Overcoming Objections: "I Want More for My Trade"

David Lowe: 0:00

I gotta have payoff for my trade, right? I know you're hearing this, maybe even every day. In today's episode, we're going to help you overcome this common objection I want more for my trade. Stay tuned.

Grace Lupoi: 0:24

Hi guys, welcome. To Prepare to Win, I'm Grace Lupoi and I'm here with David Lowe, the Automotive Sales Coach, and today we're talking through. I just want more for my trade. It's a pretty common objection that we get all the time.

David Lowe: 0:34

Yeah, in fact, this whole series has been really about the things that every salesman is asking us, right. Every salesman and manager is asking us what's the best way to handle that. So we call them common objections. And I think when we prepare salespeople, we're preparing you to win right and to work with excellence, to become a master craftsman, and to do that you have to know what to do, why to do it, how to do it. You have to practice so you can do it. You have to do it right, right, do why to do it, how to do it. You have to practice so you can do it. You have to do it right.

David Lowe: 1:12

It's also our responsibility to tell you what if things go wrong. Okay, here's the way it's supposed to happen, but what happens when it says road out, detour, right, and that's really the objections we're talking about. You're driving along, you're happy, and then I've got to take a detour. How do I get back on track, going? And so we might call those detours objections, and there's so many common ones. I've been doing this 38 years. They haven't changed Right, and we've been covering them and going through. We're not going to give you one-liners.

David Lowe: 1:45

There's guys out there overcome every objection and close every say Listen, all they're doing, they're making themselves rich, they're not making you rich, right, and so it's not possible. But I tell you what is possible. What's possible is transforming yourself into somebody who's better, so that you could think through what's happening here. Why is it happening? How do I help my buyer over the sphere and continue to sail Right? That's what a master does. A master doesn't memorize a book of closes. It's good to practice your lines, don't get me wrong, but you have to understand what's happening so you can apply it to the person in front of you, because although the common objections are the same, boy, they can be stated a million different ways.

Grace Lupoi: 2:37

In fact, let's come up with some.

David Lowe: 2:39

The first one was what I say.

Grace Lupoi: 2:40

I just want pay off, I got to get pay off.

David Lowe: 2:43

Okay, what's another one? You might have heard Same thing but different way of saying it.

Grace Lupoi: 2:47

I can't take a loss on my car.

David Lowe: 2:48

I can't take a loss on my car. They've already taken a loss, right, right. The other dealer gave me there you go, I like this one. I was online and it said they're all the same. Yeah, I want more from my trade.

David Lowe: 3:03

But, you're going to hear it in so many different ways. You might even hear this All I want today is to know what my car is worth. In other words, they've been online for 16 or 20 hours. They're unhappy with what they're seeing, saying what they're seeing, sorry, and of course they're saying to you I've seen that stuff and it's not good enough. But they don't really use those words. They just say all I'm really looking for is what you're going to give me for my trade right. What they're really saying is I want more than the market will bear. I'm looking for somebody to pay more in the market.

David Lowe: 3:38

So we know that we don't actually appraise trades. The market does. We appraise the condition, but it's the market that values them. So you could put it that way too the market determines the dollars. All we're doing is appraising the condition.

David Lowe: 3:56

Obviously, no two cars are alike Same year, same make, same model, same color, same equipment. One needs tires, one doesn't. One was parked, you know, in a parking lot. It was covered in dings and one was, you know. One was garage kept, one wasn't. One had environmental protection on it, so it looks great One. The customer decided to wing it, didn't take the protection. So we know that conditions of the actual vehicle are different, but in terms of the value of Right. So the appraisal takes the condition to make them equal and then the value is what it is, ok. So the buyer is going to say I want more than market. Oh, they don't say it that way, they say it this other way. I don't care what the market is, I want it. So maybe some do that, maybe you heard that. Ok, so you've got to have a plan right now. Our plan is kind of all encompassing. We know this is coming. So in our sales process, on the dealership playbook. In fact, right now is the course up the win-win closing. And part of win-win closing actually begins early, developing relationship and trust by seeking to understand our right, our buyer's goals. And then of course there's trying to understand their right, our buyer's goal, and then of course there's trying to understand their old car. We walk around it and do that silent appraisal.

David Lowe: 5:19

There's some out there that say the silent appraisal is dead. In fact I don't know. The guy from V Auto says we shouldn't do, we should do an active appraisal. Well, he's not right, he's not wrong either. The active appraisal is a good bump, but the silent appraisal. There's so much more than just what he's saying. So I'd say I'm sorry, dale, but that's absolutely incorrect.

David Lowe: 5:40

The salesman walking around that car with a buyer not only helps devalue it in the buyer's mind, it helps the salesman get more realistic, doesn't it Right? But more importantly, it connects the relationship and trust. We learn a lot about our buyer around the trade. Silent appraisal still important. Mark my words. The whole truth is not. The silent appraisal is not.

David Lowe: 6:03

So we know that we're going to start overcoming this early. And if we're facing it during the close, hey, I'm looking at my numbers and I got to have more for my trade. I can't take that kind of loss. I got to get payoff. We got to go back and say was our relationship with trust there? Did we connect and lead or the buyer lead? Did we do a good, sound appraisal, yes or no? Does that make sense? Right? All that plays into how much of how many times I'm going to hear this objection and how adamant the buyer is going to be.

David Lowe: 6:36

So the silent appraisal and the wholesale one right sell or sell, the welcome and the understand goals and silent appraisal works together. They really work and they will help with it, but they won't overcome it all the time. So we're still going to do everything right. And you're still going to hear oh, I can't take that from my trade. You're still going to hear it. So you need to be prepared, true, right, you have to have a plan. Good news is we're going to give you that plan, right, we're going to give you an overview.

David Lowe: 7:07

If you're a subscriber on our Dealership Playbook, you already have access to it. It's all over. It's in our 21-Day Fast Start. It's all over. It's in our 21-day fast start. We talk about it. We talk about it in our win-win closing. We talk about it in our core classes sell the deal. We talk about it in all our quick review. We talk about it, we talk about it. We talk about it because it's so important, right? So there's many ways for you to learn it and refresh and keep your knowledge strong.

David Lowe: 7:34

If you're not a subscriber, we're going to kind of give you a look into the process of overcoming this common objection. I got to have more for my car, right? Whatever way they say it, right? So now, grace, we've sold cars together. That's how you got this job.

David Lowe: 7:50

So those of you who don't know Grace during college she sold service and then she sold cars and that's how we connected. During her years of going to college and selling cars in the summer, we became pretty connected and I really was drawn to her hunger. I need to understand this. I want to know more Her ability to hear it, work on it and use it right away. That's really what a champion does.

David Lowe: 8:19

See, there's information, right, there's even inspiration, but we want transformation. That's when the information and inspiration turn into action, and only you can do that. So we are trying to do that with the information we give. We're trying to inspire you. You know you can be better than you can Grace. You demonstrate why you have your job so young with Automotive Sales, because you're making such an impact with today's sales team. So it's great to have you. So you've gone through this as a salesman. I remember one specific deal was kind of a game changer and I think it was you called me. I got a guy coming back that says another dealer's given more for his trade. Is that right? Okay, but it was not an intrepid, not an intrepid.

Grace Lupoi: 9:08

Price for 300. Okay, he was buying price for 300. 300. Okay.

David Lowe: 9:12

All right, yeah, so we had that discussion and this is cool. Coaches by the way, managers, if you're on here, this is so cool. If you have a playbook, if you have a game plan, and your team comes up to you and says, how do I win with this situation, we say, let's check the playbook, let's look at the game film. That's all I did. My coaching over the phone was taking you to the very things we trained. So let's walk through that little, tell that story a little bit, if you would.

Grace Lupoi: 9:47

Yeah, yeah. So I love telling the story, because it's one of those things where you hear it all the time right, you got to do this, you got to do this. Once you do it, though, it just builds so much more confidence and belief in what it is right.

Grace Lupoi: 9:54

And so I had. I had done the training and I had watched the videos and talked to my my co-workers on what this means when a customer says, yeah, I need more for my, for my trade. And in this case he said, yeah, another dealership was giving me, I think, like five grand more than what we had given him for his trade, and so I didn't know how to handle it.

Grace Lupoi: 10:13

I had watched the videos, the real trade value, walking through resell, re-ask, and so I called you and I said hey, I got a guy coming in. I don't know exactly the best way to go about this. I'm a little bit confused on how to do this. And you said, well, come down to the store and tipton, we'll practice it and then we'll use your number. So I have the deal sheet. Yeah, so I came down one morning, you and I practiced it. You taught me not just the what but really the why, right, which for me is a big thing.

David Lowe: 10:40

I always ask why well, why do we do that?

Grace Lupoi: 10:41

why, and so learning the why and and having the confidence and practicing it with you. I go back to the store and he comes in and he's an older guy and I'm like, hey, what's up? Hey, all right, all right, this is great. So we go through it and again you taught me the big thing, which is confidence.

Grace Lupoi: 10:57

Yeah right, my confidence is his confidence right and so we, I do real trade value, I do the full, the full five steps of rese reseller. He doesn't ask a single question again and says, yeah, that sounds good, you're right. He signs it, and I remember I don't hide my face well, right, and so I'm excited and I leave and I call you and go oh my gosh, that freaking worked.

David Lowe: 11:17

Yeah, it freaking worked. It freaking worked. That was it. It freaking worked. Well, duh right. This is not a theory, that's the really thing.

Grace Lupoi: 11:25

I think that we sometimes think well, this situation is different, yeah there's no way it really works to a T like that, because he's got five grand more.

David Lowe: 11:36

Now if you watched the episode we did, I did it actually on a mountain bike trail. I talked about looking straight ahead. Don't look at your feet, don't look at the rocks on the trail. When you focus on the rocks, you hit the rocks and it takes you down. Can I tell you something Easier said than done? I busted my chain in my derailleur shortly on that trip.

David Lowe: 12:01

Hitting rocks, there's a lot of paths that there's no avoiding things, and the better you are, the more practice you have right, the more confident you are and the more you keep your head up. So if I'm biking with better bikers which is most people they're better mountain bikers. They can make, they can ride over things that sometimes I fail to ride over because I'm halfway over and I'll look down right, am I really doing this right? Does that make sense? I think that it's really easy for you guys, as you're learning this stuff, to look down in the middle of it. I just want you to remember stuff, to look down in the middle of it. I just want you to remember go through the process with confidence and if it doesn't work, we've taught you what to do next anyway the five rules of negotiation. So what if it doesn't work? You've got your next steps, but if you don't apply it, it can't work. There's no way you can cover. If I didn't look up, I couldn't even got a partway over that trail. Get as far over the trail as you can every time and pretty soon you'll be covering that without a problem, and that's what you did. So once you've applied.

David Lowe: 13:13

So what you're talking about is buyer says he wants more first trade. We have our resale re-ask right. In this case, that wasn't really there. What was there was this guy calls on the phone and says what they're giving me more? That's the rock. So you start looking at the rock. How do I ride over this rock? And we said the same way. You do everything else. You look at where you're going, not at the obstacle, which is what you did. So you didn't have to go through it, presenting the deal with confidence, knowing in your backhand you had the five steps of resell, re-ask and the steps of real trade value. So let's go over that real trade value real quick. And here's the formula. Somebody wants more for the trade.

David Lowe: 13:55

We always use empathy. I get it, I'm the same way, and then I'm going to let them know how foolish they are. Listen to how clever this is, I get it. I'm the same way. And then I'm going to let them know how foolish they are. Listen how clever this is, I get it. I'm the same way. I always want more from my car than the market says it's worth. There's that four grand, isn't it? I want more than what I do. Everybody does, and it's okay, it's normal, yeah. So I'm kind of flipping the script right. Instead of I should feel bad, I'm not giving them enough, you should feel bad, you're asking, but don't feel bad because we all do. That's the psychology.

David Lowe: 14:30

And, by the way, in our quick review course we break down the steps of our sale and the tools that we use, almost everything that we teach. We give you a short four or five minute psychology, human intelligence. Here's what we're doing and here's why we're doing it right. Here's why it works. I think it's really important. If you want to be a master salesman, if you just want to sell a couple of cars, heck, the market will take care of that for you. If you want to just make some money, the market will take care of that. If you want to build a career that you can count on and maybe even advance your career, become a master.

David Lowe: 15:07

Who came up with the number? The cool thing is, you and I walked around your car together, didn't we? The car is gorgeous. I put all that in us. Everything we say there is designed to keep that relationship tight, while letting them know the market decides.

David Lowe: 15:22

If you don't know that logic statement, get online, open it up and practice it. It's so powerful and inside that logic is real trade value. And Grace, you're getting more than you thought. You're not just getting the market value, don't forget. You got this discount as well. You add those together. That's like a blue book, blue book trade. There's a tax savings that saves you a lot. Oh, and, by the way, you don't have to touch your car. You and I walked around your car. Hey, just get a car ready, a nice one like yours, for the lot costs us two to four cents a mile, plus the tires you talked about and brakes. You're looking at two, three, maybe even $4,000 in normal recondition. That's money you keep, money you save. You add all that up. You're killing it on your trade. That's part of what we call real trade value.

David Lowe: 16:11

Now, the cool thing is you had that in your back pocket if you needed it. That's like a get out of jail free card. Well, I'm dead serious. If you don't need it, you don't play it. Why would you use it if you don't need it? But knowing you have it creates an incredible amount of confidence to go ahead and present your deal and ask for action, doesn't it All right?

David Lowe: 16:35

So today's episode, we want to talk about something I know you're facing and I think the typical salesman said I want more, four grand more for my trade. Oh my God. Well, I don't decide to trade. Let me go talk to my manager. Oh my God, it's costing you so much money. Stop it. Come up with a plan.

David Lowe: 16:53

Hold on those cars, make yourself some money by understanding human intelligence, why people do what they do and use the simple. It's a roadmap. It's simple Our Resell, reask roadmap. Along with that real trade. There's simple steps. Anybody can master them. Anybody can master them.

David Lowe: 17:14

All it takes is a little time and energy. Are you willing to invest some time and energy to close more deals for more money? In a way, the customer says thank you, yes or no. Now that's up to you. I've done it throughout my career and it's paid off and countless others that go through this training have committed themselves and it's paying off. But that's up to you. Everybody's got to make their decision. You can just keep winging it and make what you make, or you can become a master. To become a master, you take personal responsibility for yourself, all right.

David Lowe: 17:44

So today's episode all about this common objection I want more for my trade and instead of getting up and running to your manager, you have a plan. We're giving you a plan that talks about you know this empathy and this logic that really says you're getting more than you think. Right? And of course, as soon as we're done with that, we close with confidence, and the way we do that is we take them off the trade and back to the car, reassure them it's a great deal and re-ask them without giving a penny. That's the key. If you can't do that, go online preparetowin. com or automotivesalescoach. com. Find out how simple it is to become a partner with us and have access to these powerful negotiated and closing tools. They will make you so much money and more than that. Even more importantly, it'll help you live really with that joy, peace and confidence, that satisfaction that can only come from the pursuit of your best self. Cool, like us. You have a question, put it out there. We'd love to do an episode addressing these questions as they come in and good selling.