Utilizing Inventory Closes
In car sales, you need to be skilled in holding gross through the negotiations and close. Skills like inventory closes will make a huge difference in the profitability of your car deals. Nowadays, many customers will toss out objections like “I’m not buying unless you knock $1,000 off” to pressure car sales professionals. However, this is oftentimes not because they cannot afford the car unless it was cheaper. Instead, it’s that they have been taught to object to the car sales process. Buyers feel that they need to check if they are getting a great deal.
When you do not handle these objections correctly, it is likely that you will lose gross, or even the entire deal! So, to combat these common objections, use car sales closing techniques like inventory closes! This is when you use inventory on your lot to give customers better perspective. To close the deal with higher gross, always negotiate with inventory before price. In this blog, learn how to hold gross in car deals easily with inventory closes!
Inventory Closes are Logical
Inventory closes work because customers are used to paying more for additional features and equipment. It’s how many famous brands over the U.S. already sell their products. Therefore, when you get hit with a pricing objection, utilize inventory. This is a logical closing technique to show the buyer what they’re getting for the price. Putting the price in perspective by highlighting what features and equipment they’re getting will help you hold a lot more gross in your deals!
How to Use an Inventory Close
The set up for a proper inventory close starts at fact finding. It’s here that you can start to find out what features and equipment are important to the buyer. Later, this becomes extremely useful information to have in your back pocket during the negotiation.
Next, show customers a fantastic vehicle – the one that you want them to buy. Additionally, quickly show off a lesser vehicle that is missing a few of the features or equipment they want. This will start to give them perspective early in the deal of the price. Moreover, it may even help avoid the objection altogether.
However, if it comes the negotiations and they still have an objection, you’ll be prepared. When a pricing objection comes up, start the negotiations by offering to save them money through the lesser vehicle instead. If the features and equipment are truly important to them, then they should object to this. Use this opportunity to emphasize how great of a vehicle they landed on and how the features and equipment makes the difference in price.
Very often, this car sales closing technique will allow you to move past the objection without losing gross. In some situations, they might actually make the switch to the lesser vehicle as well. This is still good for you as it is another car deal closed.
Word Tracks and Scenarios
Here are some example word tracks of inventory closes you can use to hold gross in your car deals:
Example Word Tracks:
“This is a fantastic deal for the way this vehicle is equipped! It has the (insert important features and equipment).”
“If the price is too high, then we can go take a look at the one without the (insert important features and equipment). It would save you $____.”
“Or, you can just pay a little more and get what you want!”
Customer: “Hey, I need to save an extra $1,000 on the car to buy it.”
Sales Professional: “For the way this vehicle is equipped, it’s a really great deal. It has the (insert important features and equipment). The way that we could save you some more money though is, let’s go take a look at that other vehicle that’s $3,000 less. Follow me.”
Customer: “Whoa! What do you mean? You don’t understand. I’m not buying a car without a sunroof.”
Sales Professional: “Then you should pay a little more and get what you want.”
It’s important to remember that customers are the one’s who picked out the features and equipment. When you know what’s important to them, you can use it to overcome price objections and logically break down why they should buy the vehicle. Customers are accustomed to paying more for higher-quality features and equipment. This is a simple and highly effective way to hold gross in your car deals – always negotiate with inventory before price!