While the industry has changed a lot over the years, one thing remains the same: the best salespeople are always learning and adapting.
Over the past two years, the automotive industry has seen a significant shift in customer behavior. Gone are the days of minimal objections, questions or pushback. Today’s customers are pushing back, slowing down the process and their spending confidence is on the decline. But don’t make the mistake of thinking that this means the American consumer’s want or need for a vehicle has declined. They’re just tired of watching their payments jump and their lifestyles change. They’re saying, “Don’t change my lifestyle, man.” But the reality is, that their lifestyles are going to change, and it’s coming from a place beyond our control.
Today’s consumers aren’t like you. They can’t just sell a few more units to pay for the higher cost of living these days. And they’re feeling the pressure of rising interest rates. So what can you do to overcome these customer objections and close more deals?
First, have patience and empathy.
The key to turning shoppers into buyers is understanding their financial concerns. They’re not just being difficult. They’re genuinely worried about how they’re going to afford a new vehicle. It is up to you to have some patience and empathy for your customers’ financial concerns — it is the key to turning them from shoppers into buyers. It is what’s holding them back, but not stopping them.
Next, remind them that you have the best finance managers in the business.
Let your customers know that you have a long relationship with some of the largest banks in the country and the best finance managers in the business. Your finance managers understand the pressure interest rates are putting on payments and it’s their job to get your customers the best rate possible.
Then, be excited and encouraging.
When you’re talking to a customer, let them know that you’re there to help them find the right vehicle for their needs and budget. Remember, the American consumer still wants and needs vehicles. It’s your job to overcome their objections and close more deals.
Additional tips:
Don’t be afraid. It’s your job to reassure customers that they’re making the right decision.
Listen to their concerns. Take the time to understand what’s holding them back. Be honest and transparent. Don’t try to sugarcoat the situation.
Be willing to negotiate. Find a solution that works for both of you.
Be persistent. Don’t give up on a customer just because they have objections.
The difference between getting the customer in the showroom or not is how you overcome this objection by making sure the customer knows your dealership is the place that will alleviate their concerns. Get out there and crush it. I’ll see ya on the road, next month.
