WEBVTT 00:00.000 --> 00:08.520 Welcome to The Selling and the Motor Trade Podcast, an association with Symco Training. 00:08.520 --> 00:13.700 This is the weekly podcast where we share best practice tips and ideas on how to sum 00:13.700 --> 00:19.480 more cars, improve your service department and generally put more profit into your dealership 00:19.480 --> 00:20.480 or dealer group. 00:20.480 --> 00:26.120 I'm your host, Simon Bogut, and some of you probably already know me as Skippy. 00:26.680 --> 00:31.040 I would start by saying thank you for taking the time to listen to this podcast. 00:37.040 --> 00:41.240 Hi, and welcome to another episode of Selling and the Motor Trade. 00:41.240 --> 00:46.640 This is going to be another one of those episodes that sales managers, business managers, transaction 00:46.640 --> 00:50.160 managers, a showroom manager, whatever you're called. 00:50.160 --> 00:54.640 Sometimes dealing with selling finance in a car dealership, this is one that you really 00:54.640 --> 01:00.880 want to not just listen to, but maybe share it with your sales people because I was in 01:00.880 --> 01:07.520 the dealership a week ago and a business manager, a great business manager, said to a sales 01:07.520 --> 01:12.880 person how are they funding the car, directly how you're funding the car. 01:12.880 --> 01:17.080 And the sales person said, I know they're cash and you know what? 01:17.080 --> 01:21.920 The sales person believed that the customer was cash. 01:21.920 --> 01:27.000 And here's my theory, because that sales person, he is from their manager all the time. 01:27.000 --> 01:28.480 How are they funding the car? 01:28.480 --> 01:30.120 How are they funding the car? 01:30.120 --> 01:34.880 My concern is that our sales teams go out directly to customers and say, how do you 01:34.880 --> 01:35.880 fund them the car? 01:35.880 --> 01:36.880 Mr. or Mrs. Kelly. 01:36.880 --> 01:44.880 It's one of the worst things I think you could say because so many customers still in 2026 01:44.880 --> 01:45.880 say cash. 01:45.880 --> 01:49.320 You think, why do they say cash? 01:49.320 --> 01:54.360 I think they say cash because they think they're going to get a better deal. 01:54.360 --> 01:59.480 It's almost been ingrained into us from such an early start in life. 01:59.480 --> 02:05.640 In fact, if you get a plumber, an electrician, someone comes to your house and does some 02:05.640 --> 02:06.640 work. 02:06.640 --> 02:07.640 How much for this job? 02:07.640 --> 02:09.280 That's going to be $1,500. 02:09.280 --> 02:12.560 Mate, how much will you do it for cash? 02:12.560 --> 02:13.560 You know what? 02:13.560 --> 02:17.040 That electrician might say, all right, I'll knock a bit off because they'll put the cash 02:17.040 --> 02:19.760 in their pocket and won't pay tax on it. 02:19.760 --> 02:26.920 Do you think our dealerships, our PLCs, the businesses can take that, 80,000 euros and 02:26.920 --> 02:28.800 just put it in their pocket and walk away? 02:28.800 --> 02:30.200 No, they can't. 02:30.200 --> 02:35.440 But then sometimes I was in Ireland and some of the credit unions would say, ah, get your 02:35.440 --> 02:37.960 loan from us and then you're a cash customer. 02:37.960 --> 02:40.600 You might get a better deal. 02:40.600 --> 02:45.520 Now, my understanding and lots of countries around the world, and of course, this podcast 02:45.520 --> 02:46.800 deals with lots of different countries. 02:46.800 --> 02:50.680 So if you're sitting there thinking, ah, hold on the UK, we can't do it that way. 02:50.680 --> 02:54.120 Listen, people listen to this in Canada and Ireland and Australia. 02:54.120 --> 02:58.160 So we're trying to be all things to all people here, but please be careful. 02:58.160 --> 03:02.880 Make sure you check the legislation in your state, your country where you're working. 03:02.880 --> 03:07.320 But still, the principal, don't just say, how are you funding the car? 03:07.320 --> 03:11.200 I still think lots of people are going to say, cash, they feel like they're going to get 03:11.200 --> 03:12.200 a better deal. 03:12.200 --> 03:16.760 But I know in lots of places, it's illegal to give a customer a better deal. 03:16.760 --> 03:20.400 If they take cash, actually, we dig into it even more. 03:20.400 --> 03:25.560 It's actually a little bit silly because most of them, we make some commission when we sell 03:25.560 --> 03:26.560 finance. 03:26.560 --> 03:32.000 But actually, the customer might get a better deal if they say, well, actually, I want to 03:32.000 --> 03:35.520 finance it and I want all your insurance products to come in as well. 03:35.520 --> 03:39.440 Okay, because the sales manager might look at the whole deal and go, you know what? 03:39.440 --> 03:44.720 I might do a skinnier deal on the metal because all of these value added products. 03:45.200 --> 03:47.200 But again, it's that question. 03:47.200 --> 03:48.680 Don't ask how you're funding the car. 03:48.680 --> 03:50.240 Now, don't take it the real way. 03:50.240 --> 03:55.440 I can hear some of you guys yelling at the radio there, you're going for a run in the 03:55.440 --> 03:56.440 treadmill thing. 03:56.440 --> 03:57.440 Oh, no, no. 03:57.440 --> 03:58.600 We've got to ask that question. 03:58.600 --> 04:01.200 I'd like to know how the customer's funding the car. 04:01.200 --> 04:02.960 Of course I would. 04:02.960 --> 04:05.200 Let's just change the wording. 04:05.200 --> 04:10.520 Why don't we just look at the customer with a customer and say, hey, Mr. and Mrs. 04:10.520 --> 04:13.320 Customer, how many payments do you have left? 04:13.400 --> 04:19.960 Or I went to your next payment, or if you're selling PCP in your market, what you guaranteed 04:19.960 --> 04:26.280 minimum future value or when is your guaranteed minimum future value to or whatever it's called 04:26.280 --> 04:31.000 in your franchise, okay, your minimum future value. 04:31.000 --> 04:32.680 When is that true? 04:32.680 --> 04:41.720 You see, each one of those simple phrases assumes customers have borrowed money for their car. 04:41.720 --> 04:45.600 And if they've borrowed money for their current car, guess what? 04:45.600 --> 04:50.520 They're probably going to borrow money for their next car, okay? 04:50.520 --> 04:52.880 So they're just some of the question I like and ask. 04:52.880 --> 04:54.240 How many payments have I've left? 04:54.240 --> 04:58.160 Hey, when do you have an experiment, or when do you guarantee minimum future value to 04:58.160 --> 04:59.160 it? 04:59.160 --> 05:03.440 Now, if they say, oh, no, I'm going to outright, again, I might even still go down there, 05:03.440 --> 05:04.440 something for it. 05:04.440 --> 05:05.440 Oh, great. 05:05.440 --> 05:06.440 Well, where are your payments when you bought the car? 05:06.440 --> 05:07.440 Okay. 05:07.440 --> 05:08.440 Now, let's explore that. 05:08.440 --> 05:14.200 If you're selling some sort of PCP, okay, a personal contract purchase or personal contract 05:14.200 --> 05:19.600 plan, your customer might know what it is because they've seen it on your manufacturer's 05:19.600 --> 05:21.920 website and it's all advertised there, okay? 05:21.920 --> 05:27.640 But if you get someone who doesn't, you might go down a simple route of, oh, is that something? 05:27.640 --> 05:29.120 Most our customers have. 05:29.120 --> 05:33.120 We give them a minimum price, what the car's going to be worth for neither three or four 05:33.120 --> 05:34.120 years time. 05:34.120 --> 05:35.120 Hey, Mr. 05:35.120 --> 05:39.440 Customer, would you like to me to get your minimum price or your car's going to be worth 05:39.440 --> 05:40.440 in three or four years time? 05:40.440 --> 05:42.600 Well, you have to take note of that. 05:42.600 --> 05:43.600 Great. 05:43.600 --> 05:47.360 What we'll do is we'll find out the exact model of Tiguan you're interested in. 05:47.360 --> 05:51.440 Then my boss, a lady good player, has got a computer in there that will work out the 05:51.440 --> 05:55.760 minimum price of that car in either three or four years time. 05:55.760 --> 05:58.160 She then certainly deducts one. 05:58.160 --> 06:01.800 From the other, works out the figures and smaller fit in between. 06:01.800 --> 06:07.000 Most people just find part of the car they gave use to nowadays, not the whole car, okay? 06:07.000 --> 06:11.840 Now we're getting into the customer's psyche that, hold on, that's what everyone else does. 06:11.840 --> 06:13.080 Everyone else is doing it. 06:13.080 --> 06:15.880 Maybe I should look for that. 06:15.880 --> 06:19.480 And again, if you've been through any of some coast training, you know we're a huge advocate 06:19.480 --> 06:21.880 of the four square deal presenter. 06:21.880 --> 06:27.920 This is a menu selling where we offer every product to every customer every time. 06:27.920 --> 06:32.960 Go down the assembly route because you'll be amazed how many times customers say, oh, 06:32.960 --> 06:35.800 what APR is on that payment? 06:35.800 --> 06:39.360 Well, someone that was pretending to be cash beforehand. 06:39.360 --> 06:40.440 That's the first thing we do. 06:40.440 --> 06:45.680 So business maturity, sales maturity, don't say directly to your sales person how they 06:45.680 --> 06:47.960 funded the car. 06:47.960 --> 06:52.520 Use the same wording you'd want them to use with customer money, okay? 06:52.520 --> 06:54.600 Just tell them and say, how many payments have they got there? 06:54.600 --> 06:56.760 A Wednesday next payment's good, okay? 06:56.760 --> 07:00.840 A Wednesday guaranteed minimum, or how much is their guaranteed minimum future value? 07:00.840 --> 07:07.240 If you start wording it that way every single time, yes, what, monkey, see monkey do, might 07:07.240 --> 07:12.120 be a bit patronizing, but your sales people start asking that in the right way. 07:12.120 --> 07:17.680 And that in itself, you'll get a lot less people saying, or a lot less sales people say, oh, 07:17.680 --> 07:20.280 no, no, they're cash, they're cash, they're cash. 07:20.280 --> 07:22.960 Now you might say, well, do I really need to do that? 07:22.960 --> 07:26.560 On this four squares, just going to put the deal in front of people anyway. 07:26.560 --> 07:29.040 Yeah, I think we do. 07:29.040 --> 07:36.320 Because I think more finance deals are lost through the face saving, because customers 07:36.320 --> 07:38.640 are told you on cash. 07:38.640 --> 07:42.880 How they come around and say, actually, you know what, I said I was cash because I think 07:42.880 --> 07:46.520 I'm going to go a bad deal, but now let's look at the finance. 07:46.520 --> 07:51.360 It's going to get a bit of hard to do that for some people, okay? 07:51.360 --> 07:54.960 Because customers, egos, they might work there. 07:54.960 --> 07:57.600 Yeah, here's something else you might want to consider. 07:57.600 --> 08:01.480 Are you for customers, there's, oh, it's cash. 08:01.480 --> 08:06.560 I was taught many, many years ago, and there's some good psychology around this, and say, 08:06.560 --> 08:08.880 hey, what are you throwing at the payments? 08:08.880 --> 08:10.840 That's five hundred pounds a month. 08:10.840 --> 08:11.840 Great. 08:11.840 --> 08:19.280 Just one you want to go up to, and the up to, that's actually called a pro, a type of question, 08:19.280 --> 08:23.160 you'd expect, so I'll go up and say, and the right card be much stretch. 08:23.160 --> 08:32.440 So I think this mark in 2026, I'm not going to do that at all, because here's my big concern. 08:32.440 --> 08:37.000 And this is where I sat down in the studio, I wanted to talk about this particular point, 08:37.000 --> 08:38.000 okay? 08:38.000 --> 08:43.400 That may have worked a few years ago, but in 2026 when I'm recording this, think about 08:43.400 --> 08:47.960 what inflation has happened the last three years. 08:47.960 --> 08:52.440 Think about the price of your holiday three years ago to what it is now, okay? 08:52.440 --> 08:54.760 What you're paying for fuel, okay? 08:54.760 --> 08:58.520 What you're paying for energy in your house, okay? 08:58.520 --> 09:01.640 Inflation has gone through the roof over the last three or four years, okay? 09:01.640 --> 09:03.320 Lots of reasons why, okay? 09:03.320 --> 09:08.080 And I think that's pretty much most countries that listen to this podcast. 09:08.080 --> 09:09.880 Inflation's gone through the roof. 09:09.880 --> 09:14.320 So a little phrase you might want to use with customers is pre-inflation. 09:14.320 --> 09:15.800 So might roll something like this. 09:15.800 --> 09:17.720 You're looking at the customer's car. 09:17.720 --> 09:22.600 I mean, why'd I say, hey Mr. and Mrs. Customer, how many payments have you got left? 09:22.600 --> 09:24.080 Or when do you next payment true? 09:24.080 --> 09:26.960 Or, hey, what's your guaranteed moving future value, okay? 09:26.960 --> 09:30.680 If they say, well, I've got four payments left. 09:30.680 --> 09:31.760 Cool, okay. 09:31.760 --> 09:33.560 And how much are your payments? 09:33.560 --> 09:35.760 Five hundred a month. 09:35.760 --> 09:38.760 Immediately, I'm going to go straight into it. 09:38.760 --> 09:39.920 Right, five hundred months. 09:39.920 --> 09:44.400 That's three years ago, I suppose with inflation now, that's more like 650 at the moment, 09:44.400 --> 09:45.400 isn't it? 09:45.400 --> 09:52.080 So this time you want to go up to, you see how we use the phrase there, conditioning, 09:52.080 --> 09:53.080 okay? 09:53.080 --> 09:55.320 Now that's pre-inflation with inflation. 09:55.320 --> 09:57.120 That's more like 650 at the moment, isn't it? 09:57.120 --> 10:00.360 So this time you want to go up to, because there are two ways. 10:00.360 --> 10:05.120 If you don't do something like that, if you say to a customer, what are your current payments? 10:05.120 --> 10:06.520 Five hundred a month. 10:06.520 --> 10:10.920 This time you want to go up to, oh no, I wanted to keep it lower because the cost of living 10:10.920 --> 10:11.920 it's going up. 10:12.920 --> 10:17.600 You've got no chance of getting a customer in a similar vehicle that they bought three 10:17.600 --> 10:18.600 years ago. 10:18.600 --> 10:22.760 We keep them payments kind of lower than what it is at the moment. 10:22.760 --> 10:27.440 Now, of course it depends on if they're on a lease or a PCP and what deposit they put 10:27.440 --> 10:28.440 in. 10:28.440 --> 10:30.640 I know all those things. 10:30.640 --> 10:31.880 Just try this one, okay? 10:31.880 --> 10:34.400 Hey, what are your current payments? 10:34.400 --> 10:35.400 Five hundred a month. 10:35.400 --> 10:37.040 Okay, that's three years ago. 10:37.040 --> 10:40.520 So with inflation, that's kind of like 650 at the moment, isn't it? 10:40.520 --> 10:46.680 This time you want to go up to, I loved that conversation early on, when we're looking 10:46.680 --> 10:54.280 at the customers trade in, because actually at that stage there, okay, they're more likely 10:54.280 --> 10:58.760 to open up because they're trying to sell their car to you. 10:58.760 --> 11:03.480 Don't wait for this conversation, so at the end of the demonstration drive, I like to 11:03.480 --> 11:08.280 try it in as part of my qualification to make sure we're not got the customer on too much 11:08.280 --> 11:10.480 car for their budget. 11:10.480 --> 11:15.640 Now, there will be some people say, ah, avoid the monthly budget question altogether. 11:15.640 --> 11:18.560 And go say, I think there's a lot of merit in that as well. 11:18.560 --> 11:23.280 If people have done 19 hours and 42 minutes of research, you could actually come to the 11:23.280 --> 11:27.880 same conclusion by saying, hey, Mr. or Mrs. Customer, there's three or four different 11:27.880 --> 11:29.120 models of Tiguan. 11:29.120 --> 11:30.720 Which one you've been researching online? 11:30.720 --> 11:32.720 Oh, it's the Bling Bling model. 11:32.720 --> 11:33.720 Hey, great. 11:33.720 --> 11:36.760 What's about the Bling Bling model that put it on your shopping list? 11:36.760 --> 11:37.760 Okay. 11:37.920 --> 11:42.200 Now, listen, how far did you go away with the along with the configurator on that Bling 11:42.200 --> 11:43.680 Bling model? 11:43.680 --> 11:48.160 If they answer that they have, and they want it in the iridescent snowflake color and the 11:48.160 --> 11:55.600 retractable tow bar, they've been on the website, don't most manufacturers website 11:55.600 --> 12:01.320 have some sort of finance calculator, some sort of offers there. 12:01.320 --> 12:07.200 Let it be the bad person and tell people that, hold on that, Tiguan, you had it five 12:07.200 --> 12:11.680 years ago for 500 a month, it's easily going to be 750 now, because they'd have a look 12:11.680 --> 12:16.920 at it there, but let's go one stage further. 12:16.920 --> 12:25.920 Do you have salespeople that believe we might be expensive on finance? 12:25.920 --> 12:28.560 Are we expensive on finance? 12:28.560 --> 12:29.640 You get lots of salespeople. 12:29.640 --> 12:32.360 They really do believe that you're expensive. 12:32.360 --> 12:39.840 They're mainly on used car finance, not new car finance, but is that really the case? 12:39.840 --> 12:43.440 Now, again, this is where you need to talk about what country you're in, because there's 12:43.440 --> 12:50.200 lots of variations out there, okay, but in the UK, we have one finance rate, we need 12:50.200 --> 12:54.400 to offer customers, we need to treat customers fairly. 12:54.400 --> 13:00.200 So your finance rate on used cars might be 12.9%, but the customer's been to AA car 13:00.200 --> 13:02.520 finance online. 13:02.520 --> 13:08.440 They've been to Marks and Spencer, Tesco's finance, okay, before you start talking about 13:08.440 --> 13:13.160 all the banks out there and HSBC and what they're doing, and they might think, couldn't 13:13.160 --> 13:18.000 us me, 12.9, they're kidding themselves. 13:18.000 --> 13:24.280 I've seen this advertised for 8.9, 9.something, and that's again, when our customer is going 13:24.280 --> 13:28.240 to say, you know what, I'm buying, I've got that sorted there. 13:28.240 --> 13:29.680 There's my concern with that. 13:29.680 --> 13:30.680 Two things. 13:30.680 --> 13:34.280 Our sales person now believes we're expensive. 13:34.280 --> 13:35.680 Are we expensive? 13:35.680 --> 13:40.960 This comes back to where I was last week, I had a salesperson, good salesperson, not 13:40.960 --> 13:42.840 a bad person. 13:42.840 --> 13:49.360 Also the business manager, in this particular dealership, honestly believed we're expensive. 13:49.360 --> 13:56.240 Now this deal, a group that I was in, I said, great expensive compared to, and I mentioned 13:56.240 --> 13:57.840 some of these different places. 13:57.840 --> 13:59.880 I said, let's go and have a look. 13:59.880 --> 14:01.600 So clicked on a website. 14:01.600 --> 14:06.960 If you're in the UK, go to AA car finance, and I'll say you can get used car finance on 14:06.960 --> 14:16.400 a calculator from currently, and this is 2026, it's actually from 9.9% APR. 14:16.400 --> 14:24.800 If your credit score is excellent, if it's good, it goes through to a 12 point, I think 14:24.800 --> 14:27.000 it was 12.9. 14:27.000 --> 14:34.200 If it goes to there, it goes through to 14%. 14:34.200 --> 14:36.880 Now here's my real concern with that. 14:36.880 --> 14:44.600 With AA car finance, what's the only way you can find out what interest rate you're going 14:44.600 --> 14:47.440 to get as a customer? 14:47.440 --> 14:50.800 Yeah, go and apply for the loan. 14:50.800 --> 14:56.600 So when we get into that rate conversation with a customer, when a sales person gets 14:56.600 --> 15:02.920 into that rate conversation, what's your APR, so many times we lose that battle because 15:02.920 --> 15:07.000 of what customers are seeing effectively advertised. 15:07.000 --> 15:14.120 Now I know in some countries, you have to have a representative APR, an average APR, 15:14.120 --> 15:17.040 in Canada, I think they call it that, okay. 15:17.040 --> 15:20.240 Don't quote me, people in Canada are saying no, it's not called the average APR, whatever 15:20.240 --> 15:28.360 it is, but some sort of representative APR, but my concern is customers and egos. 15:28.360 --> 15:33.440 It's like asking any man, are you a good driver? 15:33.440 --> 15:37.360 How many of us as members say, yes, I'm a brilliant driver. 15:37.360 --> 15:40.840 But are we all going to be as good as Lewis Hamilton? 15:40.840 --> 15:45.920 So what happens is the customer does their research, 19 hours and 42 minutes of research. 15:45.920 --> 15:53.600 You type anything into do with cars, into any search engine, up pops, lots of different 15:53.600 --> 15:55.560 things for the customer to look at. 15:55.560 --> 16:01.160 They see finance offers on AA, car finance, sorry, AA, we're going to pick on you now 16:01.160 --> 16:06.440 because that's the one I looked at just last week or the week before I think it was, okay. 16:06.440 --> 16:09.560 And the customer goes, ah, it's from 9.9. 16:09.560 --> 16:14.720 If you're currently at 12, okay, customers think, you know what, I'm fine. 16:14.720 --> 16:16.560 You're not going to deal with that. 16:16.560 --> 16:22.320 It's only if they apply, but when can a customer come back and say, ah, I'm sorry, I don't 16:22.320 --> 16:29.760 qualify for the rates at 9% I got that 14% because I'm actually shit to finance. 16:29.760 --> 16:33.040 No customer is going to do that, their ego can't talk. 16:33.040 --> 16:37.400 And it's not just AA, car finance, there's lots and lots of these people that have these 16:37.400 --> 16:39.040 finance calculators on it. 16:39.040 --> 16:44.200 In fact, I was in Ireland and they have Bank of Ireland, okay. 16:44.200 --> 16:48.160 It's got, ah, in fine print, it's always in fine print. 16:48.160 --> 16:54.200 They're advertising rates there at, ah, I believe it was 7.9% APR, okay. 16:54.200 --> 16:59.960 It says in fine print, okay, ah, this is from 7.9%. 16:59.960 --> 17:05.000 The actual APR will be worked out once you have, ah, I don't know, applied or something 17:05.080 --> 17:09.240 like that, based in your individual circumstances. 17:09.240 --> 17:15.080 And Ireland, we can't find anywhere on the Bank of Ireland what the average APR is. 17:15.080 --> 17:19.640 They don't have, and some of your countries, they call it rates for risk. 17:19.640 --> 17:25.000 They'll give a different rate depending on the customer's specific risk. 17:25.000 --> 17:28.080 But put yourself into your salespeople's shoes. 17:28.080 --> 17:33.060 They're the ones that are sitting there thinking, goodness me, we're expensive, okay. 17:33.060 --> 17:36.700 And that's when you'll end up with your salespeople saying, are you going to finance 17:36.700 --> 17:41.900 or, okay, ah, well, I can get it out, so what a rate, okay, you'll probably find that 17:41.900 --> 17:46.180 because honestly, most salespeople just want to sell the car. 17:46.180 --> 17:50.940 They're not concerned about you as a business manager or the business. 17:50.940 --> 17:56.580 So we've got to make sure our salespeople don't believe we're expensive to business 17:56.580 --> 17:57.580 measures. 17:57.580 --> 18:02.260 Heads of businesses, ah, go and do the exercise with your salespeople, okay. 18:02.260 --> 18:05.500 Always show them it's a firm APR, okay. 18:05.500 --> 18:08.500 Go and show them your representative APR. 18:08.500 --> 18:13.700 Go and show them so many times, okay, the examples that look like a really low rate 18:13.700 --> 18:16.980 is a big old chunk of money over a long period of time. 18:16.980 --> 18:19.940 You bring it back to the smaller chunk of money that the customer's borrowing from your 18:19.940 --> 18:25.220 dealership, watch how that interest rate changes, okay. 18:25.220 --> 18:28.380 So let's talk about the egos. 18:28.380 --> 18:32.860 And this comes back to, ah, Amate Neal, who works with us, okay. 18:32.860 --> 18:34.180 He's got a different approach. 18:34.180 --> 18:38.900 I quite like this for a customer who says they are cash, okay. 18:38.900 --> 18:41.660 Let's not have an argument with a customer, okay. 18:41.660 --> 18:45.980 We might talk to the customer and say, ah, look in their gut, how many payments do you 18:45.980 --> 18:46.980 have left? 18:46.980 --> 18:48.660 Or when's your next payment due? 18:48.660 --> 18:51.180 Or what's your guaranteed meaning for each other? 18:51.180 --> 18:55.580 The customer says, no, no, no, it's a cash offer, sorry, it's a cash for me. 18:55.580 --> 18:59.820 My mother always said if I can't afford it, don't buy it. 18:59.820 --> 19:02.820 Or you might want to try this approach. 19:02.820 --> 19:05.100 This is one for a guy called Neal Wertruss. 19:05.100 --> 19:09.700 He'll turn around and again go down the assumptive route. 19:09.700 --> 19:14.420 He'll turn around and say how many payments you have left on your car, when's your next 19:14.420 --> 19:17.540 payment due, or what's your guaranteed meaning for each value? 19:17.540 --> 19:21.420 He'll wait to people say, ah, no, no, no, it'll be cash for me. 19:21.420 --> 19:24.580 My mother always says if I can't afford it, don't buy it. 19:24.580 --> 19:27.980 Well, he won't have an argument with the people and say, hey, that's no problem. 19:27.980 --> 19:31.780 I'll get Sarah our business manager work out of cash off of it for you. 19:31.780 --> 19:34.060 So you're starting to work with the grain. 19:34.060 --> 19:39.900 You might say something along the lines that might be the best option for you, okay. 19:39.900 --> 19:41.780 There's no resistance there. 19:41.780 --> 19:45.500 But tell you what, I'll get Sarah our business manager just to send as you check it, just 19:45.500 --> 19:47.380 to make sure you get the best deal you can. 19:47.380 --> 19:52.900 Or I'll get Sarah our business manager just to check to make sure you get the best offer 19:52.900 --> 19:53.900 you can. 19:53.900 --> 19:54.900 Okay. 19:54.900 --> 19:55.900 The best deal you can there. 19:55.900 --> 20:00.780 Again, there's a lot of, there's hard to get resistance from the customer on that one. 20:00.780 --> 20:04.220 Now, when the customer says, no, no, it is cash for me. 20:04.220 --> 20:05.220 Okay. 20:05.220 --> 20:10.060 My mother always said if I can't afford it, don't buy it, it's always put me in good stead. 20:10.060 --> 20:14.460 Let's make sure it is cash and not a bank conversion. 20:14.460 --> 20:18.300 So we're going to start off by saying, well, what Neil says, Neil works for us, you know, 20:18.300 --> 20:19.660 say, yeah, that's no problem. 20:19.660 --> 20:23.700 I'll get Sarah our business manager to work out of cash off of for you. 20:23.700 --> 20:24.700 There's no resistance. 20:24.700 --> 20:25.700 Okay. 20:25.700 --> 20:29.140 He might say something along the lines of, hey, that might be the best option for you. 20:29.140 --> 20:30.140 Okay. 20:30.140 --> 20:36.540 But then he'll turn around and say, hey, listen, when you talk about cash, are you talking 20:36.540 --> 20:39.100 about your own savings or external lender? 20:39.100 --> 20:41.420 Because there's some really good offers out there at the moment. 20:41.420 --> 20:46.420 When I first heard that, I was like, okay, Neil, why are you telling customers there's 20:46.420 --> 20:47.780 some really good offers out there? 20:47.780 --> 20:49.660 You said, well, Simon, don't be silly. 20:49.660 --> 20:50.660 30 seconds earlier. 20:50.740 --> 20:53.420 They were telling you they're a cash customer. 20:53.420 --> 20:54.420 Okay. 20:54.420 --> 20:59.580 So you've got to almost stroke the customer's ego because it might be their ego that was 20:59.580 --> 21:02.820 talking that said it will be cash for me. 21:02.820 --> 21:04.700 So I'll tell you that one again. 21:04.700 --> 21:07.540 He'll turn around and say, that's no problem. 21:07.540 --> 21:11.100 I'll get my business manager, my boss will work out of cash off of for you. 21:11.100 --> 21:15.940 But listen, when you say cash, you're talking about your own savings or external lender, 21:15.940 --> 21:18.380 because there's some really good offers out there at the moment. 21:18.380 --> 21:21.700 Notice how Neil didn't use the word, there's some really good rates out there. 21:21.700 --> 21:22.700 He never said that. 21:22.700 --> 21:24.700 There's some really good offers out there. 21:24.700 --> 21:28.980 He stroke their ego for them to give the customers the ability to say, well, yeah, I 21:28.980 --> 21:31.260 am looking at external lender. 21:31.260 --> 21:32.260 Great. 21:32.260 --> 21:33.260 No problem. 21:33.260 --> 21:37.660 I'll tell you what I'll do is I'll get Sarah, our business manager, just have a look to 21:37.660 --> 21:38.660 sanity check it. 21:38.660 --> 21:41.740 Make sure you're getting the best deal you think you can. 21:41.740 --> 21:42.740 Okay. 21:42.740 --> 21:44.940 And listen, what I'll do is I'll get my boss, just have a look at it. 21:44.940 --> 21:47.020 Make sure you're getting the best deal you can. 21:47.020 --> 21:50.900 Again, he's avoiding the word rate there. 21:50.900 --> 21:51.900 Okay. 21:51.900 --> 21:56.260 He'll do that early on, looking at their car, no resistance, no fighting. 21:56.260 --> 22:01.500 But before we put a deal in front of people, he might just say, oh, by the way, that external 22:01.500 --> 22:04.740 lender, you look at that, how much were you looking to borrow? 22:04.740 --> 22:06.740 50,000 euros. 22:06.740 --> 22:07.740 Okay. 22:07.740 --> 22:09.740 What term is that? 22:09.740 --> 22:10.740 Okay. 22:10.740 --> 22:11.740 48 months. 22:11.740 --> 22:12.740 Okay. 22:12.740 --> 22:13.740 Cool. 22:13.740 --> 22:16.020 Oh, by the way, how much was that working out a month? 22:16.100 --> 22:18.020 600, whatever it is. 22:18.020 --> 22:19.020 Okay. 22:19.020 --> 22:20.020 Cool. 22:20.020 --> 22:24.300 And that's the information he'll give to the business manager stack of deal. 22:24.300 --> 22:29.260 In fact, we don't care where the finances coming from, which credit union. 22:29.260 --> 22:33.020 We don't care what rate it is because you might lose out on that. 22:33.020 --> 22:34.020 Okay. 22:34.020 --> 22:37.100 And again, the customer might not have actually got accepted on the rate. 22:37.100 --> 22:41.540 And if you're up against the credit union, they're probably not going to be offering a 22:41.540 --> 22:42.540 PCP. 22:43.540 --> 22:44.540 Sure. 22:44.540 --> 22:48.500 It might be higher purchase with a balloon, but it's not a PCP with the full ability to 22:48.500 --> 22:52.060 return the car, retain it or renew it. 22:52.060 --> 22:54.780 They're the three different options there. 22:54.780 --> 22:58.060 So that last bit there, I'll just run through it very quickly. 22:58.060 --> 23:03.100 He might just turn around and say, assumptively, how many payments you got left. 23:03.100 --> 23:04.780 When's your next payment to? 23:04.780 --> 23:06.300 What's your guaranteed moving future value? 23:06.300 --> 23:07.300 Ah, no, no. 23:07.300 --> 23:08.300 It's cash for me. 23:08.300 --> 23:09.300 Okay. 23:09.300 --> 23:10.300 No problem. 23:10.300 --> 23:11.300 I'll get my boss to work out. 23:11.300 --> 23:12.300 I'll call you. 23:12.300 --> 23:13.300 Okay. 23:13.300 --> 23:16.620 But listen, when you say cash, are you talking about your own savings or external lender? 23:16.620 --> 23:18.620 Because there's some really good offers out there at the moment. 23:18.620 --> 23:22.220 Now, without saying there's some really good offers, it doesn't work. 23:22.220 --> 23:23.220 You got a stroke. 23:23.220 --> 23:24.220 There you go. 23:24.220 --> 23:26.700 Given the ability to say, yeah, I'm going to look at external lender. 23:26.700 --> 23:27.700 Okay. 23:27.700 --> 23:28.700 This is what it does. 23:28.700 --> 23:30.380 I'll get my boss to have a look at just a sanity check it. 23:30.380 --> 23:33.300 Make sure you're getting the best deal you can. 23:33.300 --> 23:34.300 Okay. 23:34.300 --> 23:39.100 And then before we get the deal, oh, by the way, how much are you looking to borrow? 23:39.100 --> 23:40.100 What happened the number? 23:40.100 --> 23:41.100 It doesn't matter. 23:41.100 --> 23:42.100 60, 70,000. 23:42.100 --> 23:43.100 Ooh. 23:43.100 --> 23:44.100 Over how long is that? 23:44.100 --> 23:45.100 60 months. 23:45.100 --> 23:46.100 Okay. 23:46.100 --> 23:47.900 And how much a month is that working out there? 23:47.900 --> 23:52.780 Because that's three pieces of information you need as a business manager to rather stack 23:52.780 --> 23:53.940 a deal. 23:53.940 --> 23:58.700 Maybe get them into that leasing product, that PCP product, and show them what we can 23:58.700 --> 23:59.700 do. 23:59.700 --> 24:02.500 But actually the other people can't do. 24:02.500 --> 24:08.820 Then we can get into the technical stuff like try party agreements, first line of funding, 24:08.820 --> 24:12.140 why we've got halves and thirds. 24:12.140 --> 24:17.500 I didn't want this to be a whole finance options and talk about all the advantages and disadvantages 24:17.500 --> 24:22.860 of funding through a bank or credit union or by car dealerships. 24:22.860 --> 24:27.700 That's probably a more in-depth one that we talk about our value added to training process 24:27.700 --> 24:30.780 and out courses and all that sort of stuff. 24:30.780 --> 24:36.940 This one was just more about letting the customers open up, keep an open mind to that 24:36.940 --> 24:41.540 four square, the deal stacker when you put the offer in front of people instead of them 24:41.540 --> 24:44.940 digging their heels and going, no, no, no, it's cash for me. 24:44.940 --> 24:48.100 So anyway, try some of these ideas and see how they work for you. 24:48.100 --> 24:51.980 And we'll see you next time, which by the way, the interview we got it next week, I 24:51.980 --> 24:53.980 think you're going to be real impressed with. 24:53.980 --> 24:58.820 This is a legend in the automotive management space in the UK. 24:58.820 --> 25:06.100 This guy has, I think it'd be very, very impressed when we work out who it is and the business 25:06.100 --> 25:11.180 is, I will say, that he's built and we'll see you then. 25:11.180 --> 25:16.140 That just leads me to say that all details of this episode and other episodes on the selling 25:16.140 --> 25:21.940 in the motor trade can be found on our website symcotraining.co.uk. 25:21.940 --> 25:25.620 Go there to get a copy of our book, Words That Sell Cars. 25:25.620 --> 25:31.820 Go there to sign up to a free trial of our sales fitness online sales training program. 25:31.820 --> 25:35.100 Easiest way to get hold of me is Simon Bowkett through LinkedIn. 25:35.100 --> 25:36.460 Thank you.