Lease quote, how long does it take?

[Jeff Kershner]

I was listening to several recorded phone conversations between consumers and different dealerships. After you listen to enough of these recorded conversations, you quickly see a trend.

That trend being, dealerships are still not very well equipped to quote a customer lease payments (not even a ballpark figure.)

Almost every dealership representative will off-line the customer when a request for a lease payment is made.

knowing how many dealerships work, I would venture to say many times these customers requesting a lease payment don't even receive a phone call back.

Someone asked me, why is this? Why does it take a dealership so long to return a lease payment quote to somebody that is obviously in the market to lease a car?

My short answer: there's so many variables.

I'd love to hear answers from the DealerRefresh community.

On average how long does it take for you (dealership) to return a lease payment quote to a phone prospect or Internet prospect?

If it takes a long time, why?

If your turnaround time on a lease payment quote it quick (potentially not even off-lining the customer), how have you achieved this?

 

[rlamb]

I agree, there are a ton a variables involved in leasing and also most people are calling in off or some $200/month leasing specials they've seen advertised. In my experience, it works better to tell the customer why they need to come in and review the leasing options in person so we can tailor their lease to their needs, just like a normal payment call....get them in the door, then let things run their course.

 

[BHavican]

I worked in a store once upon a time where you had to get your quotes from a sales manager and that's when it became a lengthy process. Lease quotes aren't fun, you have to look up the program and find the right numbers to plug in.

In addition there are some managers out there that just don't know how to figure a lease. For that reason, a below average sales manager's response to a lease quote request will be "just get them in." So you have to explain the 15 ways you already tried to overcome giving a quote over the phone.

Then an in-store deal will come up and you'll get put off to the side. Or lunch will come. Or it may be their turn at Words with Friends. Or anything else that will offer a welcome distraction. Meanwhile your prospect is waiting and more than likely called another dealership.

I have the luxury of having worked the desk before and so my management team gives me the tools and freedom to give out quotes from our office. It'll take a minute or two for me to stop what I'm doing and look up the programs then plug in the info, but the turn around time is usually less than 5 minutes. Often because I'm always keeping an ear open to our reps' conversations I can tell when a lease quote or other quote is coming and already be looking up the data and punching it in. They're then able to give the quote while still on the phone and secure the appointment.

 

[Manny Luna]

Great question.
Being transparent and giving the customer an exceptional experience is most important. Use caution and check with the OEM site to make sure your not going to get yourself called out. (I would quote the Lease Installments on the OEM site and move right into the- Why are thinking about leasing and what are you driving now?).

Asking the right questions will lead to an appointment..

P.S. Don't get caught winging it, customers will know it.
http://www.bankrate.com/calculators/auto/auto-lease-calculator.aspx

 

[Jeff Kershner]

Some good advice so far but let's remember it's always easier said than done.

Of the many calls I hear, a good portion of these customers are somewhat savvy in knowing the advertised lease payments are on base models and are looking for a quote on a more specific model that's a different trim or has more options.

"Look, I'm not going to drive all the way to your dealership if you can't even give me a ballpark quote on lease payments for ..."

Some customers you can surely explain that there are so many variables and without knowing all the specific it's quite difficult to quote a lease payment. But let's be honest - if you know the answers to a few questions AND you have the right software, you can spit out a lease quote with in a few minutes.

Bill touched on a few of the real obstacles that prevent lease quotes from happening --

Lease quotes are never fun and unless you have the right software or you're a math machine, they take time. Time a desking manager doesn't want to spend unless the customer is standing in the showroom. Or due to the simple fact, they're not 100% confident on how to calculate the payment. Therefore all to often you hear those 4 Words That Makes Sales Managers Sound Stupid.


I was hoping for some actual word tracks or qualifying question you can ask that would allow you to better transition the customer into an appointment while reducing the chances of having to actually give a quote.

Where is Jerry at?

 

[Manny Luna]

Game on Jeff!

 

[joe.webb]

I'm glad Jeff linked back to that video of mine, or I wouldn't have known to pop in and add my $0.10 on this discussion. Here is a response/objection template we provide our dealer clients to send to those prospects that request a lease price through email. This is after a 1st personal response, obviously, and for after dialogue has been created. It isn't meant to be a 1st personal response on its own. But here it is... (just one of the over 70 email templates we provide our dealer clients)....

Hello [CUSTOMER FIRST NAME],

I recognize lease payments are an important part of your decision. Lease payments are strongly affected by several factors such as credit history, credit score, credit rating, credit tier, down payment, term, and money factors you qualify for. All of this is very sensitive information that we prefer to gather in store, so identity/credit theft is never a concern of yours, through any medium. We find it best to only provide lease payments once I have gathered this information at the dealership for security concerns.

Let me know when you can stop in so I can obtain the credit statement from you and calculate the correct payments. I promise not to waste your time, but I want to give you the most accurate and aggressive payments possible in a protected environment. Is today or tomorrow better for you?

[SALESPERSON SIGNATURE]


Now... if the customer still demands it after this email, I say, give them the lease payments (as much as I DESPISE doing it). It is often the only way to stay in the running for their business, but must be an internal policy for the store. Most other questions should be handled with transparency and given answers to straight off. Lease payments have so many moving parts, and can be so time-consuming (as well as differing with most online lease calculators) that in-store calculation is often the best scenario. I wrote a brief blog about the importance of at least taking a shot by "addressing the customer first, but not exactly answering their question" when it comes to more time-consuming prospect requests. Acknowledging them is key, but it doesn't often hurt to take one stab at bringing them in before deciding to serve up endless information. Here is that blog titled "Address First" about handling leads.

Hope this all helps.

Some good advice so far but let's remember it's always easier said than done.

Of the many calls I hear, a good portion of these customers are somewhat savvy in knowing the advertised lease payments are on base models and are looking for a quote on a more specific model that's a different trim or has more options.

"Look, I'm not going to drive all the way to your dealership if you can't even give me a ballpark quote on lease payments for ..."

Some customers you can surely explain that there are so many variables and without knowing all the specific it's quite difficult to quote a lease payment. But let's be honest - if you know the answers to a few questions AND you have the right software, you can spit out a lease quote with in a few minutes.

Bill touched on a few of the real obstacles that prevent lease quotes from happening --

Lease quotes are never fun and unless you have the right software or you're a math machine, they take time. Time a desking manager doesn't want to spend unless the customer is standing in the showroom. Or due to the simple fact, they're not 100% confident on how to calculate the payment. Therefore all to often you hear those 4 Words That Makes Sales Managers Sound Stupid.


I was hoping for some actual word tracks or qualifying question you can ask that would allow you to better transition the customer into an appointment while reducing the chances of having to actually give a quote.

Where is Jerry at?

 

[Jerry Thibeau]

Sorry Jeff. just got back from 5 days in Vegas and did little work.

Most manufacturers advertise lease specials on their web sites. Dealers should have them on theirs as well, add a link and let customers submit a lead requesting a specific quote. Salespeople need to learn those each and every month. If they are not there, dealerships should work up a lease special on every model they sell. Should be on a base unit with about 10% down. Make a master list and give it to each salesperson at the start of each month.

When they phone call arrives and the customer inquires we should say the following: "We have lease specials starting on the (Model) at $199 (based the payment) per month. How much down you ask? That's only 10% down. How much did you want to put down? Nothing? Not to worry, we lease (model) with nothing down all the time. There are many different ways to work a lease and I am confident we will find you the right vehicle at the right lease price. When are you available to come in so we can help you, today or tomorrow?"

 

[EEigenfeld]

Sorry Jeff. just got back from 5 days in Vegas and did little work.

Most manufacturers advertise lease specials on their web sites. Dealers should have them on theirs as well, add a link and let customers submit a lead requesting a specific quote. Salespeople need to learn those each and every month. If they are not there, dealerships should work up a lease special on every model they sell. Should be on a base unit with about 10% down. Make a master list and give it to each salesperson at the start of each month.

When they phone call arrives and the customer inquires we should say the following: "We have lease specials starting on the (Model) at $199 (based the payment) per month. How much down you ask? That's only 10% down. How much did you want to put down? Nothing? Not to worry, we lease (model) with nothing down all the time. There are many different ways to work a lease and I am confident we will find you the right vehicle at the right lease price. When are you available to come in so we can help you, today or tomorrow?"

Exactly.

The rule at every Mercedes-Benz store is "know your programs."

The high lease volume there gives salespeople a great library of past deals to work from, so getting a quote is relatively simple.

 

[yagoparamo]

Sorry Jeff. just got back from 5 days in Vegas and did little work.

Most manufacturers advertise lease specials on their web sites. Dealers should have them on theirs as well, add a link and let customers submit a lead requesting a specific quote. Salespeople need to learn those each and every month. If they are not there, dealerships should work up a lease special on every model they sell. Should be on a base unit with about 10% down. Make a master list and give it to each salesperson at the start of each month.

When they phone call arrives and the customer inquires we should say the following: "We have lease specials starting on the (Model) at $199 (based the payment) per month. How much down you ask? That's only 10% down. How much did you want to put down? Nothing? Not to worry, we lease (model) with nothing down all the time. There are many different ways to work a lease and I am confident we will find you the right vehicle at the right lease price. When are you available to come in so we can help you, today or tomorrow?"

Jerry,

What's easier to close (get the customer to come) over the phone, a sale or a lease?