Issue link: https://read.dmtmag.com/i/343790
www.PowersportsBusiness.com FINANCE Powersports Business • July 13, 2014 • 19 or one of your friends or relatives had a break- down that caused them to lose some drive time, or cost them some hard earned dollars? CU: Not off the top of my mind. BG: You ride more than average in a year right? I remember a time when my brother lost three months of riding time in prime season. He didn't have the money to pay for the repair himself, and his buddy who is a mechanic didn't have the time to get his bike fixed. It ended up costing him $3,000 and more impor- tantly, three months of ride time. You're buy- ing this machine for some fun and enjoyment right? Could you imagine if this happened to you? How would that make you feel? CU: Yeah, not that great! BG: Our service contract would have gotten him back on the road in days, with a $0 deduct- ible and would have even included rental, tow- ing and travel reimbursement since he broke down away from home. OPTIONAL DEPENDING ON HOW CONVERSATION IS GOING BG: Is the service contract something that may be of interest to you? CU: Maybe. BG: OK, we'll discuss that more later in the presentation. BACK TO THE PRESENTATION, GAP BG: The next product I'd like to offer you is called GAP, that's Guaranteed Asset Protection. Have you heard of GAP? CU: Yes, what's that again? BG: GAP pays you the difference between what you owe and what your machine is worth in the event of a total loss. For instance, if you still owe $9,000 in three years and your insur- ance company says it's worth only $6,000, in the event of a total loss, you would pay that extra $3,000, plus your insurance deduct- ible and your down payment on your next machine, assuming you are a good driver. But GAP also covers your vehicle if anyone else gets behind the wheel, or if you have an accident that you didn't think was even your fault, like sliding on some sand down into a ditch. CU: Oh yeah, I understand. (The customer may offer a couple of objections, which would be handled either right away, or after the com- plete presentation.) BG: We also carry a product we call tire and wheel. How expensive do you think it would be to replace a tire and wheel on this machine? CU: $1,000? BG: That's right, well over $1,200 in this case. BG: And the last product that sounds like you've already shown some interest in is called our appearance protection. Your salesperson mentioned you saw it on the showfloor and asked about it? CU: Yes, that sounds interest- ing. How much does that cost? BG: I'll share all the costs on the next page; let me explain this in a bit more detail first OK? CU: OK, but I'm about out of time. BG: I'll get you on your way in a few min- utes; we're almost done. Assuming you don't enjoy washing and cleaning your machine? How about storage? Is it always inside? And how often do you ride where there are bugs or bird droppings? Sprinkler systems? CU: I get it. The brochures said it protects from all of those and more, for how long? BG: For five years, with no deductibles in the event of any repairs. BG: OK, so that's it. I've placed all the prod- ucts we discussed into three distinct packages for us to review, may we begin? CU: Yes. BG: First of all, you can see here that your base price was X, your interest rate is X, and your payment is X, is that about what you expected? CU: Yeah sounds right; I'd like to see the details. BG: Great. We go over those in several doc- uments, the purchase order, the bank contract and the title application, which come next. BG: So, here are the three packages: Platinum includes everything we discussed. (BG briefly explains just the main bullets of each product this time.) The Deluxe package includes the service contract, GAP and appearance protection. It's a downgrade from the Platinum package in that you forfeit the tire and wheel, so you would pay for any tire or rim damages. Lastly, Standard includes just the ser- vice contract and GAP. You would forfeit the appearance protection, so you would be responsible for any blemishes due to bird drop- pings, water etchings, etc. Any further ques- tions before I ask you to choose a package? CU: No BG: Great, which would you prefer? CU: "NONE OF THEM" These are the three words I loved to hear most when I was a business manager. The customer actually understood that he had options. That's win number one. I followed my process perfectly and have the customer anxiously awaiting com- pletion of their paperwork. NOW is the time, BG. Don't be afraid, BG. Don't be shy, now it's time to discuss your products! Do some win/ win negotiating, show some value, answer questions, handle objections and help the cus- tomer with what may truly be their best option. "None of them" does not mean the cus- tomer does not want any of your products, BG; it means you did not show enough value in any of your products. Now finish your discussion and do what you've been trained to do! We'll pick up here in the next edition of Pow- ersports Business. PSB Brian Gallmeier, founder of Income Develop- ment Partners, uses his powersports experience at the retail level to train F&I departments. He can be reached at bgallmeier@charter.net or 612/616-8611. GALLMEIER CONTINUED FROM PAGE 14 "These are the words I loved to hear most when I was a business manager. The customer actually understood that he had options."