Overcoming Objections: "What's Your Best Price?"

David Lowe: 0:00

What's your best price? How many of you heard that, right, and you're probably getting that daily or weekly, right? All I want is your best price. Is that really all they want? Stay tuned. In this episode, we're gonna answer that question and show you how to proactively overcome that fear and make a profitable sale today. Okay, I am David Lowe, the A automotive S sales C coach. Welcome to Prepare to Win. Again.

David Lowe: 0:33

Our podcast is committed to delivering tips for you not just to work or sell with excellence, but to live with excellence. We think that the principles that drive excellence into our life, they're really intertwined. If we're pursuing excellence at home, we're pursuing it at work, and vice versa, right, and so for many weeks as we started this podcast, many of our episodes were really focused on character, integrity, right what we call the building blocks of success, that foundation of success. In these last few weeks, we've been shifting to focus on those hard sales situations that you face, maybe weekly, that you want a better plan. You want to know how to do better with those and turn more of those hard situations into sales.

David Lowe: 1:21

Today we're going to talk about this is so common. I've been selling cars for 38 years, right? I started when I was 20, so I'm 39 years here, I guess, and I've been hearing this for 39 years. I don't care what's going on. This is something that buyers will continue why they don't know what else to ask. We've almost trained them in the car business, right? In fact, many internet sites could say call us for your best price, right? They try to grab a lead by posting a price and saying there's a better price if you call them right. I'm not going to talk about whether that's a good practice or not that's not what this is for but I'm going to tell you that industry has really trained buyers. Our lack of thoughtful and proactive training and process development has created this expectation to price, price, price, price, and consumers often fall in line. Buyers often fall in line, so let's talk about this. Do they really need your best price? That's the first thing that goes through my head. I'm calling on the phone and all I need is your best price, right? I might not want. All I need is your what your best price? So I want to take you through the thinking real quick because, listen, all your success is going to be based on that. We don't train you to memorize stuff. We want you to understand stuff. And then we give you the principles and techniques you need to handle these situations with excellence.

David Lowe: 2:54

Become a master sales professional. You're not a warrior Warriors are in the front line getting taken out. You're a master, somebody who wants to develop a skill set beyond the average right. And a master sales professional doesn't just want to know what to say. They want to know what's happening and why it's happening. What do I do and why do I do it? And that's what Automotive Sales Coach is really committed to do. I know a lot of guys are selling a bag of tricks and they want to tell you this is what you do. If you want to close every sale, here's what you do. It's not possible. We're going to teach you to build your foundation and become a master salesman and become a student of sales for your whole career Always getting better, boy.

David Lowe: 3:39

That feels good, doesn't it? It feels good to pursue my best self. That's what we're after. Okay, do they need this? I'm calling for your best part.

David Lowe: 3:47

All right, what do we know? Can I tell you this? We know that over 70% of buyers finance and when they finance, they don't focus on the price. They focus on what the payment. That's right, and we know that about 50%, somewhere between 45 and 50%, year after year. Now this goes in ebbs and flows, but if you go back and go back three decades, you'll find 40 to 50% of your buyers have trade-ins, and so what's their focus going to be when it gets down to it? Maybe the trade-in?

David Lowe: 4:20

So when we're talking about price, price is only one part of that whole financial package, isn't it? And it doesn't even stop there. Price is not the only thing that you can be shopping price on the same make and model, but condition and history and color and reconditioning you guys get it. There are so many other things that make the price what it is To say this is a good price or a bad price. It's not the lowest price. That is usually your best deal. It's when you're getting the most for your money.

David Lowe: 4:55

And can I tell you something? Buyers don't buy and don't want the cheapest price. What they want is the most for their money. It's called value, but they don't know how to ask for it. Could you imagine a car buyer coming in? I just want to know your best value. That would be great and that's what they're really trying to say. But they don't know how and we haven't. The market hasn't conditioned them to do that. All right, so what's your best price? Do they really need it Now? I want you to think about that. Why are they calling me or why are they here?

David Lowe: 5:30

This goes back to start with what you know. How many of you go online, find the product you don't want at the highest price and go there or call that place? How many people shop? Nobody shops like that. If somebody's calling me or coming in or emailing me, it means I must have something they like and my price must not be out of bounds or they wouldn't be. What Calling me Now? How many of you price your cars aggressively to drive traffic? I would have to say probably 100% of you do that. That's how we drive. Price might drive traffic, but it's value that closes car deals. So what am I trying to say? You've already priced the car to sell. This is not a price issue, right? What they really need to know is is this the right car for me and are you going to take care of me? Can I trust you? That's what they're really asking, and if you hear that, you'll be able to go ahead and act and react properly to help build value in you and in your car and in your pricing and in your dealership and in making it.

David Lowe: 6:42

Putting this all together today, making a commitment today Does that make sense? You've got to get your mind right. So I just want to just talk about cars priced at 20 grand. We've priced it aggressively. If I want your best price, okay, I'll be right back. Manager, I got somebody on the phone that wants their best price. Well, we've already priced that aggressively. You give them another $150 off.

David Lowe: 7:05

Now how is that going to sound? Is that well, great news? I can save you another right. There's nothing you can do with price that's going to make this sound great. You with me? Here's what we know. We price our cars aggressively, right up front, competitively low. That's so people come in and call in or email.

David Lowe: 7:28

It Isn't that true? So when people talk about price, we want to talk about value, the whole package, and to do that, we have to acknowledge the price. Oh, I'm so glad that you asked about price. Price is so important, isn't it? We have to use empathy to get next to our buyer. Before we can help them think different about price, what do we have to do? We have to get alongside them I don't want. Hey, what's your best price? Who cares about the best price? If you don't like the car, right, follow me, I'll do anything to sell you. The car Price won't matter. None of that stuff should be coming out of your mouth. That was 30 years ago. Listen, how many of you are using an iPhone 3? Was there one? Nobody. That's old technology. We have to move with the market. Let's quit using old human technology. And that's what that is. And, by the way, it was never any good. So why don't we go ahead? Instead of running from the objection, why don't we run towards it? What's your best price? Oh my God, I'm so glad you asked me about price. Price is so important, isn't it?

David Lowe: 8:40

One of the reasons I love working here at Gotham Motors is because not only do we have great cars, but we make sure we have a great price on it. You know what, quite frankly, we do what you do. We use our computer to put in the make, the model year, of course, the condition, the equipment, everything, and our computer shops, the market, every car being bought, sold, traded for, so we can price our car competitively low, right up front. And don't worry about that, I've got you on that. As a matter of fact, I want to take care of not just the car and the pricing, but your whole financial package, right, trade payments, everything. I've got you, if this car is the one you want to own, I will take care of that whole financial package and you'll be happy. Come with me, right, and we go to the next logical step. Now can I tell you something? This is a mindset. This best price thinking is powerful, because what's in your mind will be where In your buyer's mind, right. If you think you have to discount it more to sell the car, I don't even know what's going to happen. I'm going to tell you track those and see how many you close, because price cannot be the only reason that they come in right Now, new cars.

David Lowe: 9:52

Maybe you have similar new car, but I'm going to tell you I'm on new car sites all the time and the same Ram or F-150, right or whatever it is Tahoe they're not all equipped the same. They don't all have the same tires and rims. They don't all have those little options on it, right, colors, interior colors. There's differences, right, and people are calling you after shopping 12 to 14 websites. That's what CarNow says and I believe it. Most buyers are online for 16 to 20 hours or more and they're going to 12 or 14 car websites and when they call you or they email you the call in they've narrowed it down and you're a finalist.

David Lowe: 10:37

How are you going to stand apart? It's not by running to your manager to say they need a better price. It's by connecting and leading, using the tools of the trade, the sales process. By the way, behind me I have our dealership playbook. These are just a few of the courses on there and, of course, our courses teach you in depth how to handle it.

David Lowe: 10:59

And in this Prepare to Win podcast, we're reaching a lot of people that we don't have, that aren't partners yet with us, and these episodes are dedicated to let you know. Hey, listen, there's something you can do at a higher level, with character and integrity, that will help your buyer think differently about you as a car salesman, help you think differently about you as a car salesman and help you overcome their fear of paying too much and close more deals for more money. In a way, the buyer goes you're awesome, thank you. You know what Everything we do and how we do.

David Lowe: 11:34

It is about living with a healthy pride right. If you're not living with joy and peace and satisfaction, then you're doing it wrong. Your mind is focused on the wrong things and doing the wrong thing, and a lot of sales trainers they almost put you in that position. It's battle mano a mano and it's not really. Your buyer wants a car. You have a car that's priced competitively low. We want to help them feel good about saying yes today, and you don't need the old tactics, the old pressure tactic, the old techniques of yesterday to do that. You can be better and in doing so, you can have more personal satisfaction.

David Lowe: 12:19

Now listen, I don't know if you've watched any of our other episodes or catching a portion of this on YouTube or Apple Podcasts or wherever you're getting it, but if you haven't, go back to the beginning of our podcast. Go to the first few episodes and start learning about some of the character and integrity building, some of the foundational and the principles that will drive excellence into your life, into your mind, into your work and your personal life, and build on that with these techniques and skill sets that are character and integrity based. All right, I'm David Lowe, the automotive sales coach. Thank you so much for joining us. I look forward to seeing you in our next episode.