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Do you give Trade-in figures online?

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#31
Michael Blake Powell said:
You should never give an over allowance on a trade. There is a lot of info out there on trades but there is even more on price. Over allowance=higher pricing. Don't focus on the minority of the customers. Play the odds. Fair trade offers + fair pricing + fantastic follow up= more happy customers.
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I see where you're coming from but I do occasionally show customers an over-allowance AND ACV on their trade. I'll write them side by side and show how the trade-difference and OTD the price is the same either way. I use this on (A) customers that I know are shopping me on their trade and have likely seen an over-inflated trade figure, (B) customers who recently bought their vehicle from us and might not respond well to the sting of just seeing the ACV alone, and (C) customers who are upside down in their trade.

In a consultative approach, you can break it down and show them how "most other dealer's" do it versus "the real numbers". I find that showing the overallowance allows you to justify your ACV and your price with market data, for example "I can sell mine for KBB retail and give you KBB trade-in...OR....I can sell mine for my Internet price and give you true wholesale, but it's all the same in the end"

But, yes I agree that you should never JUST give an overallowance on a trade.
 
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#33
Back in the day, I had a hard time giving numbers before they were in the store. But when it became quite clear that my "store" wasn't just the building in which I had a desk, and my "front door" was no longer that thing on the hinges a few feet away, my perception of "where" I needed people to be to do business changed dramatically.

Forget about "where/here" -- it's a complete illusion. Every question is an opportunity to build rapport. The customer isn't really asking "how much money are you going to give me for my trade," he/she is asking, "please please please please give me a reason to do business with you and make this really easy for me."

That's how you progress the sale in today's marketplace -- earn the right to do business by being "DA MAN" to your customer.
 
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#34
John, when did you get out?

Then there are customers that say, please, please, please give me all the numbers so I can shop you from Maine to Spain and sell you out for $100.

Years ago, I had a new truck advertised for $7999 and a customer said that he saw one for $7995. In those days, we needed to add air, radio and a rear bumper to break even. He wasn't adding anything. He drove 50 miles to buy the other truck over $4. This guy would have been a CSI nightmare.
 
#36
Shannon Hammons said:
They are going to shop you regardless. Be transparent, give them the answer they want, and if your competitive they will come.
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If you know they are going to shop you on trade value, "Sir, I'm not the Used Car Manager but based on your description, I think your car is worth $xxxxx. Hit them a thousand out of the book. I assure you they will come.
 
#37
ddavis said:
If you know they are going to shop you on trade value, "Sir, I'm not the Used Car Manager but based on your description, I think your car is worth $xxxxx. Hit them a thousand out of the book. I assure you they will come.
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So you will honor that number? Just wondering if you are giving them an inflated number to get them in and what you are doing to justify bring it down?
 
#38
ddavis said:
If you know they are going to shop you on trade value, "Sir, I'm not the Used Car Manager but based on your description, I think your car is worth $xxxxx. Hit them a thousand out of the book. I assure you they will come.
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I would still 100% rather use a third party tool so I'm not committed to anything, high or low. Even if you don't want to do KBB with them while on the phone, I would rather say "I'm not the appraiser, but it seems like the last few of those we had that came through brought between $____ and $____" If they object to those imaginary numbers, then you can say "KBB is just a guide, come on in and let's figure it out" or "The market has changed on cars like yours and yours is probably a nice vehicle, when can we see it today?"
 
#39
Jlewis74 said:
So you will honor that number? Just wondering if you are giving them an inflated number to get them in and what you are doing to justify bring it down?
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I was the Internet Director at the store. We used Trade In Marketplace as part of our process. We also had Blackbook online on our website. If a customer got to me, they were shopping me from Maine to Spain. Yes, I'm giving them an inflated figure to get them in and I would sell them a car. This is the intersection of the internet and old school.
 
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