6 Tips to Overcome Price Objections in Car Sales
When you’re in the middle of making a car sale, there are countless reasons why the deal could fall through. Maybe the customer found another price online, perhaps they’re just not sure if they can afford it yet, or maybe they feel like your price isn’t competitive enough with other dealerships in your area. It could be any number of things that cause the potential customer to question whether or not they should go ahead and buy from you—and no matter what it is, you want to know how to overcome price objections in car sales as quickly as possible so you can successfully close the deal!
1) Step 1: Determine their concerns
Unfortunately, the most challenging part of overcoming any objection is finding out what the objection is, and it’s as easy as simply asking the customer. Once you have an idea of what their concern is, you can find a way to address it. If they are worried about your dealership’s reputation, show them reviews or rankings on sites like Google, Yelp, and others. If they are concerned about the financing options available, talk through all the options and explain why one might be better than another. If you suspect that the objection is price related, simply ask.
Mr. Customer, it sounds like you want the car, but the problem is the price/payment, which I totally understand! In this case. Am I right?
2) Step 2: Clarify their concerns
To clarify their concerns, you simply restate their objection and then attempt to isolate it. First, let’s clarify:
Mr. Customer, just to be sure, we need to get the price/payment to a place you’re comfortable with, right?
Then confirm that the objection they’ve shared with you is the only reason they’re not buying the car today.
Mr. Customer, other than the price/payment, is there any other reason you wouldn’t buy this car right now?
Then confirm
So if we can get this price/payment more in line with what you’re thinking, Can I earn you business today?
3) Step 3: Create a solution they can accept
When proposing a solution, remind your customer that this needs to be a fair solution for both of you.
Mr. Customer, trust me, I want to help you buy this car today, and from what you’re telling me, you want to buy this car today. All we need to do is find a reasonable solution where we both get what we want, right? What do you think that fair solution would be based on the current market?
Who knows what they’ll suggest?! Maybe they’ll ask for a set of floor mats. Perhaps they’ll ask for an additional $5,000 off. Either way, you know what you’re working with.
4) Step 4: Close with a solution they can trust
Regardless of what the customer suggests, you should always respond with a bit of disbelief as to whether your manager will approve the customer’s suggestion. Try this word track:
Wow, I didn’t see that coming. I can’t be sure I will be able to convince my manager to go along with that. Can you help me out by meeting me in the middle?
Regardless of your response, always confirm that they will buy the vehicle right now if you can achieve what they’re asking for.
So, Mr. Customer, if I can convince my manager to include a half-price bed liner, you’ll take this truck home right now?
5) Step 5: Close with excitement
Show your excitement! Be happy for the customer! The customer has just decided to purchase a vehicle, and that’s huge for them! Even before you go to your manager with their offer, congratulate them.
This is great, Mr. Customer. Congratulations! I will bring this to my manager and see if I can get him to sign off on it.
6) Optional Closing Steps
Additional closing steps are a series of action closes that will confirm to the customer and your manager that this customer is buying the car right now.
This is great, Mr. Customer. Congratulations! I will bring this to my manager and see if I can get him to sign off on it.
In the meantime, could you just grab your insurance card for me for the paperwork?
In the meantime, why don’t I have you start on the credit application?
In the meantime, look at these other accessories folks usually buy with their truck.
In the meantime, I’ll grab you a bag so you can start cleaning out your trade.
Final Thoughts
I’ve said many times that closing starts before you’ve ever greeted your customer. This technique can be used to attempt to overcome any objection. The acronym is CRIC
Clarify
The problem is the price/payment, which I totally understand! In this case. Am I right?
Restate
Just to be sure, what we need to do is get the price/payment to a place you’re comfortable with, right?
Isolate
Mr. Customer, other than the price/payment, is there any other reason you wouldn’t buy this car right now?
Close
This is great, Mr. Customer. Congratulations! I will bring this to my manager and see if I can get him to sign off on it.
