More and more consumers are trading in their current vehicles for new or used cars on your lot, but many shoppers are still reluctant to trust dealerships when it comes to the trade-in process. Shoppers often arrive at your dealership prepared to stand their ground against your sales professionals, thinking they may be offered less than their vehicles’ current trade-in values. How can your dealership work to ensure shopper trust that everyone is working together to get the best deal for them, including getting the best trade-in value for their current vehicles?
Gaining the up-front trust of shoppers is paramount, especially when it comes to things like pricing and trade-in values, and one of the easiest and best ways to gain trust is through transparency. When your sales professionals combat predetermined misconceptions by offering up transparency and providing as much information as possible when it comes to how they’ve arrived at specific trade-in values, shoppers will find it easier to understand and trust their reasoning.
Shoppers who feel they’ve received unfair trade-in values are more likely to take their business to other dealerships, and this is exactly what you’re working to avoid. Remember, one of the main considerations for shoppers who are in the market to buy is whether or not they can afford it in the first place, and the trade-in values of their current vehicles have a lot to do with their final purchasing decisions. Shoppers arrive at your dealership armed with plenty of information to guide them in their decision-making, and they are looking toward your professionals to reinforce what they’ve already learned via online searches.
There are several things your dealership can do to show shoppers you are eager to share information and give them the very best trade-in deals possible when they’re ready to buy. Avoid shopper distrust by implementing a few of the tips below to help shoppers see the trade-in process as a way of getting them into newer, more reliable vehicles:
Reveal your sources. Many times, car shoppers don’t know how dealerships arrive at their trade-in values. If you allow car shoppers to view the tools you use—like Kelley Blue Book—to determine vehicle worth, it goes a long way to show you’re not undershooting vehicle value for excessive gain. Be straightforward and take the time to explain the offers you provide. Often, customers just want reassurance and proof they’re making the right decisions.
Offer value. Selling is important; however, it’s key to remember car shoppers want to know what’s in it for them, too. Share the ways your dealership can benefit shoppers when they trade in their vehicles, and it will be easier for them to trust they’re making the right decisions.
Provide a positive experience. Most shoppers have gone through the car-buying or trade-in process before and will say it’s been unenjoyable. Often, consumers would rather do mundane tasks like go to the dentist or wait at the DMV than haggle over prices. 83% of respondents to an Edmunds study would prefer to avoid it altogether. However, this is your chance to skew the numbers toward the positive side. By providing a positive buying experience from start to finish, you’ll likely encounter customers who want to return to your dealership for repeat purchases, helping you build a loyal customer base.
Build your credibility beforehand. Sometimes the best defense is a strong offense. Although you’re ready to earn shopper trust as soon as customers walk through your doors, it’s even better if you are a step ahead. Work to provide great information via a reliable website, trade-in resources, and educational online content that builds your credibility as a dealership. You’ll already have shopper trust before they walk onto your lot—and customers will seek you out in the marketplace because of the expertise and knowledge you provide.
Reiterate the benefits of trade-ins. Reassure consumers you are offering them the best trade-in deals possible; and then remind them of the benefits that come along with a trade-in. Not only does a trade-in generally reduce the bottom line of what they’ll pay for new vehicles, but in turn it reduces the amount they’ll need to finance. Additionally, most states only require that tax be paid on the price difference between the trade-in price and the new-vehicle price, saving consumers a bit on taxes. By reminding shoppers there are benefits of trading versus selling their used car outright and then buying, you’ll be offering another level of transparency and building trust between yourself and the customer.
In the end, shoppers who are looking to trade their vehicles want to know they’re getting the best possible deal. They often show up guarded, but when your dealership takes the proper steps to work with shoppers, reassure them, remain transparent, and offer beneficial information, shoppers will see they can trust what you’re offering and finish their trade-in journey with you.
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