How to Handle the “Best Price” Inquiry From Customers

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In today’s Tip of the Day, Mark Tewart gives you tips on how to handle the best price inquiry from customers.

VIDEO TRANSCRIPTION:

Today I want to talk to you about how to handle best price out on the lot. The consumer looks at you and says, “What’s the best price that you could sell me the car for?” What I always do is look at them and say, “Absolutely, you bet. I’ll be happy to get you the best price on the car, and if there’s anything else you need today for the transaction as far as information on the trade, or down payments, or monthly payments, I’ll do that for you.”

I wanted to let you know right up front that every sale price will depend and vary based upon a few things. Number one, how long that vehicle’s been in inventory. Number two, the supply and demand of that particular vehicle. Number three, any factory programs that are available, or maybe upcoming. And then lastly, any promotions that we have as a dealership now and also maybe upcoming that I may not even know about.

What I want to do is look at all four of those factors and get you the very correct, right market value on this vehicle. To do that, let me ask you a couple of questions if I may? And what I do is I segue off to asking questions about the new car and then about their trade-in, and I keep going through my process.

What you’re going to see is if you do this, when you tell them I’ll be happy to get you the right price and anything else, and then number two you say, “It varies according to four things: time on the lot, supply and demand, factory programs, dealership promotions, by the way>” And you segue by the way, redirect and ask questions, you’re going to find that you’ll handle that best price question without it coming back up about 98% of the time. And the other, if you can’t handle it, you may have to introduce them to your management and then move on. But, that’s my very best tip for handling the best price question on the lot. I’m Mark Tewart and thanks so much for tuning in to CBT News and the Sales Tip of the Day.

Remember, you can access all of our tips from Mark Tewart right here, 24/7 on demand on CBTnews.com, as well as from our other trainers.

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