Sales strategies and effective communication with customers were highlighted in a series of workshops on Thursday at the Used Truck Association (UTA) Convention held in San Antonio.
Attendees had numerous opportunities to enhance their knowledge with sessions on future vehicle technologies, new emission standards, financing options, and selling warranties for used trucks.
The session focused on financing and warranties included insights from three specialists who provided attending used truck dealers with guidance on how to navigate these areas with customers during transactions.
Financing
Experts on Thursday pointed out that a common mistake dealers make is delaying discussions about financing until the sale’s closing phase. They emphasized that unless a customer is making a cash purchase, financing will be a necessary topic from the start of the conversation.
The panel, which included Ian Sifuentes from Mission Financial Services Group, Tyler Rowland from McKenzie Credit Group, and Brian Poole from CAG Truck Capital, recommended that salespeople inquire about customers’ financing plans early on. This approach leads to a more focused and effective conversation, particularly with new customers or those who might struggle to provide a substantial down payment.
Warranties
During the discussion on warranties, Craig O’Hare from National Truck Protection/Premium 2000 emphasized the importance of addressing service contracts (legally distinct from warranties) early in the sales dialogue. He, along with Rick VanHove from TruNorth Global and A.J. Johnson from Truck Master Warranty, noted that many used truck dealers typically wait until after a sale to discuss service contracts.
This practice can be problematic as it often does not integrate the contract’s cost into the overall budget for the truck purchase. If customers allocate their entire budget to the vehicle, they might forgo adding a service contract even if they initially intended to. The panel advised that dealers should engage prospects in conversations about their intended use and maintenance plans for the truck right from the start and present all available service contract options at that time.
Transparency regarding the functionalities of the service contracts, including coverage details, maintenance requirements, and claims submission processes, empowers customers to make informed decisions that suit their business needs. This approach not only boosts the likelihood of securing a contract sale but also increases the chances that customers will choose a more comprehensive plan and have a positive experience once the contract is in effect.
