything other than that price. And in fact, that is the price that everyone's going to get right across the country.

You can do those things. But why don't we make sure the cars right before we get into the numbers? Here's the first one. Timbalt's three step technique. Within the first two minutes, bear in mind, you've done the meet and greet. You've built rapport. They've turned around and said, hey, what's about that particular car that put it on your shopping list? And they say, so what's your best price? I might start off with say, how does it get the numbers right? Is the easiest part of my job? In fact, if we don't sell someone a car, it's rarely over the money side of it. But you know what? Unless that car is exactly right for you, no price is going to be good enough.

So let me grab the keys and make sure the car is right for you. Now, you may or may not even know the customer's name or that stage that they said it right from the beginning. Well, I'm sorry. I didn't introduce myself. I'm sorry, I'm sorry, I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. Okay. So let's go through those three steps. Okay. Number one, how does it get the numbers right? That's the easiest part of my job. But tell them why. It's the easiest part of my job because in the internet world, if we're not on the front page of auto trader, we just don't get the inquiry.

Okay. Or get the numbers right. It's the easier part of my job because we're the largest Honda group in the country and we don't get that way without getting the numbers right. Okay. Or get the numbers right. It's the easier part of my job because, and tell them what, we don't have the O-Vids so that some of the bigger dealer groups have. Or get the numbers right to use the part of my job because we're the biggest Volkswagen dealer in Dublin. And we don't get that way without getting the numbers right. Okay. So that's why get the numbers right to use the part of my job. Number two, you know, if we don't sell some of my car, it's really over the money side of it.

And number three is the key to it. But you know what? Unless that car is exactly right for you, no price is going to be good enough. Let me just grab the keys and make sure the car is exactly right. Now, if you have the phone, so when's a good time for us to get together, make sure that car is exactly right for you through the week or maybe a weekend. Okay. The key to it for me at the end is unless that car is exactly right for you, no price is going to be good enough because your customer's got two choices now. After the term is that, well, no, no, no, the car is exactly right for me or allow them to be slowed down.

Now, I take either of them within the first two minutes. If you go to customer and say, no, that car is exactly right for me. I run with it. Okay. So that's the first technique you might want to try. Now, if someone keeps on pushing and said, well, no, no, no, the car is right. All the ones your best price, you might try this second technique. Okay. This one here is just the trade-in for the part exchange. Well, Mr. Customer, the best price is always going to be the amount of money coming out of your pocket. So what we need to do is have a look at your car just so we get the best balance to change and monthly payments.

That's the important thing, really, isn't it? Now, for the people watching this podcast, you'll see my head nodding in the yes format. Okay. And I've assumed two things on that technique. What are the two things? Number one, we've assumed they've got a car to trade it. And number two, I've assumed they're going to be on monthly payments. Listen to it again. Okay. No, no, no, the car's right for me. I want to know is what's your best price? Well, the best price is always going to be the amount of money coming out of your pocket. So what we need to is have a look at the car that you're looking to part exchange or trade in just so we can get the best balance change and monthly payments.

That's an important thing, really, isn't it? Okay. People say yes to that. And they've assumed they've got to trade in and they're on monthly payments there. Now, if you're in the UK listening to this, we know that 89% of people in a franchise dealership have got a car that considering trading in. Find that what that is in the country. You'll listen to this. But if 89% of people in a franchise dealership have got a car that considering part exchanging, just a shoot, they've got one. Don't say, do you have a car to trade in? Because if you just say, do you have a car to trade in? That's the customer that'll spring the trade in on you right at the end.

You go through the whole process. They'll get to him and go, Oh, by the way, what would you give me for this? And then you're in funny place gold knackens. Okay. And also, just to shoe in there on finance. That's the second technique. Okay. Or here's the third one. Now, this one, please be careful with this is a proper slap to the customer. Metaphorically, please don't actually slap a customer. That would be very bad. Okay. And pick the type of the customer you use with this. I tend to use this with the bastard. You know the customer. Customer comes in, no, no, no, you're not listen to me, son. I've been many years since I've been called son.

Okay, you're not listening to me, son. All I want is your best price. Come on, just give me your best price. Okay. What I'm going to attempt to do is slow these people down by speeding them up. Okay. Now, firstly, try one of the first two techniques first. Okay. But then they turn around and say, no, no, no, no. Listen, stop talking to me about all the one who knows, what's your best price, son? Okay. You might go straight into thank goodness for that. Someone who wants to buy a car. I just spent two hours with last people that we can't even supply it because it's through their company. So you'd like to come and so we'll get that sorted for you.

All right. Then the customer goes, well, no, no, I just want to price. Then my big, oh, I'm sorry. I'm rushing you. You have the invite and chance to sit in the cars, right? I didn't even introduce myself. I'm sorry, man. You are. Listen, sorry for that. See how you almost slow them down by speeding them up. I thank goodness to that. Someone wants to buy a car. I just spent three hours of last people that we can't even supply it because it's through their company. So you've got to come and so I will get that sorted for you. Now, sometimes they don't even say anything. It's just a look on their face. Okay. And then it's almost, oh, I'm sorry.

I'm rushing you. You have any bad chances here if the car's right. Here's a bit of a war story for you. Nicky, if you listen to this, this is you, sir, in a Hyundai dealership in Waxman. Nicky sold a car. We got involved with it. It was to a farmer. Now, if you're new to the industry, let me tell you, farmers are great negotiators. Farmers will beat you up on price. This particular farmer from memory, Nicky, he wouldn't even get out of his car. He's on the forecourt, saying, what's your best price on it? It's actually the last technique got him out of the car, helped slow him down and got that sale. Okay. Because we knew we had to slow this guy down.

He was best price, best price. Okay. Hey, thank goodness that. Someone wants to buy a car. Okay. Listen, we spent a few hours with last people that we can't even supply it because it's a least company through head office. So, like coming inside, we'll get that sorted for you. I can't remember what word for word, but he did when, well, no, I just won't rise. Oh, I'm sorry. I'm rushing you. You have me about the chance to see if that car's right. I didn't even introduce myself. I'm Simon. Listen, let me get the keys and make sure the car's exactly right for you. Because you know what, unless that car's right, no price is going to be good enough.

Okay. We slowed the guy down by speeding him up. Now, here's a caveat to this one. Please be so careful with it. You have to deliver it so serviantly. If you deliver it cheeky and I'm a cheeky salesperson, the downside is, cheekiness comes across as cockiness and cockiness is so close to arrogance. And you're going to really wreck the deal. You've got to deliver this very soft. Now, if you're ever on our open course at the road sale course, we'd say to people, if you're not been selling for at least two years, don't even try this technique yet. If you're using that technique more than three times a quarter, once a month, I'd say you probably use it too much.

It's just for that bastard. The one to use the start with, the work with most customers is, I get the numbers right. It's the easiest part of my job. Because in the internet world, if we're not on the front page of car zone, we just don't get an inquiry. In fact, if we don't sell some of the car, it's really over the numbers of it. But unless that car is exactly right, no price is going to be good enough. Let me just grab the keys and make sure it's right for you. Anyway, listen, you probably listened to this in one of the sales meetings. You might be a manager, sickening. Can I use this in our sales meetings?

That's what this podcast is all about. It's sharing tips and ideas on how to sum up cars, improve the service department, in turn and put more money into your dealership. So listen, do me a favor. You might want to share this with your whole sales team and some of the other techniques we've been talking about on slowing people down. I'll see you next time.