is car sales one of the most overrated jobs around ?
Discussion
bugmenot said:
tdm34 said:
I take it that you must be aware that because of Financial Services Authorities regulations that we have to tell you poor customers about GAP etc because if we didn't and you had a shunt that wrecked your new wheels, you could sue us for the difference.
But of course you knew that, didn't you?
edit: expensive GAP insurance, Expensive? £169 for five years that guarantees that it'll basically wipe any finance debt you might have attached to the car in the event of your car suffering a total loss? that works out to be £2.81 per month that's not even the price of a pint today or one Mars Bar per week!!
That's not even true. And if you think otherwise can you point me towards these regulations?But of course you knew that, didn't you?
edit: expensive GAP insurance, Expensive? £169 for five years that guarantees that it'll basically wipe any finance debt you might have attached to the car in the event of your car suffering a total loss? that works out to be £2.81 per month that's not even the price of a pint today or one Mars Bar per week!!
Edited by tdm34 on Monday 21st July 23:05
Edited by tdm34 on Monday 21st July 23:06
Perhaps the only possible rationale is that if a customer later makes a complaint which is referred to the Financial Ombudsman Service (FOS) then there is the POTENTIAL that the FOS could view this as mis-selling if you didn't explain all the GAP insurance options to the customer.
(Not knocking you for selling it though - it is a worthwhile product)
Edited by bugmenot on Monday 21st July 23:42
Ari said:
tdm34 said:
edit: expensive GAP insurance, Expensive? £169 for fice years that guarantees that it'll basically wipe any finance debt you might have attached to the car in the event of your car suffering a total loss? that works out to be £2.81 per month that's not even the price of a pint today or one Mars Bar per week!!
How much can you buy exactly the same product on line for..? 
Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
"Given the perceived problems in the market, the FCA announced a market investigation in July 2013. It found poor competition, low levels of claims and consumers potentially being overcharged by up to £200m each year for products that they may not need or even use."
http://www.fca.org.uk/news/fca-says-general-insura...
So you're saying you are required by law to try to sell this underused policy?
http://www.fca.org.uk/news/fca-says-general-insura...
So you're saying you are required by law to try to sell this underused policy?
tdm34 said:
Basically they state that we must tell you about them, and we go a little bit further, as part of the demands and needs process we have to get you to sign a doc that states that we've explained the benifits and that you declined them!
Informing your customers about GAP insurance is part of your company's sales process. There is no FCA (formally the FSA) requirement to do so.There are FCA regulations which mean that you do have to assess whether an insurance product is suitable for a customer - by, as you correctly say, evaluating their demands and needs. You do also have to share this information with your customer - but getting the customer to sign a document declaring that they've declined to take the product despite your recommendation is a sales technique.
Edited by bugmenot on Tuesday 22 July 01:00
TheEnd said:
One to push a false image that you've mad a bad decision, what a horrible tactic to pull.
I disagree with you to be honest.It is a useful product.
And a customer has to confirm they want a product so what's the harm in confirming they don't want it?
And with regards to the FCA findings of low claim levels, I think a likely explanation is that your average customer doesn't really understand GAP insurance and/or forgets they even have it so therefore doesn't make a claim when they are eligible. This suggests that generally-speaking something might be going wrong in the sales process, although I doubt that's the only reason.
DoubleSix said:
Ok well next time you go to buy a car insist on only dealing with the receptionist and let me know how that goes!
Seriously though, that's not common way to shop. Most car buyers will have narrowed down the search to a select few brands, let's say BMW, AUDI & MERC, Mr & Mrs Jones will then cross shop by spending the afternoon perusing the showrooms. Often the experience here dictates their next course of action.
Marketing is of course hugely important (I should know it's what I hold my bachelors in) but it's often one of the first things a business will reduce in times of downturn or financial constraint.
Provided the receptionist could throw me the keys for a test drive, that would be awesome.Seriously though, that's not common way to shop. Most car buyers will have narrowed down the search to a select few brands, let's say BMW, AUDI & MERC, Mr & Mrs Jones will then cross shop by spending the afternoon perusing the showrooms. Often the experience here dictates their next course of action.
Marketing is of course hugely important (I should know it's what I hold my bachelors in) but it's often one of the first things a business will reduce in times of downturn or financial constraint.
tdm34 said:
I think you might find it £10-20 cheaper, but most people would take ours because of the convenience factor, that and the fact that we're a long established business with a fantastic recommendation/repeat customer ratio, because we really don't hassle our customers.
Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
To be fair, that is a reasonable price. Most dealers are charging £300 for a product you can buy for £100 on line. Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
Ari said:
-Z- said:
Nope, dental school. Although they are comparable these days
Pffft. You can become a dentist inside 10 years. Takes double that to become a car salesman. Apparently. Ari said:
tdm34 said:
I think you might find it £10-20 cheaper, but most people would take ours because of the convenience factor, that and the fact that we're a long established business with a fantastic recommendation/repeat customer ratio, because we really don't hassle our customers.
Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
To be fair, that is a reasonable price. Most dealers are charging £300 for a product you can buy for £100 on line. Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
GAP is one of things that you'll be immensely grateful for if you ever have to claim, but the premium (the open-market premium, not what dealers charge) tells you that the likelihood of making a claim is pretty small.
matthias73 said:
DoubleSix said:
Ok well next time you go to buy a car insist on only dealing with the receptionist and let me know how that goes!
Seriously though, that's not common way to shop. Most car buyers will have narrowed down the search to a select few brands, let's say BMW, AUDI & MERC, Mr & Mrs Jones will then cross shop by spending the afternoon perusing the showrooms. Often the experience here dictates their next course of action.
Marketing is of course hugely important (I should know it's what I hold my bachelors in) but it's often one of the first things a business will reduce in times of downturn or financial constraint.
Provided the receptionist could throw me the keys for a test drive, that would be awesome.Seriously though, that's not common way to shop. Most car buyers will have narrowed down the search to a select few brands, let's say BMW, AUDI & MERC, Mr & Mrs Jones will then cross shop by spending the afternoon perusing the showrooms. Often the experience here dictates their next course of action.
Marketing is of course hugely important (I should know it's what I hold my bachelors in) but it's often one of the first things a business will reduce in times of downturn or financial constraint.
Ari said:
tdm34 said:
I think you might find it £10-20 cheaper, but most people would take ours because of the convenience factor, that and the fact that we're a long established business with a fantastic recommendation/repeat customer ratio, because we really don't hassle our customers.
Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
To be fair, that is a reasonable price. Most dealers are charging £300 for a product you can buy for £100 on line. Last week we sold 116 cars with a GAP take up of over 50%, at the price we sell it I genuinely can never understand why people wont have it!
'Product you can buy online CHEAPER than out in the real world'
Ari, the Daily Mail will love that one, they'll show pictures of car dealerships with the rough valuations of what they cost to build, they'll show demonstrators with their OTR prices.
Get them emailed mate, you could get paid for that story right there....
MarshPhantom said:
walsh said:
Someone hit the nail on the head earlier. You can earn pretty much what you like if you are a decent salesperson, but, if it were easy, everyone would do it.
Is it the selling part that is difficult or not knowing what you'll be earning from one month to the next? 
Although if you're any good at the job you get a basic idea of what you're going to earn every month and you have to cock up pretty badly to miss that
Butter Face said:
MarshPhantom said:
walsh said:
Someone hit the nail on the head earlier. You can earn pretty much what you like if you are a decent salesperson, but, if it were easy, everyone would do it.
Is it the selling part that is difficult or not knowing what you'll be earning from one month to the next? Although if you're any good at the job you get a basic idea of what you're going to earn every month and you have to cock up pretty badly to miss that
Working as a Toyota salesman, earning crap basic ( £10k ) but doing really well on comms.
Then the big recall happens.
Spent months being a receptionist earning basic.
Efbe said:
doublesix
lol, nothing constructive to add other than soo much self-importance here.
It's akin to the price-labelling guy in a supermarket saying none of the items will sell without him.
I already told you I don't work in car sales Efbe so not sure why I would be considered "self-important".lol, nothing constructive to add other than soo much self-importance here.
It's akin to the price-labelling guy in a supermarket saying none of the items will sell without him.
I just understand the function sales people play in a business.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff