Car Sales: 2 Week Update

[OldGrumpy]

Yeah, they get real indignant when their bad records are revealed. Every once in a while you run into one that is not that. Had a lady come in one time with 500+ rating. Managed to get her into a new car even though she had to pay about 18% interest. She was so thankful. I used to see her in my hometown and know that she kept that car immaculate and kept it for years. Makes you feel good to help someone like that.

Helping someone into a depreciating asset at 18% APR is hardly something I would consider help...

If you have terrible credit, you aren't going to get good APR.

His point is this: A customer wants something, the customer gets it. It isn't as if we tell them, "Fantastic.... we got you a deal. 18% APR is not bad these days, so don't even worry about that."

It goes more like, "Listen, I can get you in a new car if you really need it. Your credit is tanked, so I can't do it with less than 18% APR, which is terrible, but that is a direct result of your bad credit."

This beats getting them into a 1998 GeoMetro for 4K at 18%. At least the new car holds some kind of value. Ultimately, it's the customer's choice. If they are happy, we are happy. Customer satisfaction is the goal. I bet this woman needed a car real bad.

In the case above I was very clear with the customer about the rate of interest she would by paying (not deceiving her with only talking about amount of payment as some do). However, she was willing to pay the price, realized the interest was her fault, and needed a new car for dependable transportation in a new job she was getting. In her case it worked out well for her. I bet she was responsible enough that when she replaced that vehicle she got much better interest. Personally, I am a person who prefers to purchase a vehicle at 0% and laugh every month when I send the payment to the car company because they were sucker enough to loan me money with NO interest.

[RX8er]

.....but I'm not an accountant.

Glad you are not because an automobile is an asset........ And I'm not an accountant either.

In very simple terms, an asset is something with a value weather it is monetary or not.

[CainA]

I consider it an expense. That's probably why I'm not an accountant, eventually it'll be worth nothing, when it's dust.

[PUCKER]

Yeah, they get real indignant when their bad records are revealed. Every once in a while you run into one that is not that. Had a lady come in one time with 500+ rating. Managed to get her into a new car even though she had to pay about 18% interest. She was so thankful. I used to see her in my hometown and know that she kept that car immaculate and kept it for years. Makes you feel good to help someone like that.

Helping someone into a depreciating asset at 18% APR is hardly something I would consider help...

You hopefully have excellent credit! There are folks who need to buy new/used wheels and unfortunately do not have good credit (or cash saved) so getting them the "best deal" for their circumstances is helpful. It is all relative.

EDITED TO ADD: I say this because I have a buddy that has been in the car finance business for years. His previous gig was dealing with sub-prime/high-risk credit auto loans...I would rip him on the rates, etc...he told me countless stories of people who he helped get back on their feet again...albeit at a very-profitable rate...now he is normal/prime auto finance, he likes that better, as would I!

I've been looking at rates lately (due to possible Z06 purchase in the very near future)...best rate I've seen is 1.49% at PenFed.

[PUCKER]

Eventually, you'll have to watch "Glengarry Glen Ross". It's a great movie (adapted from a play) with an incredible cast and rich dialogue. . . but it seems nobody can appreciate it like a salesman.

(Extreme language warning, but if you're in sales, it's nothing you're not hearing around the water cooler.)

I love the "sales contest"...

1st place: Cadillac

2nd place: Steak Knives

3rd place: YOU'RE FIRED!!!

[snatchel]

Yep.... satisfaction is definitely relative.

Here's the deal. We are all grown ups, and most of my customers are too. If you have wrecked credit, you know you are going to have to pay out the wazzoo to get anything. That's business.

Pucker, give me a shout when you start looking for a Z06 :)

[Andrew]

Clean shave every day, take care of your hands/nails(no polish, clean and trimmed/no, chewing doesn't count)and your shoes. Women are now making the majority of new car purchase decisions and the first two things they notice and use to appraise you are your hands and your shoes.

[Abraham]

snatchel,

I hope you sell a lot of vehicles.

In the past fifteen years or so when I buy a vehicle I pay cash.

Do you see many customers who've no need of financing?

If so, are they an easier sell?

[OldGrumpy]

Abraham, car dealers have grown to hate buyers who pay cash. Don't ever let them know you are intending to pay cash until the deal is fully settled. Part of their pricing is them money they make off of financing. Take that away and thep price goes up. That is why dealers will try to steer you away from their company's own zero percent financing. No money in it for them.

[fickman]

Eventually, you'll have to watch "Glengarry Glen Ross". It's a great movie (adapted from a play) with an incredible cast and rich dialogue. . . but it seems nobody can appreciate it like a salesman.

(Extreme language warning, but if you're in sales, it's nothing you're not hearing around the water cooler.)

I love the "sales contest"...

1st place: Cadillac

2nd place: Steak Knives

3rd place: YOU'RE FIRED!!!

Put that coffee down! Coffee is for closers.

[PUCKER]

Yep.... satisfaction is definitely relative.

Here's the deal. We are all grown ups, and most of my customers are too. If you have wrecked credit, you know you are going to have to pay out the wazzoo to get anything. That's business.

Pucker, give me a shout when you start looking for a Z06 :)

Been looking for a bit...drove one home Saturday night. 2013 Torch Red 3LZ Z06, black cup wheels, magnetic selective ride control/performance traction management, zr1 spoiler, etc...

[PUCKER]

Eventually, you'll have to watch "Glengarry Glen Ross". It's a great movie (adapted from a play) with an incredible cast and rich dialogue. . . but it seems nobody can appreciate it like a salesman.

(Extreme language warning, but if you're in sales, it's nothing you're not hearing around the water cooler.)

I love the "sales contest"...

1st place: Cadillac

2nd place: Steak Knives

3rd place: YOU'RE FIRED!!!

Put that coffee down! Coffee is for closers.

Love that line!

A-B-C. A-Always, B-Be, C-Closing. Always be closing, always be closing.

I actually use the above line as my mantra...it gets in your blood...it's part of your nature.

[grumble]

Eventually, you'll have to watch "Glengarry Glen Ross". It's a great movie (adapted from a play) with an incredible cast and rich dialogue. . . but it seems nobody can appreciate it like a salesman.

(Extreme language warning, but if you're in sales, it's nothing you're not hearing around the water cooler.)

"Coffee's for closers." Love that movie.

[OldGrumpy]

So how is the sales career coming along?

[snatchel]

Haha.

Week 4. Quit.


I sold a few cars, had a decent time. I didn't get paid near enough for the amount of time I put into it. I either was to be paid on commission or hourly whichever was higher. In order to beat your hourly wage, you would have to sell about 9 cars. I sold 6--

So, after working 65 hour weeks for 4 weeks and brining home about $1400, I decided to go back to substitute teaching. The owner did not help matters. He came in after a 6 day vacation to the Bahamas and the first thing that morning chewed me out for "not selling enough cars."

I got upset, told him that I didn't think we were doing too badly considering his lavish Spring vacation. He didn't comment further, and at the end of the day I turned in my notice. I was then advised the two weeks would not be necessary, I was free after the work day.