Car Buying How To and More! » Sales People and Car Salesmen http://carbuyinghowto.com Car Buying Guide and Source of Car Dealer Secrets for Buying a Car and Saving a Bundle Wed, 17 May 2017 21:09:08 +0000 en-US hourly 1 https://wordpress.org/?v=3.9.26 Car Buying Facts From a Top Car Salesman http://carbuyinghowto.com/car-buying-facts-from-a-top-car-salesman/ http://carbuyinghowto.com/car-buying-facts-from-a-top-car-salesman/#comments Mon, 15 Feb 2010 02:10:11 +0000 http://carbuyinghowto.com/?p=1592

These car buying facts are not numbers from the car industry, these facts are the way a top car salesman thinks when they are selling you a car. I am going to share with you the thoughts and beliefs that make a top car salesman a top salesman. These are car buying facts from the top car salesman’s perspective.

The Car Salesman’s Car Buying Facts

Once you walk on to the lot or into the new car showroom and I greet you there is very good chance I will sell you a car TODAY! You can tell me that you are just looking and not buying today, but I don’t pay much attention because most car buying customers tell me that and they end up leaving with a new car. I have sold more cars than I can count to customers that were just looking, that’s just one of my facts of car buying.

My Firsthand Car Buying Facts

One of the obvious facts of car buying is that a person rarely goes to a car dealership to waste time, they want a new car. Most people don’t want to go to a car dealership when they need to buy a car so why would someone come in to waste time or just look. Maybe the last thing they need is a new car or they can’t afford to buy a new car, but they would like a new car. This car buying fact makes my job much easier because all I have to do now is help them to overcome their objections. That’s easier than you might think when I know that you want a new car.

The Senses and Car Buying Facts

This second fact of car buying is that “wanting a new car” is an emotion. So the best course of action at this point is to engage your other senses and emotions. It is time to select the car you like and take you for a test drive. I will show you around the car both inside and out and point out some of the features that are important to you that I discovered while we were engaged in small talk and answered your car buying questions.

Out of the Market - Car Dealer Scam

Car Buying Facts and Car Salesmen

I hand you the keys and you slide in to the drivers seat and smell that new car smell. I love that new car smell, don’t you? We go for a ride and I ask the obvious questions. It rides nice, it handles nice, it smells good, it feels good, the stereo sounds good and you answer yes, yes, yes, yes and yes. We get back to the car dealership and get out of the car and we start walking towards the showroom and ask you to stop and turn around so you can see the car and then ask you “it sure looks good doesn’t it” and again you answer yes. Great, I have engaged your senses and emotions and they are all saying I would like to have that car, now that is a car buying fact.

Objections, Logic and Car Buying Facts

Another fact about car buying is that the payment is always more than you expected. Have you ever bought a car and the monthly payment was less than you expected? No, it is always more than you thought. It’s just a car buying fact that your payment is going to be higher. That’s just some of the logic and car dealer tricks that I will use to overcome your objections. We will go over the numbers and play the game.

I will get you to believe that I am working like a dog to get you a great deal. When we hit a rough spot I will remind about how nice the new car looks, drives or smells. Also I will carefully remind you about your old car so you will think about driving home your old car versus the new car. Which one would you rather drive home from the car dealership? The answer to that question is easy and another car buying fact.

We wrap up the deal and you drive home your new car. Before you leave we shake hands, I thank you for your business and you tell me that you didn’t plan on buying a new car today. There you go, another happy car buying customer and unaware of any car dealer scams, the dealer prep fee you paid or any car dealer fees.

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The New Car Spot Delivery Scam http://carbuyinghowto.com/the-new-car-spot-delivery/ http://carbuyinghowto.com/the-new-car-spot-delivery/#comments Sat, 08 Aug 2009 03:55:02 +0000 http://carbuyinghowto.com/?p=607 Have you ever been to the new car dealership and heard someone or even your salesman call out over the P.A. system “New Car Spot Delivery” ? Many car dealers announce a new car sales in just that manner. It is called the new car spot delivery scam. This means that they just closed a new car deal and the car needs to be prepared to be delivered on the spot (now or A.S.A.P the car scam).

The New Car Spot Delivery – Convenience or Car Scam

The Last Step In The New Car Spot Delivery

The Last Step In The New Car Spot Delivery

At many dealerships after someone calls for a spot delivery, a new car porter will come and get the keys of the new car and fill it with gasoline and then do a final clean-up and remove all window stickers and any protective materials from seats and floor. The plan is to have the car in take home condition for the customer when they are finished in the finance office. Then when they are done signing all their paperwork the new car salesman will escort the car buyer to a delivery area where the spot delivery (car lingo) will be ready for the customer to drive home their newly purchased car.

Sounds pretty good, right. Ideally, the new car buyer is impressed by the efficiency and ease of buying a new car at the local new car dealership. That is exactly how the spot delivery process and dealership wants the customer to feel. They want you, the new car buyer to feel that the entire dealership has worked together to get your new car ready so you can drive it home as soon as possible (new car spot delivery or car scam). Then give you a quick orientation on your new car, thank you for your business and watch you drive away.

New Car Spot Delivery Ulterior Motives

The new car dealer, just like any good business wants you to be happy and impressed with your purchase and your car buying experience. However there are some undisclosed reasons or car buying scams for the new car spot delivery other than making the car buying process and experience as smooth and fast as possible.

They want you to stay busy and overwhelmed with the whole process so you do not have time to think clearly. In the car business they call it “being in the ether” (car scam). Your new car salesman, finance manager, sales manger and new car dealership does not want you to come out of the ether until after you have taken delivery and get home.

Think Twice about the New Car Spot Delivery

There is no cooling off period or fixed amount of time that allows to to return a car in most states. Once you drive your new car off the dealerships lot as part of the new car spot delivery process, you own the car. Period. If you get home and find a problem with the car, it will be taken care of under warranty, If you get home and have an issue with the numbers on your paperwork…..to bad…You signed it…..YOU OWN IT. There are NO returns. This is a very common of the car buying scams.

The moral of the story, be careful. Read everything and check the numbers thoroughly before signing. Inspect your new car in the new car spot delivery area to make sure there are no problems or issues. One you drive it away……IT IS YOUR CAR.

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Take Away Close for Selling Cars http://carbuyinghowto.com/take-away-close-for-selling-cars/ http://carbuyinghowto.com/take-away-close-for-selling-cars/#comments Wed, 29 Jul 2009 23:30:55 +0000 http://carbuyinghowto.com/?p=492 When you are negotiating on your new or used car purchase be ready for the take away close. The take away close is another phrase from the car salesman lingo that is used on a car buyer during the negotiation process. It is pretty much what it sounds like and a car dealer scam.

Take Away Close to Close the Car Deal

To give you an example of the take away close for selling cars I will be your sales person and you are the car buyer. Imagine that we took a test drive in the car that you want to buy and we are sitting at my desk in the showroom. I have already run your credit and determined that you have good credit and I have gotten you to focus on the payment. I have also established that we are negotiating on the car that you really want to buy. I have presented you the monthly payments for the car that you want to buy and they are $400 a month. You thought your payment would be around $320 a month.

Time for The Take Away Car Close

Be Ready for The Take Away Close When Buying A Car

Be Ready for The Take Away Close When Buying A Car

We have gone back and forth negotiating on the monthly payment and I bumped you to $325 a month and I have come down to $365 a month. We have been negotiating for a while and seem to be getting close to a stalemate. I know that I need to get you to $335 a month in order to close the deal and sell you a car. I have tried getting you to $350 a month, but you seem to be stuck at $325. I only need $10 more a month to close the deal, but you won’t budge. Rather than grind you for too long I pull out the take away close and say “I have a one year old car almost identical to this one that I can let you have for $325 a month. Then I shut up and let you think about it.

Usually I can see the buyer going over it in their head, me taking away the new car and replacing it with a used car. After the take away close they will start to soften on their position. After a couple of minutes I say “I can see that you really want the NEW car instead of a used car, so what if I could get your payment down to $340 a month. You know that is only a difference of $.50 a day for brand new car. That would work for you wouldn’t it? You rationalize for a moment and think 50 cents a day for a new car versus a used car and you say OK. I just closed the deal with the help of the take away close. (did you notice that I needed $335, but got $340) Five dollars a month isn’t much, but over 60 months it is $300 and a few extra words can boost the commission of your salesman. Now would you consider that a car dealer scam or sales technique?

Take Away Car Close Cautions

There are some key points to using the take away close. You, the car buyer has to really want the new car. The payment spread can’t be too big. You don’t pull out the take away close until you have exhausted almost everything else and are close to losing the car sale. The experienced car salesman will use the take away close when needed and at the proper time. If it is done improperly or at the wrong time, the customer might get up and leave. The lesson to be learned here is to buy a car based on logic, not emotion.You can save a lot of time and trouble negotiating when you go follow the steps of Getting the Best Price on a New Car.

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10 Things Your Car Dealer Loves To Hear (Part 2 of 2) http://carbuyinghowto.com/10-things-your-car-dealer-loves-to-hear-part-2-of-2/ http://carbuyinghowto.com/10-things-your-car-dealer-loves-to-hear-part-2-of-2/#comments Mon, 13 Jul 2009 19:24:51 +0000 http://carbuyinghowto.com/?p=426 1o Things Your Car Dealer Loves To Hear, part 2 of 2. Continued from Part 1

6. What Kind Of Financing Do You Have?

The car dealer loves to hear you ask that one. That is the opportunity for the salesman to start asking questions about payment requirements and ultimately guide you to car dealer’s desired path. When a car dealer sells a car for cash they are usually only able to make a profit on the car and trade in. When financing comes into the picture there is a whole new world of potential profit to be made. Keep your financing matters separate from trade in and the car being purchased. You don’t need to worry about financing until you have selected the car you want for the price you want and received a trade in value that you are willing to accept. When you do your homework before going out to buy a car you will know what kind of interest rate and term you have from a local lender or bank. When all the pricing details are worked out, then you can bring up financing and require the car dealer to beat your rate and term that you have already secured ( never say to the car dealer).

7. My Credit Is Pretty Good

There goes that cash register again, just what the car dealer loves to hear. Your credit is pretty good, but you really don’t know that for a fact. You are assuming your credit is good. Very often in this scenario the car dealer will run your credit and find that your score is very good, but they may tell you that your credit is OK. This is the perfect time for your salesman to present you with an interest rate that is higher than the rate you actually qualify for (see Interest Rate Scam). To keep from being scammed of thousands of dollars of extra interest you need to know your credit score before you go to the car dealer. Don’t tell the car dealer what they love to hear or you might get stuck with one of the car buying scams ( never say to the car dealer).

Looks Pretty Good To Me - Just What The Car Dealer Loves To Hear

Looks Pretty Good To Me - Just What The Car Dealer Loves To Hear

8. What Do You Think?

Just what the car dealer loves to hear, when you turn to the person that came with you and you say “what do you think”. You just opened up a dialogue with the person next to you, whether it is a spouse, parent or significant other. Just the nature of the question says you are on board, but you need a little nudge. The nudge can come from your partner or maybe your sales person if they play their cards right. If the person that has accompanied you voices an objection your sales person hears the objection and can overcome the objection. Do your homework before you get to the car dealer. The car dealer loves to hear that you are close to making an emotional decision when buying a car. If your priorities have changed after one of you have been influenced by the car dealer sales person, ask them to give you a minute if you need to discuss your decision. Discuss your options privately and logically before making such a large commitment (never say to the car dealer).

9. Can I Get A Longer Warranty?

Every car dealer loves to hear this question. That is a buying signal, it says that you have practically bought the car in your head. The car dealer feels that you have pictured buying the car in your head and your biggest objection at the moment is an extended warranty (one of the biggest sources for potential profit and car buying scams in the dealership).  Now you can see why the car dealer loves to hear this question. If I have not said it enough, do your homework. You can get quotes for an extended warranty for a variety of terms and assorted plans. If an extended warranty is important to you, you can be armed with a selection of quotes to use as a comparison to the dealer’s extended warranty offerings. This will protect you from spending your hard earned money wastefully ( never say to the car dealer).

10. Are These Extra Charges Normal?

The car dealer may have a habit of adding extras in to a car deal when you ask this questions that car dealers love to hear. This question will immediately tell them you have not done your homework and you are a good candidate for adding items onto the paperwork and a car scam. You may be overwhelmed by the process of buying a car, but it is your money and you need to question every dollar that you are spending. The only extra charges that should be included in your purchase are ones that you have agreed to.

Some dealers have been know to try and slip in extra charges for loan insurance, rustproofing, paint protection, dealer prep and other things as a way to increase the finance managers commission and the car dealers profit. Question everything, the only charges that should be added are sales tax, title and license. Anything else and you deserve an explanation that is acceptable to you. If it is not OK with you, tell the car dealer that you are not paying for that (never say to the car dealer).

I don’t know how many times I have said that you need to do your homework. I hope it was enough. By investing the time and energy to research all aspects of your car purchase you can potentially save thousands of dollars by avoiding car scams. I don’t know about you, but a few hours is definitely worth a few thousand dollars to me.

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10 Things Your Car Dealer Loves To Hear (Part 1 of 2) http://carbuyinghowto.com/10-things-your-car-dealer-loves-to-hear-part-1-of-2/ http://carbuyinghowto.com/10-things-your-car-dealer-loves-to-hear-part-1-of-2/#comments Sun, 12 Jul 2009 20:02:37 +0000 http://carbuyinghowto.com/?p=419 When you go to the car dealer there are certain things your car dealer loves to hear or things you never tell the car dealer When you are shopping for a car there are certain words, phrases and sentences that your car salesman and car dealer loves to hear from you that sound like the ringing of the cash register to them. Take a look at the ten things that your car dealer loves to hear and why you should avoid telling the car salesman them when you are shopping or buying a car. They will make for a better car dealer experience and you will avoid any car buying scams.

1. Don’t The Car Dealer “I Can Spend This Much On A Car”

The car dealer loves to hear you say that because they are going to steer you to car that they know they can make money on. They will show you a car that is worth less than your budget and add on high profit items in an effort to spend all of your money. When your share these details with your car salesman they have a way of using this information to run one of their car buying scams and steer you in the direction they want you to go. Keep it under wraps and choose the car in your price range rather sharing your budget and saying what the car dealer loves to hear (never say to the car salesman).

2. How Does That Work When I Trade In A Car On This Car?

This question gives the car salesman and dealer an indication that they are dealing with a novice and easy to use one of their car buying scams. They will try to make the trade in a integral part of your purchase before it is time. They will start planting seeds of doubt when it comes to the value of your trade in and dazzle you with their lingo. Make the two vehicles stand alone and do not negotiate price on them as one package. you can do the math. The car dealer loves to hear that you are unfamiliar with the trade in and car buying process and will use that information in every aspect of your deal (never say to the car salesman).

What Car Dealer Loves To Hear - Have I Got A Deal For You!

What Your Car Dealer Loves To Hear - Sounds Like Money!

3. I Need A Car Today!

Who wouldn’t and especially the car dealer love to hear that you need to make a purchase today. Many people that have had their car wrecked in an accident or major repairs are needed on their present car come into the car dealer and say they need a car today. It is like the ringing of the cash register. The wondering of “if” we sell them a car turns into “how much can we make on them”. The words coming out of your mouth is something every car dealer loves to hear, urgency. A good salesman will use your words to paint a picture of why you need this car NOW and use them to get you  follow the path they want you to follow. Keep your salesman on his toes regardless of when you need the car. Make them work for their commission and believe that you will leave at a moments notice if things are not going the way you feel they should (never say to the car dealer).

4. I Need To Keep My Payments Low

Well, just how low do you need to keep your payments? (did you hear the cash register?) Sounds like we have a payment buyer here. The car dealer loves to hear you tell them how much you can pay every month, it is their favorite car scam. The salesman knows that they have many variables that will make them a healthy profit by focusing on the payment. They will show you a car that costs less than you expected and tell you that by time you add in taxes and the interest rates charges it will be very close to the payment. They will keep you focused on that payment, when look at a more expensive car they will tell that the payment will go up and the ask you if you can afford that much. In your effort to have a little nicer car you bumped yourself to a higher payment. Do your homework and the math before you go car shopping and don’t tell the car dealer what they love to hear (never say to the car dealer).

5. This Car Looks Like It Is In Good Shape

The car dealer loves to hear when a potential customer is agreeable. There is an old saying in the car business “40 yeses equals a sale”. The idea of this saying is that when you are led by the car sales person with questions like “it looks nice doesn’t it”, ” it would look good in your driveway, wouldn’t it”, “runs good, doesn’t it”, “interior is in nice shape, isn’t it” and hundreds other like that you are start starting to sell yourself every time you answer yes, and telling the car dealer what they love to hear. If you are looking at a used car and it does look nice, you answer should be except for these tires, or this scratch, or this tear in the upholstery (never say to the car dealer). Even if you are a naturally optimistic person you need to put your pessimistic self on display. When it comes down to working out the details your car sales person is going to remind you that you said it looked nice and all of the others yeses that you answered. Your rebuttal needs to be all of the negatives about the car they are trying to sell. Gather all these negative points and use as a way to cancel out the yeses. Don’t buy a car based on emotion it is a car scam. A car dealer loves to hear when they have a customer that is buying based on emotion. You are spending a lot of money here, be sure you are buying based on logic not emotion.

Part 2 of 10 Things Your Car Dealer Loves To Hear or Never Say to The Car Dealer.

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The Car Dealer Experience http://carbuyinghowto.com/the-car-dealer-experience/ http://carbuyinghowto.com/the-car-dealer-experience/#comments Sat, 11 Jul 2009 01:41:13 +0000 http://carbuyinghowto.com/?p=66 The car dealer experience that you have can depend on may factors. First off your experience has a lot to do with the owner and general manger of the new car dealership. Like any business the policies and procedures that are adopted and enforced by the top level of management set the tone and filter down to the entire staff.

They Want You to Have Good Car Dealer Experience

Most new car dealer owners and general managers want you to have a good car dealer experience. Obviously they want to sell cars and make some money, but the new car manufacturers have been keeping their ears to the ground when it comes to the car dealer experience of their past and future customers. The manufacturers have been paying close attention to the car dealer’s C.S.I. (Customer Satisfaction Index) scores that reflect the car dealer experience in all aspects. I am sure that some of the car dealers of the GM and Chrysler brands that have their franchises pulled had something to do with their C.S.I. scores and reported poor car dealer experiences of buyers. Not all dealers are into the car scam.

The next factor in your car dealer experience is the Sales Managers. The sales managers closely monitor their sales people and either support professional and ethical behavior or they don’t. There are still many of these old school sales managers that like to practice to old car dealer tricks. When a new salesman approaches a customer on the lot and takes them for a test drive, and then the customer runs off, the salesman will get hell. The old school sales manager will chew them out and give them brain damage (verbal abuse).

Staff will Impact Your Car Dealer Experience

The way the car industry has been lately the old school sales managers are starting to come around, because of the orders from the owners and general managers for the reasons I noted above. The car dealer experience is becoming more and more important, and it should be when a person is spending that kind of money for a new car they should have an enjoyable car dealer experience.

How Was Your Car Dealer Experience?

How Was Your Car Dealer Experience?

Your sales person should be the biggest part of your car dealer experience. Your car sales person can be the deciding factor when it comes to a good or bad car dealer experience. A sales person that has been selling cars for a while a respectable new car dealer will usually provide you professional and ethical service. They will treat you with respect and be sincerely grateful for your business.

On the other side of that coin there are some sales people that will tell you anything to sell a car. These sales people are either a newbie to the profession or they have worked at every car dealer in a 50 mile radius and are known to pull all kinds of car dealer scams. New Car Dealers do not want these type of sales people working for them, but some times it take a little while for them to show their true colors. When they do, they are usually let go. These sales people that are still around are starting to get weeded out of the business from pressure by manufacturers that require the new car dealer owners to provide the customer with an enjoyable customer experience.

The Car Dealer Experience – You Decide

One last word about your car dealership experience: when you come to a car dealer with a bad attitude and a chip on your shoulder thinking that you are going to get ripped off, you probably will. As with any business, when the customer are reasonable and respectable, the dealer will be too!

There are still quite a few old school car people out there that are unethical and unprofessional. Keep you guard up, but you don’t need to have a bad attitude. You know what they say “you can catch more flies with honey, than you can with vinegar”. When you choose a good dealer and have a good attitude, you will have a good car dealer experience.

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Car Dealers Slang, Sayings and Lingo http://carbuyinghowto.com/car-dealers-slang-sayings-and-lingo/ http://carbuyinghowto.com/car-dealers-slang-sayings-and-lingo/#comments Wed, 24 Jun 2009 18:14:56 +0000 http://carbuyinghowto.com/?p=302 There is a whole different language in the Car Business. I have put together the most common Car Dealers Slang, Sayings and Lingo to help you get a better picture into the world of Car Sales.

ACV: Actual Cash Value. Refers to the real value of a traded in vehicle.

Ad Car: An advertised special car that is a stripped down model for a low price.

As Is: There is No warranty. If the vehicle breaks in half you own both halves.

Atomic Pencil: Crazy, very high numbers given to the car buyer.

Bagel: A cheap, junky or low value vehicle.

Back End: The amount of profit from add on warranties, insurance, service contracts and interest.

Back Of Book: How much the car dealer has invested in a vehicle that is lower than the wholesale book value.

Be  Back: A customer that says they will be back, but very rarely does.

Be Back Bus: An imaginary bus for customers who say “I’ll be back,” It is a common term to jab new sales people that believe their potential customers are coming back to buy from them.

Bird Dog: A fee paid to someone for referring a new customer to the dealership, maybe between $50 & $100.

BK:
Customer in bankruptcy or had a recent filing

Blew Out: Refers to a customer who sees the first figures and blows out of the dealership.

Blue Hair/Silver Hair: A description for senior citizen customers.

Blow Them Out
: Sometimes a dealership salesman will intentionally blow a customer out, because they are making crazy low offers and they don’t want to waste their time on them.

Book: The actual value of a car traded in

Box:
Finance Office or where final paperwork is done

Broom/Sweep: Said to a car salesman that does a lot of meet and greets, but never gets any farther. Chased them away by being pushy or rude.

Buy Rate:
The minimum interest rate that the dealer has to charge customer based on the buyers credit rating

Buyers Are Liars: An old saying, used by car salesman, also “If their lips are moving they are lying”

Box Close:
Some dealers actually Close or agree on final numbers and terms in the Box(finance office).

Brick, Golden or Gold Balls: These dealer slang words refer to customers with great credit.

Bump: This car dealer slang term refers to getting the customer to sign for a higher payment than they said they would.

Buried/Flipped/Negative Equity/Upside Down/Tanked: These car dealer slang words refer to lots of negative equity in a trade in.Owing more than the trade-in is worth.

Call Them Until They Buy, Die or Get a Restraining Order:
An old saying from management to salesmen to get them to call customers than have been there previously.

Car Salesman Mantra
: Today’s the day, your the guy, this is the place.

Cherry Picking: a sales person that only takes customers that look or act like potentially easy buyers.

Cream Puff:
A used car in great condition.

Credit Criminal:
A customer with such bad credit that they never pay any of their debts.

Comin’ In:
The car salesman’s slang term to claim a customer driving on to the lot.

Crack/Gross Up/Home Run/Laid Away/Tear Someones Head Off:
These car dealer slang words all refer to making huge profits from a car sale.

Dime:
$1000.00

Dealer Tattoo or UG:These car dealer slang words refer to a car dealership Unconditionally Guarantees your loan to the lender. You go bad on the loan and the dealership is responsible for repayment in full to the lender, also called on the hook. (these are rare)

De-Horse: To deliver a car and take them out of their old car (their trade in) without a bank approval. Keeps the customer from shopping while the dealership works on the approval. Very common practice.

DOC Fee: Short for documentary fee.  Most dealerships charge customers some sort of doc fee for processing paperwork.

Down Stroke: Refers to the down payment on a new or used vehicle being purchased.

DTI: Debt to Income ratio.  A finance calculation term using a customers gross monthly income for financing stipulations.

Equity: When a customer owes less than what their vehicle is worth, they have equity.

Eyeball: How good a car looks, or how much eye appeal there is.

FedEx ‘em: Putting a customer in a car for an overnight test drive, hoping they fall in love with it and also to level of commitment to buy from the customer. This will usually keep them from shopping elsewhere.

Finn or Nickel: $500.00

First Pencil/First Pass: These slang words refer to the first set of figures a salesman shows to customer when negotiating. Usually pretty big numbers to see if they will bite or accept them.

Fish: A sucker, the car dealer slang term that can also refer to new sales people.

Front End: The amount of gross profit between selling price and the cost of vehicle

Four Square: Form used by many car dealerships for negotiating with the customer.

Get Me Done: A customer with bad credit that is primarily concerned with getting financed rather than the vehicle they buy.

Green Pea: New sales person.

Grind:
negotiations that take longer than normal. The salesman is grinding that customer until he gets the deal.

High Penny: To quote a customer, let’s say, 72 months at $320 a month and the actual payment is $320.99. This equals additional profit of $70 for the dealership.

Holdback:
secret money that the Car Dealer gets to sell the car to you from the manufacturer.

Hoopdy: Cheap, low value car.

Hosed Them:
This car dealer slang term means; made very good money on the car deal.

Hot Buttons:
Items that are important to the buyer. These are also items a salesman will put emphasis on during negotiation to get customer to use emotions to buy.

Import/Imported Tire Kicker: This old car dealer slang phrase referred to Canadians when their dollar was worth less and they never bought vehicles in the states.

Laydown: A customer that agrees to the first set of numbers they are told without negotiating.

Leg: This is fluff in a quoted payment, so that finance has a better chance of making more money from a customer. If a customers real payment is $320 and the salesman has quoted $340, then there is $20 in leg.

Liner and Closer: A selling system where the liner represents the person assisting with vehicle selection and test driving, while the closer is the one to negotiate with the customer.

Looking For A Good Bye: A sales managers slang phrase to customers making ridiculously low offers. “It sounds like you are looking for a good buy, so, good bye!”

Lot Drop: If a sales person were to go to speak to a customer and was told “I’m just looking,” then didn’t try to move the sale forward. This is called a lot drop and another salesman could go speak to the customer and not have to split the deal if one was made. This can be considered not doing your job by management.

Lowball: Refers to a very low offer to buy a vehicle or as a trade in value.

Meet and Greet: The initial meeting and introduction between salesman and customer.

Mini:
when a car is sold at a very low profit and the sales person’s commission is a minimum, such as $50.00, $75.00 or $100.00.

Nerd:
A customer that comes in with their folder full of research in hopes of getting a better deal.

Nut:
Breakeven point. As in “All we did was cover our nut when we sold that car”.

On The Hood:
Manufacturers incentive money available to customers, like rebates, on a specific vehicle.

One Legger: This dealer slang term usually refers to a husband without his wife.

Out of the Wrapper: a used vehicle that is in excellent shape.

Over Allow: When a car dealership shows a customer, let’s say $10,500 for a trade in, when it’s ACV is only $9,000, they have over allowed $1,500.

Pack: The amount of money that the dealer tacks on the cost of the car that reduces the amount of commission paid to sales person.

Packed Payment: Same as Leg. When a payment is quoted higher than what it should really be.

Player:
a customer with good credit.

Pounder: A pound refers to $1,000 profit. If the dealership made $4,000 profit, this would be referred to as a 4 pounder.

Pre-Qualify:
determining if a customer is a buyer by looking, talking or the experience of the salesman.

PTI: Payment to income ratio. A finance calculation used for qualifying a customer based on their gross monthly income.

Put Them On The Ceiling: Give them a very low amount on Trade-in or very High amount on payment to get them to throw their logic out the window.

Put Someone Together: To make a big profit and a deal through negotiating.

Repo:
a repossesion

Reserve: The car dealer slang term means the finance profit from marking up a customers finance rate.

Ripped It/Stole It: Bought a car, or took a trade in really cheap or cheaper than the ACV.

Roach or Rat: These dealer slang words refer to customers with really bad credit.

Quarterback/Third Base/Maven: These slang words refer to a third party, related to or friends with the buyer, that either negotiates the deal for the buyer, or throws a wrench in the salesman negotiating.

Skate: A sales person taking a customer that asked for someone other salesman.

Slam Dunk: Refers to a big profit deal, or a sure “thing” deal.

Sled/Turd:
A junk, low value car.

Slicks: Bald tires.

Spiff: A car dealership incentive to a car salesman for reaching a set goal or selling a certain car.

Spot It: To immediately contract and deliver a vehicle to a customer without a bank approval.

Stold It: Trading in a vehicle for an amount way under ACV.

Straw Purchase:
When someone finances a vehicle in their name, but the vehicle is for someone else.

Stroke: A customer that has no intention of buying now, or in the near future, and essentially wastes a salesman’s time.

Strong: When a salesman closes a tough customer, or bumps a customer, the salesman was “strong.”

Switch: To switch a customer from a vehicle they want, to a vehicle that they can get approved for, or has some kind of spiff in it for the salesman.

T.O.: When a salesman is getting nowhere with they customer, they Turn Over the customer to either another salesman, or a manager.

Take a Bath: Loosing money on a sale

The $500.00 Sandwich:
a sales person went to lunch and missed a sale.

The Close:
Come to an agreement on the final figures and make the deal.

Too Much Car: A customer is wanting to buy a vehicle that is out of their league financially, or for what they can get approved for.

Tire Kicker: The car dealer slang for a person that is looking with no intention of buying

Tower: The sales managers desk where sales people get the numbers and coaching

UFO: Censored version: U Frickin’ Own it! Said to customers that want to return a vehicle.

Under Allow: When a vehicle has an ACV of $8,000 and the dealership only shows $7,500 to the customer to increase profit

Up: A fresh customer on the lot.

Upside Down: Customer owes more on their Trade-In than it is worth.

Walking Numbers: A lowball set of numbers that a car dealership will give to customer that did not buy before they leave. The idea is that they will have very low numbers that other dealers will not sell for in order to bring them back.

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