“That is Too Much Money”
Here we go again, another article about closing deals during this craziness the “chip-shortage” is causing. I can’t help but talk about this because, lack…
Here we go again, another article about closing deals during this craziness the “chip-shortage” is causing. I can’t help but talk about this because, lack…
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Here we go again, another article about closing deals during this craziness the “chip-shortage” is causing. I can’t help but talk about this because, lack of inventory, supply and demand, addendum pricing, and similar topics are all that any dealer or salesperson is talking about.
During this inventory shortage, we have learned one thing, customers WILL pay ‘all the money’ if the salesperson has the confidence to ask for it and they have the confidence to present a reason to the customer as to why they need to pay all the money.
The conversations would go something like this:
Customer: “That is too much money.”
Salesperson: “Yeah, but this is the only car in the region like this, so if you don’t want to buy it, someone else will. So, it’s really up to you.”
Customer: “Ok, I will take it.”
That example may be slightly exaggerated however, I believe you get the point. The confidence of having the last vehicle like this, the confidence of knowing another customer will come in a pay the money gives normally timid salespeople the feeling of being KING KONG. They have a false sense of confidence that all of a sudden, they are super salesperson. This was even the topic of a recent article.
So, what happens when the market shifts or customers decide it is not worth it to buy under these market conditions?
If you don’t have a plan for when this happens, you better get one quick because it appears that inventories are not going to right themselves anytime soon. However, according to several dealer principals, sales managers, and salespeople I have talked to recently, the customer mind state is beginning to shift. More and more customers are looking at the current pricing logically and deciding that it is not worth it to purchase a vehicle under these market conditions.
Now what?!?
As a salesperson, you have one of two choices:
If you choose the first option, you can stop reading here. Nothing that I say for here on out is going to make any difference. If you do not believe that you can continue to get the same level of pricing that you are getting during this “chip crisis,” then you never will. And you will go back to being a mediocre at best salesperson and probably look for a career you can love and be passionate enough to do what it takes to continuously get better at it.
Now, if you choose option two, congratulations and keep on reading. I will help you get started down the path to earning top tier commission regardless of the weather, supply, economy, or any other outside influence typical salespeople use for the excuse they are not successful.
Let’s take a look at the previous example:
Customer: “That is too much money.”
Customers have been saying this longer before the “chip-shortage” and they will be saying it long afterwards as well. If you want to have a long and successful career you need to have multiple tools in your arsenal to deal with this, WITHOUT OFFERING to DISCOUNT.
Remember, not discounting is the key. Any mediocre salesperson can discount their way into a close and then complain about the customer, the product, the dealership, the pay plan, and their commission check. However, that is not the definition of success, at least not mine.
Ask the customer to:
No matter the option your customer decides they can justify, you end up with a sale. As stated earlier in this article, a close like this will be timeless and you will benefit from it now and in the future. This is a process that requires practice, and effort to learn. It can be used to address almost all monetary concerns and objections. Whether this is your first week in the car business or you are a twenty-year veteran. You took the time to read this entire article and learning this process can be your next (or first) step towards enhancing your career.
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