Finance rates are one of the many hoops customers feel like they have to jump through when buying a car. Clients often use interest rates as an objection. Handling this may seem like more of a challenge for the salesperson, but that’s not the case with us. We’ll use it as an enticing way to bring them into the dealership!
Sometimes customers will immediately ask “what’s the best interest rate available?” when calling. They’ll want to push you away and give you a reason as to why they can’t come into the dealership. This just means that you have to work a little bit harder to obtain their interest.
Asking the customer “Were you looking to take advantage of our low-rate financing options right now?” is a great way to do exactly that! It makes them think that NOW is the best time to come in, and you’re the one helping them realize that. They’ll appreciate that you’re looking out for them.
That’s going to prompt the question, “Well, what kind of interest rates can I get?”, but you’re not just going to respond with an answer. Instead, what you’re going to do is TURN THE QUESTION AROUND!
You can say something like “there are a lot of factors that go into your interest rate” to start that conversation. Clarify the logistics by explaining “One thing is your credit score, and that’s none of my business. That’s between you and our business manager. We have 2 business managers here, and what they do is shop for the best rates locally and nationally to get you the best overall deal”.
Clearly stating your intentions and clarifying that you’re trying to make the process easier is an especially great way to keep the customer wanting more! You always want to show the client that you’re putting in extra work for them whenever possible.
The second factor they’re going to need is the actual vehicle. This is so they can determine what the rates are going to be based on which incentives are available. Here is where you ask “When are you more available to pick out the vehicle? Now or later today?”
Remember, every time you deal with an objection, you want to make a value statement. So, follow by asking when they’re more available! It also helps to give them a few choices. “Now? Or later today?” is the perfect way to give them a value statement AND ask them to come in!
As the COO | Partner of Phone Ninjas, Chris delivers leadership, coaching, and mentorship to 55 team members providing software sales and phone skills coaching. He fosters powerful partnerships and collaborations with leaders across various business sectors, establishing expectations, communicating vision, and escalating performance to maximize productivity and effectiveness.
Chris is an innovation-driven business executive with over 25 years of experience delivering leadership to teams of up to 75 overseeing development, launch, and sale of website lead acquisition, reconditioning process software systems, and technology that support automotive dealerships across the U.S., Canada, and Europe.
