The process
In negotiations, what is a ten dollar spread? Give an example.
You write the customers number down. For example, if the customer says $560, you will write $560 - $570.
Finish the following... “Based on the vehicle you have selected; we have prepared 9 retail payments at an average APR (circle payments on the worksheet), and we have given you 3 cash down options.
Obviously, the larger the cash down, the lower the monthly payment. And the less cash down, the higher the monthly payment. (Use your pen to show from highest to lowest payment).”
When approaching the customer with the first pencil what is the first thing you should say?
“Great news, the hard part is over, we’ve found the vehicle you love, all we have to do now is figure out how you want to pay for it.”
When you leave the customer at your desk to go get 1st pencil, what should they be doing?
The customer should be watching the addendum video.
In Cash is King, we say "if I could show you the benefits of putting an additional $2000 cash down, would you have the funds available?”
Why is this so important to our process?
This is beyond important as our pencil process brings this up in first pencil during the roll downs and again on 2nd Pencil.
Finish the following... Remember when we were discussing the benefits of using this type of cash down on the test drive…that it would:”
Flexible Trade Cycle
Increased Equity
Reduced Carrying Charges
Lower Monthly Payments
When presenting first pencil, after you say
"Just choose the payment that best suits your needs, and we can get the vehicle cleaned up and ready for delivery.”
What is your next step?
Place your pen on pencil pointing to the bottom right hand corner payment and BE QUIET. Let the customer respond first!
What 3 things do we leave with after negotiations on first pencil?
A written commitment, signature, and a check, debit card, etc. for down payment.
What type of deal do we not work a traditional pencil process?
None- we always work the pencil process from repeat customers to out of town deals.
After you have gotten the customers offer in writing and with a check in hand, set up the next pencil by saying…
What comes next?
“With this in mind, I want to make sure that I am doing my job. Of all the benefits that we have discussed, which benefit do you like the most?”
Whatever the customer states, you respond by saying…
Salesperson: “Great! Most of my customers say the same thing!”
What 3 forms should you always have when going out on 1st pencil?
1st pencil at MSRP
Discounted pencil
KBB(if applicable)
What is the thing we never repeat that the customer states?
Their number
Finish the following...
So, (Customer), when your cash down reduces (draw an arrow going down)
What should your payments do?” (Draw an arrow up) Let the customer state it… not you
Salesperson: “Exactly, they should go up.”
Salesperson: “Were you thinking $________ to $________?”
When do we say?
“Wouldn’t you agree that with a more premium vehicle comes a more premium payment?”
After you present WYC if the customer doesn't want to continue with the alternate vehicle.
Why do we print a pencil at MSRP and one with a discount?
We want to eliminate the objection vs having to overcome it.
What are the top 5 things you need to do before working a pencil?
1. Cash is King
2. Addendum
3. Silent Walk Around
4. 45 yes
5. SPACED
6. 5 questions on coach pad
7. WYC
8. Upfront appraisal
Finish the statement....
The first person that________ loses.
Speaks
What is the last roll down on payments?
Remember you stated,
When should the WYC be brought up in first pencil?
During roll downs and arrows for payments.
Do you remember the vehicle we looked at before? The one that isn’t as well equipped as this one. If I could get that one to fit your budget, could I earn your business?