Car Buying Preparation
| Car Buying Preparation |
Although the average consumer has changed the way the buy cars in recent times, car dealerships have been slow to alter their sale's methods. That being said, their basic techniques have proven to be profitable for the last fifty years. Often, customers will feel sales pressure when they visit car dealers because these techniques do not leave much flexibility in the salesman’s approach or “pitch”. In other words, the salesman will ignore the customer's agenda and try to fit them into a rigid sales system. This chapter will cover the dealer’s overall sales philosophies and how they view and manage their customers.
A primary mission for car dealers is to sell the customer a vehicle on their first visit to the showroom. When a customer buys on the first visit it generally produces a very profitable sale for the dealership and a big commission for the salesman.
In this chapter we will also define the “Front-End” and “back-end” dealer profit.
More often than not, the dealer’s income is collected from these hidden
“back-end” profit streams.
Furthermore, in this section we will explain the responsibilities of
each type of car salesman. We will describe the “Liner”, the “Closer”,
the “Desk” and “F&I” and their functions.
As we mentioned above, dealers have developed a process to increase the likelihood of a “buy today” scenario. To prepare the buyer for this process we will cover the "salesman's seven steps to a sale". These seven steps are used by almost all dealers to get the customer to “buy today”.
Also we will also cover how to prepare before a visit to the dealer and how to find accurate information on the Internet and avoid websites that are simply "lead generators".
Finally, we will clearly define the dealer's new car pricing structure including the importance of invoice and Hold-Back. And finally we will detail how to prepare with and a pre-approved car loan from your bank or credit union.
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