High interest rates may lead to hard conversations with customers

High interest rates may lead to hard conversations with customers

In a recent interview with Automotive News, dealership finance director Justin Gasman offers some tips to help allay a customer’s concerns.

This article emphasizes the importance of using periods of downtime in the dealership showroom floor and F&I office to hone sales skills, particularly in response to current market events. The author highlights the impact of inflation on interest rates, resulting in higher buy rates ranging from the low 5s to the mid-7 percent range, and potential objections from customers during negotiations. To overcome objections, the author suggests acknowledging customers’ concerns and explaining the rising rate environment, while redirecting the conversation towards closing the deal. The article emphasizes the need to choose words wisely, particularly given the end of subvented rates and giant rebates. The author urges salespeople to stay compliant and factually accurate in their responses, acknowledging that the rate being offered is the best available if customers wish to finance with the dealership. Ultimately, the article stresses the importance of staying informed about current market events and anticipating potential objections to ensure successful sales negotiations.

Read the full article here: https://www.autonews.com/guest-commentary/dealership-finance-director-justin-gasman-interest-rates

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