Dictionary/Glossary Flashcards
FAB
Feature
Advantage
Benefit
A/B Pencil
Presenting 2 options of how to buy (purchase, lease)
ABC
Acknowledge
Bridge
Control
CSI
Customer
Satisfaction
Index
CASH
Choice of customer
Attitude
Selling skills
Habits at work
CRIC
Clarify
Rephrase
Isolate
Close
DISC
Does
It
Sell
Cars
EMI
Early
Manager
Involvement
LAST
Look
Act
Sound
Think Young
Lick the paint
Make them feel ownership of the car
Pencil
Numbers presented to customer on how they can buy it
SPACED
Safety
Performance
Appearance
Comfort/convenience
Economy
Dependability
SWIM
Smile
Welcome
Introduce
Move to rapport
TURN
Getting a manager involved to move the deal forward.
Tie Downs
Phrases that warrant a yes or no response.
(“Isn’t it..? Won’t it…? Right…?)
Types of questions
Either/or
Open-ended
Yes questions
MSRP
Manufacturer’s Suggested Retail Price
Rebate
Partial refund or reduction of the cost of an item that is paid after the purchase has been made.
Lease
Another way to buy a product but only paying for the portion of the product that they are using.
Adjusted Cap Cost
The price a customer is buying the product, plus or minus trade and down payment.
Residual Value
The estimated value of the product at the end of the lease term set by the lender or financial institution.
Money Factor
The financial rate the customer is being charged. It is expressed as a multiplier that can be used to calculate the monthly payments.
Money due at signing
Taxes, title, license, fees, and first months payment
Negative Equity
Deficit of owners equity, occuring when the value of an asset used to secure the loan is less than the outstanding balance of the loan.
3 Categories that objections can be reduced to:
Budget
Decision
Deal
OBJECTION SEQUENCE
One step:
Two step:
- Repeat!
(EXAMPLE
Customer: We really want to think it over.
Sales Rep: Think it over?) - Why?
(EXAMPLE
Customer: We really want to think it over.
Sales Rep: (cm name), there must be a reason why you’re hesitating, would you mind if I ask you why?)
OBJECTION SEQUENCE
Clarify:
Either/or question used to pinpoint true objection.
(Was it something I said, is it the color, the equipment or is it the price?)
OBJECTION SEQUENCE
Rephrase:
Convert: Funnel their objection to either Budget, Decision or Deal. Tie down with a YES question.
(EXAMPLE
Budget: It sounds like you guys are like me and just about everyone else, it sounds like you’re on a monthly budget, am I right?
Decision: When you say you want to run this past your wife it sounds like you are like me and just about everyone else, it sounds like you want to make sure that you are making a good decision, is that right?
Deal: When you say you want to shop around it sounds like you are like me and just about everyone else, it sounds like you want to make sure you are getting the best deal, is that right?)
OBJECTION SEQUENCE
Isolate:
Make sure this is the only objection.
(EXAMPLE
Budget: So other than sitting down and fiddling with the figures to make sure this fits your budget, is there any other reason we couldn’t put all this shopping behind you, and wrap this up right now?
Decision: So other than sitting down and showing you that you’re making a good decision is there any other reason I couldn’t send you home in it right now?
Deal: Other than sitting down and making sure that I show you that you’re getting the best deal, is there any other reason you wouldn’t buy right now?)
OBJECTION SEQUENCE
Close:
Either/Or: Close with an either/or question focused on registration, refreshments, or accessories.
(EXAMPLE
Registration: Great, will you be the only one listed on the title or will someone else be listed as well?
Refreshments: Great, follow me. Would you like a cup of coffee or something cold to drink while we wrap this up?
Accessories: Great, would you like to leave it or take it and bring it back?)
__% of deals are made on the 5th attempt at closing.
80%
OBJECTION SEQUENCE
Rephrase: Budget
Budget: It sounds like you guys are like me and just about everyone else, it sounds like you’re on a monthly budget, am I right?
OBJECTION SEQUENCE
Rephrase: Decision
Decision: When you say you want to run this past your wife it sounds like you are like me and just about everyone else, it sounds like you want to make sure that you are making a good decision, is that right?
OBJECTION SEQUENCE
Rephrase: Deal
Deal: When you say you want to shop around it sounds like you are like me and just about everyone else, it sounds like you want to make sure you are getting the best deal, is that right?)
OBJECTION SEQUENCE
Isolate: Budget
Budget: So other than sitting down and fiddling with the figures to make sure this fits your budget, is there any other reason we couldn’t put all this shopping behind you, and wrap this up right now?
OBJECTION SEQUENCE
Isolate: Decision
Decision: So other than sitting down and showing you that you’re making a good decision is there any other reason I couldn’t send you home in it right now?
OBJECTION SEQUENCE
Isolate: Deal
Deal: Other than sitting down and making sure that I show you that you’re getting the best deal, is there any other reason you wouldn’t buy right now?)
OBJECTION SEQUENCE
Close: Registration
Registration: Great, will you be the only one listed on the title or will someone else be listed as well?
OBJECTION SEQUENCE
Close: Refreshments
Refreshments: Great, follow me. Would you like a cup of coffee or something cold to drink while we wrap this up?
OBJECTION SEQUENCE
Close: Accessories
Accessories: Great, would you like to leave it or take it and bring it back?)
Government Fee
Registration, Property Tax, Temp Tags
Proc/Doc Fee
Processing and Document Fee
This is how we pay the employees in the back and at the office.
Net Trade
How much they make or lose on the trade depending on if they have positive or negative equity on it.
