Mindset of Automotive Equipment Dealers
In a recent survey of more than 2,000 automotive equipment dealer executives and sales leaders, there were some eye-opening comments and even more eye-opening stats surrounding them.
- “I think my sales team is afraid to talk about money.”
- 77% of automotive equipment sales teams leave the financial conversation for the last step in the sales process, while 69% of sales opportunities breakdown for financial reasons.
- “We prefer it when the customer’s bank handles the financing.”
- 57% of small business owners cannot qualify for traditional bank financing, and 27% of large corporate companies would rather not use their primary banks to finance equipment purchases.
- “We don’t allocate any time to financial training for our sales team.”
- Equipment salespeople that can introduce financing and financial concepts early in the sales process are 33% more likely to hit their annual quota.
- “We only use the manufacturer’s finance programs.”
- Manufacturer finance programs or “captives” often limit the number of options you can offer your customer.
It’s time to throw out these old, painful ways of thinking and embrace the evolution of financing. TimePayment can help!