Over the past few months, I have been having what seems to be a recurring conversation with a variety of people in my circle of influence. The other day, while prepping some deals that were coming in later in the evening, I sat down with one of my best salespeople at this dealership, Joe Cleland, and he was the inspiration for the title of the article you’re about to read.
Spend your time crafting your pitch and building your process to perfection.
If you were intrigued by the title of this article but are still asking what the heck the #kingofbing is talking about, it’s three simple words – assembling your paycheck.
I told Joe that I was taught back in 2003 when I started selling cars at the local family owned Chevrolet-Honda-Pontiac dealership in Boulder, Colorado, that the key to making it in this business is highly dependent upon your ability to make money. However, sometimes the way we look at the deal or the sale is too narrowly focused, and we forget about all the various different ways there are to make money on a car deal. I was taught to pretend that the showroom and the dealership are covered in cash, because they are. There is money everywhere if you look hard enough. Sadly, some people will walk around the store, see a $10 bill on the ground, and not even stop to pick it up.
Simply, all you need to do is take every opportunity to maximize your pay plan. Instead of looking at the sale of the car as a “mini” or the buy rate deal as a “flat,” look at all the numbers involved. Turn over every rock that you encounter along the way down the road to the sale. You might see a $20 bill under one. Look a little closer and you might see $50 under another one. You might even make $420 if you get really good at what I’m talking about.
My point here is the commission on the car deal is just the beginning. There are the F&I spiffs, the parts department spiffs for accessory sales, or the referral fee for sending in friends and family to do business with your store. The bounty placed on the used car you can find for the store for the dwindling used car inventory. The factory sometimes has spiffs for achieving certain volume standards, such as Mark of Excellence with General Motors. Perhaps selling a GM Card can provide some power points that can be redeemed for merchandise or cash in your bank to pay bills or go on vacation. OnStar and XM Radio sometimes have spiffs available for upgrading products your customers are already going to sign up for, to a degree, so why not capitalize on that as well.
You have to be creative and willing to do the impossible. You have to spend time working on your words — what you will say and when you will say it. I once heard someone say, if you want what I have, then do what I do. The problem is most people, especially people in sales, have a high propensity to take the path of least resistance. It takes effort, persistence, and discipline to assemble the paycheck you want to have.
This is why it is so important to use your time wisely every day. You need to always be on the lookout for the next opportunity in your store where you can add value. Spend your time crafting your pitch and building your process to perfection. Remember to feather in all of your income opportunities, so that every turn you take with each customer is maximized to its fullest potential.
Like our friend the squirrel, you have to grab a little bit here and a little bit there. One dollar at a time, from all over the park, tree by tree. This is how you make your paycheck great again.
Justin B Gasman is financial services director for McCaddon Cadillac Buick GMC in Boulder, Colo.
Originally posted on F&I and Showroom