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7 Tips for Talking Price

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Talking price with customers is an increasingly complex conversation that happens both online and offline. Auto shoppers have more places to do their homework on all the pricing details of a vehicle, including, of course, sites such as Cars.com. And as we have discussed, shoppers expect more transparency than ever. But dealerships need to master the conversation. Price is one of the 4Ps of Automotive Marketing™, capable of making or breaking a sale. Here are seven quick tips for responding to questions about a vehicle’s price:

  • Be prepared. You know customers are going to ask about price. So, prepare yourself. Define your strategies for responding to inquiries ahead of time, ensuring quick and consistent responses from your team.
  • Think like your customer. Do the same kind of research they do. Make sure you are familiar with your own inventory on sites like com (parent company of DealerRater). Know the prices that shoppers are finding so that both you and the customer are on the same page.
  • Be responsive. If you are asked for a price via email, respond as quickly as possible.
  • Reconfirm to give a fair quote. Double check to make sure you know which vehicle they are interested in. State your commitment to help simplify the process. Position your store as the place to buy the vehicle. Ask for additional details to ensure you are quoting the price that matches the features and options the consumer wants.
  • Provide additional options. Don’t offer just one car. Quote pricing for similar vehicles slightly higher or lower to give shoppers a feeling of options and control.
  • Manage the trade-in. Be transparent by walking the consumer though the valuation process so that they understand the true trade-in value using online calculators.
  • Sell value, not price. While some shoppers prefer the lowest price, most want a competitively priced car that meets their needs and comes from a trusted dealer. Remember, you want shoppers to come back to you to service their vehicle in the future. So, sell the value of doing business with you.

Selling value will have the biggest impact on the conversation about price assuming you have managed the other tips mentioned above. For more insight, contact DealerRater. We’re here to help you grow your brand.