Average customer haggle knocks dealers back £939 per car According to AM Online and Autotrader’s Nathan Coe, Consumers are haggling dealers down by an average of £939 off the price of their new or used car.The latest results from Auto Trader’s Owners’ Guide shows how far the market is currently skewed towards buyers, with three in five motorists paying under the asking price for a new or used car in the past quarter (July-September).The report also suggests men are better negotiators when it comes to price – saving £300 more on average than women.The average saving made by male motorists was £1,029 compared to female drivers £706. Auto Trader believes part of the problem is sellers misjudging the state of the market before pricing their vehicle.
So how do you prevent this from happening in your business? Simple, get back to basics!
In this months Tak-Tiks article we respectively remind you of the things that made you great in the first place, follow the ideas and check yourself against these basics.
Back to Basic – Key Points to “LOCK DOWN” your Profit!
“Discount is compensation for Lack!”, if you are giving £939 off your vehicles somewhere “Lack” is evident in your process, in your preparation and in your people. So what do I mean by “Lack”? Well let’s take a look at the “Key Profit Lock Down Strategies” shown below and see if you can find “Lack” lurking in your sales department.
Lock Down 1 – Prepare your cars to the highest possible standards EVERY TIME, if there is nothing wrong with your product, then you have no need to compensate the customer.
Lock Down 2 – Train your sales people to deliver a World Class Sales Experience, starting with a V.I.P. Meet and Greet, encourage them to let go of their EGO and operate with a “Servants Heart”, giving to people without expectation of return.
Lock Down 3 – Teach your team to ask high quality questions to uncover the customer’s previous buying habits and to be clearly able to identify the key areas of dissatisfaction evident in the customer’s current motoring circumstances.
Lock Down 4 – Insist your sales executive delivers a dynamic value driven sales presentation, using the power of metaphors, tag lines and emotional attachment strategies.
Lock Down 5 – Ensure your Sales Executive takes the customer for a long comprehensive test drive that allows the customer to shout “I’ve can see myself in this”, and keep driving until they do!
Lock Down 6 – Take the customer for a guided tour of your premises; share the awards, testimonials and history of your business, so the customer feels re-assured in buying from you.
Lock Down 7 – Introduce the customer to senior management in all departments, so the customer can feel the integrity levels and passion in the business.
Lock Down 8 – Use multiple deal and up-sell strategies. Teach your people the art of negotiation and objection handling to protect your profits further.
Lock Down 9 – Be completely transparent in everything you do. Show the customer your preparation invoice, share the service history, show the mileage confirmation certificate. Hide Nothing.
Lock Down 10 – Fix your Face- check your attitude and power yourself up. People buy where there is energy, enthusiasm and passion. Come alive, be present.
If you follow the ten “Lock Down Strategies” outlined above you will have created a measurable difference that will separate you from the competition in a positive way. If your customer has the perfect World Class Experience they will be more than happy to pay for it.
Why not contact us or better still book on our sales retreat to discover more winning strategies.