Preparation:

• Review Trade Number

  • If the customer sent in an online trade lead, make sure you found the value in the lead so you can be ready to discuss.

  • Don't hesitate to meet with the Used Car Manager after speaking with the customer to review potential trade values based on the information provided. Be prepared to discuss these values during the call. When the customer voices their concern, be sure to ask where they’d like to be on the trade.

• Understand Sentimental Value:

  • Recognize that customers often have a sentimental attachment to their vehicles, much like how one might feel about a personal cell phone.

• Acknowledge Financial Concerns:

  • Consider the customer's financial situation, especially if they have little or no payment on their current vehicle.

Key Points to Remember

• Thank the Customer

  • Always start by thanking the customer for considering our dealership.

• Acknowledge Their Position

  • Recognize their concerns and show empathy towards their situation.

• Offer Solutions

  • Be prepared with possible solutions or compromises to address their objections.

• Encourage a Visit

  • Emphasize the benefits of visiting the dealership for an in-person appraisal.

Encouraging a Visit

After addressing the customer's concerns, the primary focus should be on encouraging a visit to the dealership. This allows for a more accurate assessment of their trade-in. Below, we will list more specific concerns, but each should include some variation of the following:

• “I understand your concerns, [Customer Name]. The best way for us to give you an accurate trade-in value is to see your vehicle in person. We can assess its condition and provide you with a fair offer. Would you be available to bring your [Vehicle Model] in for an appraisal after work or would Thursday be better for you?”

Common Objections:

"I got more for my trade on somewhere else online"

Response Options:

• “I understand, [Customer Name]. Online tools like can some be misleading since they are estimating tools. At our dealership, we assess the current condition of your vehicle, including any necessary repairs and market trends. What did the online estimate give you?”

• “We use a comprehensive approach to value your trade, including live auction data and current market values, which provide a more accurate estimate. Could you share the online trade estimate you received?”

Leverage this explanation as a good reason why the customer should bring you the vehicle for a full and accurate appraisal via an appointment.

"I got more for my trade at another dealer."

Response Options:

• “That’s great to hear, [Customer Name]. Can you tell me how much they offered you?”

• “Was that offer in line with what you were hoping to get for your trade?”

• “Did the other dealer also provide any discounts on the new vehicle you were looking at?”

• “What stopped you from accepting their offer?”

Bring the name of the dealer and the offer to your use car manager so they can take this into account while looking at the trade value.

"I owe more on my trade than it’s worth."

Response Options:

• “It’s quite common for customers to owe more on their trade than it’s currently worth. How much do you still owe on your vehicle?”

• “We work with customers in similar situations all the time. Let’s see if we can find a solution that works for you. How much were you hoping to get for your trade?”

Ensure you demonstrate empathy throughout this process, reassuring the customer that this isn't necessarily a deal breaker. Consult your manager for further guidance on the next steps. Be sure to understand how much the customer owes on their trade, the current value of their trade-in, the vehicle they are interested in, and their budget. Asking these questions will help you better address the customer’s needs and set up a more favorable situation for them.

"I can get more if I sell it privately."

Response Options:

• “You might be able to, [Customer Name], but selling privately comes with its own challenges, such as finding a buyer, handling paperwork, and missing out on the tax credit from trading in your vehicle. Have you considered these factors?”

• “Selling privately can take time and effort. Do you already have a potential buyer lined up?”

• “We can proceed with the deal now, and if you decide to sell privately later, you can always bring the vehicle back. However, you would lose the trade-in tax credit if you wait.”

Remember to highlight the tax credit benefit. While the customer might get an extra $1,000 by selling their trade privately, they could lose out on a $1,200 tax credit, effectively costing them $200 and a lot of effort in the process.

Final Thoughts:

Handling trade value objections effectively is crucial for building trust and finding mutually beneficial solutions with our customers. By showing empathy, understanding their unique situation, and leveraging all available resources, we can address their concerns and guide them towards a satisfactory outcome.

Key Takeaways:

• Empathy and Understanding

  • Always approach objections with empathy, acknowledging the customer’s feelings and concerns.

• Thorough Preparation

  • Be well-prepared by understanding the customer's financial situation, the value of their trade-in, and the specifics of the vehicle they are interested in.

• Effective Communication

  • Use the provided word tracks and responses to navigate objections smoothly and provide clear, honest information.

• Encourage a Visit

  • Emphasize the benefits of an in-person appraisal to give the most accurate trade-in value and create opportunities for further discussion.

• Consult Management

  • When necessary, involve your manager to explore additional solutions and provide the best possible outcome for the customer.