Because most of us got zip for a real education in selling, closing, negotiating and the other critical skills – we defaulted to developing our own hit & miss closes based on bits and pieces of what we heard.
My first 5 years I couldn’t sell, or close or negotiate. Yes, technically I did those things, but common sense says whatever I was doing as the 8 car guy, definitely wasn’t selling, closing or negotiating on a serious level.
Selling in general is about establishing a working relationship, finding hot button wants and needs and building value to continually move the sale forward. Selling is not about discussing pricing, trades and terms.
Closing is using the value you’ve established in selling to help the customer flip that mental switch from “I’m looking at and considering this,” to “I’m buying this vehicle.”
To do that, one of the things you have to do is close on the value of the hot button features they said were important. Example…Bob has a bad back, you’re on the demo, the seat is adjusted perfectly, you see that he’s comfortable, now confirm the benefit.
“Bob – that seat sure is comfortable, isn’t it?” (Yeah.) “And it’ll make those river trips easier, huh?” (Yep.)
You just closed on the benefit to Bob of having that critical ‘hot button’ feature to make it more comfortable.
Your goal is to always be closing the sale, one small close at a time in everything you say and do. And when you do, that “best close” everybody wants is as easy as, “Sounds like we found the perfect truck, did you want coffee or something cold to drink while we wrap it up?” (Coffee.)
When you learn to find their hot buttons, and then learn how and when to use “yes” questions to confirm the benefit, you’ll see why those success stories we post about doubling sales and income overnight say, “Selling is so much easier now.”
Negotiation…I was taught negotiation is only about price, trade, down and payments. But it’s about so much more than we ever considered.
In fact, 95% of negotiation is about feelings, value, and when you’re working the deal – fitting it into their budget – not about price. Example…
Building rapport is a negotiation. When you first meet someone on the lot, they don’t like you, know you, or trust you – at least not yet.
In those first few minutes, you’re negotiating (finding) that common ground so they feel comfortable working with you. If you don’t, 71% will not buy the vehicle from you.
If These Are True For You…
If you’re under 10 or 12 units, there’s an 80% probability this is how you sell:
- You’re talking about money on the lot to ‘select a vehicle’ instead of finding what’s most important to them so that you can find the perfect vehicle for them that fits their needs, and…
- You’re also working the deal on the lot (down, payments, trade, rates and terms) to make sure they can buy.
But you’re doing that instead of building value on hot button features to make them want the vehicle more than the money it takes to buy it, and…
- You’re only giving 50% a demo…
- You’re closing on ‘making them a deal’ and not on the value, fun, benefits of owning it, and then…
- Your write up is focused on price, trade, down and payments, and…
- Your manager’s first question when you bring it to the desk is, “What do you have? / What do they want to do?”
- You spend more time trying to work a tough deal than you spent actually following the steps to ‘sell’ the vehicle.
If you checked those, it means you’re negotiating the wrong things. That’s why only 20% are buying, even though 80% came to buy.
Once I finally understood selling, closing and negotiation, I realized all 3 work together throughout every part of the sales process.
The key is learning how to keep those 3 processes flowing – and that’s easy when you learn how to ask the right questions, at just the right time.
Tip: Instead of trying to find a car you think they can afford – find the perfect car they love, and they’ll almost always find a way to pay for it. Get to class and we’ll show you how easy it really is to double your income.