Vehicle Acquisition: Refined Effort Equals Positive Results
We all know the old motivational cliche “hard work pays off” and we know it's true - but it's only part of the truth. The exact truth is that it takes more than simply working hard. If you work hard in an ineffective process, you'll end up just spinning your wheels. The truth is that the right activities equal the right results, so hard work on a process that isn’t refined often leads to unsatisfactory results.
Activity alone does not equal productivity. In order for hard work to pay off, you need to employ another popular motivational adage: Work smart.
Monitor and adjust
This is where a refined process and a positive attitude pay off. Becoming a student of your processes and the way they are being implemented is just as important as the effort and perseverance necessary to achieve the result you are targeting. Monitoring your results on a consistent basis and making adjustments so that your processes become more refined can often produce better results with the same or less effort than you were previously putting into an activity.
Your acquisition process
This is especially true when you are implementing a private seller acquisition process in your dealership. Anyone that tells you that it’s easy work is not giving you an accurate picture. Private sellers are often times defensive and guarded due to their fear of being taken advantage of when they are trying to sell their vehicle.
Examine your current process from the beginning through to the end and ask yourself if it’s efficient and effective from the seller's point of view. If it isn’t, make the necessary adjustments where you discover the bottlenecks in your process.
Become the seller's advocate
Having a strategy that puts the seller at ease and places you in a position where you can be transparent with your pricing and become the seller's advocate. This approach dramatically increases your potential of leading to a successful acquisition. Offer one or more of the following to reinforce your advocacy and add value to the seller experience.
- A market-based value for their vehicle (show, don’t tell)
- Mechanical inspection by a qualified mechanic
- Providing a free vehicle history report
- Assistance with managing equity or a payoff
Keep in mind that you are providing a valuable service: Making the process faster, safer and easier than if the seller were going it alone. We are confident you’ll know when processes are aligned because you’ll see that refined effort equals positive results!