Jack Key Kia - DP- Trade In
- 1.
On average, two out of every three clients will trade in their current vehicle when purchasing a new one.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
On average, two out of every three clients trading in their current vehicle when purchasing a new one suggests that a majority of clients prefer to exchange their old vehicle for a new one. This indicates a common practice in the automotive industry, where customers often opt to trade in their existing vehicle as part of the transaction.Rate this question:
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- 2.
In order to feel confident and capable when dealing with the trade you should:
- A.
Have a pre-set plan to handle negotiating deals with a trade
- B.
Do you best to pursue client who won’t be trading in their vehicle
- C.
Always let the client set the value for the trade in
- D.
All of these
Correct Answer
A. Have a pre-set plan to handle negotiating deals with a tradeExplanation
Having a pre-set plan to handle negotiating deals with a trade is important in order to feel confident and capable when dealing with the trade. This means that you should have a strategy in place for how to approach negotiations, including factors such as the desired price range, potential trade-in values, and any additional incentives or offers that can be made. By having a plan in place, you can navigate the negotiation process more effectively and increase the likelihood of achieving a favorable outcome.Rate this question:
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- 3.
If a client is adamant about getting a certain price for their trade be patient and remember:
- A.
They may be quoting Kelley Blue Book values which are just a guide/estimate of value
- B.
Many clients just want enough to pay off what they owe on the vehicle
- C.
Often clients do not realize what poor condition their vehicle is truly in
- D.
All of these
Correct Answer
D. All of theseExplanation
The correct answer is "All of these." This means that all of the given statements are possible explanations for why a client may be adamant about getting a certain price for their trade. The client may be referencing Kelley Blue Book values, wanting to pay off their vehicle's debt, or not fully understanding the poor condition of their vehicle.Rate this question:
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- 4.
Is it important that you do a vehicle “devaluation" walk around on a client trade? Why? (Select all that apply)
- A.
Yes, It allows you to understand the condition of the client’s trade.
- B.
No, it doesn’t matter what you or the client think of the vehicle ultimately the sales manager sets the price.
- C.
Yes, It gives you the opportunity to point out flaws in the vehicle that your client may have overlooked.
- D.
No, It will offend the client if you tell them that their vehicle is in poor condition
Correct Answer(s)
A. Yes, It allows you to understand the condition of the client’s trade.
C. Yes, It gives you the opportunity to point out flaws in the vehicle that your client may have overlooked.Explanation
Doing a vehicle "devaluation" walk around on a client trade is important for two reasons. Firstly, it allows the salesperson to understand the condition of the client's trade. This information is crucial in determining the value of the trade-in and negotiating a fair deal. Secondly, it gives the salesperson the opportunity to point out any flaws in the vehicle that the client may have overlooked. This helps in building trust with the client and providing them with accurate information about the vehicle they are considering purchasing.Rate this question:
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- 5.
Clients will always want to pay the most for our vehicle and receive the minimal amount for their trade. We, on the other hand, want the exact opposite.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that clients and the company have opposite desires when it comes to pricing for vehicles and trade-ins. The company wants to maximize the price for their vehicles and minimize the amount they give for trade-ins, while clients want the opposite. Therefore, the correct answer is false.Rate this question:
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- 6.
When doing a trade in “devaluation” you should:
- A.
Point out wear, tears and stains in the upholstery
- B.
Start the vehicle and test the windows and all other electronic functions
- C.
Touch each dent, mark and scratch on the exterior
- D.
All of these
Correct Answer
D. All of theseExplanation
When doing a trade-in, it is important to thoroughly inspect the vehicle. Pointing out wear, tears, and stains in the upholstery helps to assess the condition of the interior. Starting the vehicle and testing the windows and all other electronic functions ensures that everything is in working order. Touching each dent, mark, and scratch on the exterior helps to evaluate the condition of the exterior. Therefore, all of these actions should be taken when doing a trade-in.Rate this question:
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- 7.
The client would not be trading in their vehicle if they were completely happy with it. Investing the time necessary to do an effective “devaluation” can help you discover the reason they are trading it and help you close the sale.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement suggests that if a client is completely satisfied with their vehicle, they would not be trading it in. By investing time in understanding the reasons behind their decision to trade, a salesperson can better address their concerns and potentially close the sale. This implies that the statement is true.Rate this question:
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- 8.
What are some reasons a client may consider trading in their vehicle even if the devaluation was not in their favor?
- A.
Their current vehicle needs repairs and/or is out of warranty.
- B.
They appreciate that you took the time and made the effort to walk thru their trade with them versus just saying their vehicle wasn’t worth what they asked for.
- C.
Their current vehicle no longer fits their current lifestyle.
- D.
All of these
Correct Answer
D. All of theseExplanation
Clients may consider trading in their vehicle even if the devaluation was not in their favor for several reasons. Firstly, their current vehicle may need repairs and/or be out of warranty, making it more cost-effective to trade it in for a newer vehicle. Secondly, they may appreciate that the salesperson took the time to walk through the trade-in process with them, showing that they value the client's input and concerns. Lastly, the client's current vehicle may no longer fit their current lifestyle, such as if they need a larger vehicle for a growing family or a smaller, more fuel-efficient car for a longer commute.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 04, 2014Quiz Created by
Dhalseth
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