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Are you taking advantage of all that a dealer swap has to offer?
Ideally, you would always have the right vehicle for every customer that walked in your door, but unfortunately, that’s almost impossible. How many times has a customer come in looking for a particular vehicle only to find you don’t have it? You try to interest them in something you already have in stock, but they have their mind made up. Your customer knows what they want, and if they can’t get it, they’ll go somewhere else. Rather than letting the customer walk away, you may want to consider a dealer swap.
There are times where specific models are limited, and dealers in the city may have better options than dealers in the country. More often than not, there are dealers that are willing to work with you to help you get the car you need to close the deal. They may also have potential customers looking for a particular unit that they may not have in stock. If you find that you are frequently coming up short-handed, then it’s time to build a rapport with some of your competition.
Making a dealer swap that works
Making the checklist
Once you find the right dealership to trade with, it’s time to work out the details. A lot of dealerships will have their office make up a swap sheet. A swap sheet should include all of the following information:
- The vehicle stock number
- The vehicle year, make, model and VIN
- The date and time of the dealer swap
- Transportation arrangements, such as a runner or a transportation company
- Possession of vehicle titles or Certificate of Origins
- Proof of clear vehicle titles or COs or a correction letter
- The payment arrangement, including a breakdown of the agreed upon price, and how you got to that number
- Possession of both sets of keys, the vehicle manual, navigation disks, and wheel locks (if necessary) for the vehicle
- Correctly prepared and notarized paperwork, including a copy of the invoice, payment, title or CO, bill of sale, odometer statement
Timing is everything
Once you find the right car and settle on a swap agreement, complete the swap as soon as possible. If the dealer is close by, you should be able to get the exchange completed within 24-48 hours. No matter what, try to keep this process as short as possible. There are times where transportation or location can hold up the trade, but try not to keep your customer waiting and wondering when their car is going to arrive.
Communication is critical
If you search online, there are lots of blogs and bad reviews from customers who feel dealers have deceived them in promising vehicles they don’t have. When selling a car that came from a dealer trade, be upfront about the vehicle’s arrival time and also pricing. You may not have as much wiggle room with the price, but you are saving them the time and frustration of finding the vehicle they want. Just make sure that you never over promise what you can’t deliver. If a customer feels strung along, you run the risk of fighting off bad reviews online and losing other potential sales.
If you can come to a dealer swap agreement, you have the potential to sell a lot more cars. When you find reliable dealers to work with you are expanding what you can offer your customers without maxing out your floorplan.
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