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FROM THE FIELD
To Quote Or Not To Quote
This is the first blog that I am writing and hope, on an on-going basis to provide a forum whereby several proven best practices will be examined, both pro and con, and comments and additional thoughts will be encouraged. I believe that no one person knows it all and we all continue to learn as we adapt to changing business situations and emerging technologies. For my first attempt I would like to pose the question, “To Quote Or Not To Quote?”
When a lead is received at your dealership do you quote an Internet Price in your first quality response (FQR)? This is a difficult decision for many dealerships to make. So I wanted to talk a little bit about it from both sides of the aisle.
Below are some reasons for not quoting a price.
1 If you give a price it will never be low enough bring the customer in to the dealership. Someone will always beat it.
2 In order to be competitive the price will have to make very little or no profit, or might even need to loose money to be competitive.
3 Customers only use this quoted price to shop around at other stores and will never come in to our store.
Now lets look at some reasons for quoting a price.
1 The customer who is submitting a lead basically wants to know if it is available and how much does it cost.
2. Not quoting a requested price leaves a tarnished view of your dealership in the potential customer’s mind, like you are trying to hide something.
3 In order to sell a vehicle on the showroom floor, a relationship has to have been formed. In order to get the potential customer in to your store you need to cultivate a positive relationship starting with a transparent customer friendly easy process that provides information.
I am sure there are more reasons for not quoting or quoting a price however I do not mean to make this too long.
So now I would like to open it up for comments and thoughts on this important issue. Do you quote price in your dealership right out of the gate? If not at what point do you quote a price? And if you do not quote a price what strategy do you employ to engage the potential customer?
In a future blog I will talk about potential strategies for quoting price, while increasing your chances of avoiding the dreaded price comparison right out of the gate.
I am looking forward to your thoughts and ideas and hope we can all share useful information as we learn and grow.