SALES TEAMS NEED TO KNOW!
Sales teams need to know the best Powersports sales tactics and tools to get the job done. Part of that includes understanding the power of trades and how to help customers make the best moves regarding them. Sometimes, it’s advantageous for a customer to trade in their Powersports equipment and get a newer model. In other cases, it might not be the best financial move for the time being. By knowing a little more about equity yourself and how it factors into the buying decision, you can help your customers make the right choices about their next Powersports purchase.
Having equity in a unit simply means that someone has paid for the unit, either partially or in full, and therefore they have some degree of ownership. If you own your Powersports equipment outright, you have 100% equity. If you have about one-third of the balance left to pay, you’d have 60-65% equity. The more ownership you hold, typically, the more valuable it will be for you to trade off and into something newer.
HOW TO HELP YOUR CUSTOMERS DECIDE
Part of your job as a Powersports sales professional is helping people decide how they’re going to finance their new purchase. Often, people will choose to trade up an older model unit to a newer one to help offset the out-of-pocket cost or the amount that they have to finance. In some situations, people might still owe too much or not be able to get what they want out of their trade. In this case, it might not be a good idea to get rid of the old unit just yet. Of course, by working WITH them, you’ll be able to decide what’s going to be best based on their specific situation. Powersports sales tactics can always be improved regardless.
In order to determine whether someone has enough value to warrant an equity trade, you have to consider not just how much equity they have in their Powersports unit, but whether that equity is at its peak or better to leave to grow for a little longer. Sometimes, people will decide to trade-off before the value starts going down or in case something happens down the road. Other people will determine that it’s a better idea to wait and see what happens before they make a trade.
TAKE IT TO THEM
Most customers aren’t going to put all of their cards on the table up front. Therefore, you might not know right away whether people have the intention to trade in a unit during their purchase or not. Some people might not discuss it at all. Instead of waiting for them to come to you, you need to bring it to them. Suggest it as an alternative to a down payment. If they’re shopping, but hesitant to buy, instead of asking whether they already own something, ask what they have to trade. This puts it in their head that they should be putting their equity to work, thereby benefiting you by scoring a great trade and a sale at the same time. With these Powersports sales tactics put in place will help you sell more.
Check out our Thought Leadership page for more resourceful information about Powersports Unit Trades & more topics HERE