When buying used vehicles from private sellers, we can face tense individuals, with high expectations. Knowing this allows us to treat these sellers in a prepared manner. A manner that provides them with the safe, fast, and easy process they desire. Setting expectations like this for private party sellers is important.
Setting Expectations for Private Party Sellers
In this video, you get a preview of our conversation on the subject of setting expectations with private sellers. To access the complete webinar, see the section below about VAN University.
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Price Expectations
Often times, pricing a vehicle by the seller is based on factors that are not relative to the value of the vehicle. Things such as:
- Amount of their payoff
- Ad views
- Perception of vehicle worth
- Sentimental value
To accommodate for this, the dealer must create a value proposition with fair market-based pricing that can be confirmed with the customer. Depending on whether you are an Independent or Franchise dealer, you may use different tools and resources for market-based pricing.
The important thing is to know what the customer believes is a far market price.
Building Value Beyond Price
Your value proposition goes beyond the price you’re willing to pay for a vehicle. It is communicated by the acquisition manager or specialist.
There are three key aspects of the sale that are important to sellers beyond the price, which build value.
- SAFE – Not meeting strangers or have them come to their home and exchange cash.
- FAST – Making the process fast, not be an inconvenience.
- EASY – Handle the seller’s DMV paperwork, contract payoff, and the sale process for them.
Guest Experience - Today’s Seller, Tomorrow’s Buyer
Not all store visits result in a sale. There are times when you do not meet each other with a fair, market-based price and acquire the vehicle.
For these instances, it’s important to leave the seller with a positive reference for working with you and the dealership. After all, there is a chance the seller could return. He or she may also be more likely to share their positive experience with others.
Here are three tips for situations like this:
- Ensure we are being positive and respectful, acting as a advocate for the seller.
- Provide the seller with feedback on their ad description and photos.
- Ask the seller if it’s okay to follow up with them in a few weeks to see how the process is going.
About VAN University and this Video
The conversation featured in this video was originally recorded in September 2018 during our monthly VAN University Best Practices and Training Webinar. To access the complete edited version of this webinar, sign up with VAN University.
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