Can you get a manufacturer to help pay for your dream exotic?

that he said he would never own a navara or any Lotus again if you talk to any car salesman about what they do during the day if they're honest with you they'll probably say they sit around a lot twiddling their thumbs and particularly early in your career in car sales before you've sort of built up a customer base to sort of call upon to do repeat deals you do sit around the wine and particularly in an exotic store where 90 to 95 percent of the people that walk through the doors have no means or intention to buy a car anytime soon you do a lot of tour guiding and drinking coffee and you know reading the internet but I learned early on that even though I had some terrific customers we're gonna buy two three four five ten cars a year that really didn't keep me busy enough and so I started to call upon a lot of used car dealers and particularly independent exotic car stores they would always need inventory so I could literally sell those guys a car just about any day so I would look through our trades and things like that and offer them around and usually make a little bit of profit and move a lot of cars but they don't buy new cars and the manufacturers and my boss always wanted me to sell out of new cars and generally I would but one month I was just having a really really slow time and so I had this idea to sort of have myself a personal challenge to see if I could put together for trade assist deals and you might have never heard of trade assistance but it probably happens more often than you think and it's actually related to lemon law lemon law is something that protects consumers from manufacturers fundamentally selling them defective cars and if you have a repeated service issue your car might be subject to lemon law and it depends on your state but in most states if you have the same issue three times if your car is down for more than thirty days or if you have a repeated safety related issue with your car you can invoke lemon law and you can use a lawyer to compel the manufacturer to buy the car back and it's not an easy process but it you know it works and it's designed to protect consumers and that's sort of what dealers exist sort of to mediate and moderate that type of exchange and the deals that tend to happen there because it's not really in the interest of the manufacturer as you might imagine to end up buying the car it hurts their reliability statistics and they end up owning a car that's worth very little because it has a branded title in the same way that a car would have a branded title if it were salvaged and then rebuilt or stolen and then recovered a lemon law car has a branded title and the manufacturers will in general sell them back to the dealers as used inventory that would then be marketed and disclosed as having been a lemon car so that hurts the value considerably and most banks will not finance them so it's in the best interest of the manufacturer to use trade assistance when it's necessary to avoid lemon law and in most cases the consumer still wants a car they just want one that works and so the dealer can sort of step in and ask for trade assistance and it generally involves looking at the person's trade and what it's really worth as it is eventually figuring out what it's probably gonna take to get it fixed so that it can just be sold as a normal used car and then look at what they might want to buy and kind of what that gap is that the manufacturer might need to make up because the alternative is if we let it go all the way to lemon law they've got a lot of legal expenses that end up being the responsibility for reimbursement by the manufacturer the full purchase price taxes any interest paid on a loan and it gets really really expensive and it makes everybody not like each other on the other hand if this guy just doesn't like this car but he wants that car and the manufacturer just wants that to go back into the used inventory and not really be their problem it usually doesn't take that much money to make a deal but it creates a deal where one wouldn't exist in that month that's what I needed so we represented Lamborghini Aston Martin McLaren and Lotus and I didn't fancy myself shrewd enough to negotiate multiple trade assist deals with the same manufacturer at the same time so I figured I need one of each so I had an Aston Martin customer who had come to me a couple of years prior to that with a db9 to trade and he was about $80,000 upside down in a car worth about 50 grand and what had happened was he bought a car in 2007 and paid all the money for it and financed it for a long time and didn't put that much money down and ended up with a catastrophic amount of negative equity and he didn't want to write a big check to trade so we were really looking for something to bury that in and the only thing that would work was average when asked him brought out the Virage right between the db9 and the DBS nobody bought it and they set around for a year and then they gave us a huge incentive we could probably discount one 70 or 80 thousand off sticker to sell and so it worked perfectly because even though the incentive was there thanks would still generally loan MSRP for a good credit customer on a brand new car so we buried pretty much all of it and he got to drive a new Aston Martin so he was elated but he started to have a lot of transmission issues with the car and it turned out that there was something wrong with the way that one of the sensors was plugged into the transmission control unit but it took a long time to figure that out and it was in several times before we could really replicate it enough and he was starting to get upset because it was a long way from his house to the dealership and he had mentioned lemon law now as a dealer my franchise agreement says I can't initiate those types of discussions I can answer questions about it and direct them to attorneys and things like that but until it becomes a trade assist opportunity it's not really something I can say the first word about but it's important that in this case he had already brought it up and was interested in trying to find something that was possible and at some point he wanted to vanquish but he also really liked this V 12 Vantage s we had just gotten and so I called the manufacturer said look we've got this guy his car's been down a whole lot of days he's getting upset but I think we could probably make a deal but his Virage is worth this and the Vantage is worth this so I'm probably gonna need about this much money to make a deal or else I do think he's gonna take it all the way to lemon law so they kind of went back and forth and eventually they granted it so I had my first deal done the Lamborghini when I knew was gonna be a little bit more challenging because quite honestly the v10 cars never broke and the v12 cars don't usually get driven that much but the Aventadors were breaking occasionally with the solenoid issue that I mentioned in another video but it was kind of rare for it to go much beyond that and that usually only took a few days but I did have one customer with an Aventador that had required two transmission replacements it was an early Aventador roadster and it had been down for a while but the guy was a great customer he'd bought a bunch of cars he was just getting frustrated with the fact that he was without his car so often and so he had mentioned the you know the of lemon law and things like that to me but the car hadn't really depreciated that much so in that case it's actually a really good opportunity for the manufacturer to do something that seems very nice for the customer but really doesn't cost them that much because we could sort of take the new car profit off a car that they hadn't allocated to us and get his used car sold for a strong market value like they were bringing and it didn't cost them much to make this guy really really happy so they kind of jumped at that opportunity and I moved his car to another used car dealer that was happy to have it and he ordered a brand new one so that was two deals down MacLaren's they break all the time so there's always something but they're not really that big of a deal and it's a lot of software updates so it's kind of hard to get one down for 30 days and they're usually not safety related it's just electrical quirks and things like that but I had a guy who had a 12 seat coupe and it had some problems so I got him a 12c spider and then it had some problems and he really wanted a 650 s but the 650 had come out and really made the 12 C's depreciate so badly they didn't he didn't want to write the check and he was starting to sort of grumble about lemon law and things like that but he didn't know much about it was just asking me some questions and I said look I'm done before you go that way let me talk to these guys and let me tell them kind of where you're at what you're looking to do and that if they'll chip in a little bit to make this deal happen you'll be a happy customer and he was like all right and you know see what you can do and so I talked to them and they were hearing a lot about things like this cuz you know they're not the most reliable cars on earth but they eventually said yes you know we need to move more 650s because they weren't flying off the shelf and they chipped in a bit I got his car sold and and everybody ended up happy the Lotus deal was a little bit different and I mentioned it or at least alluded to it in a previous video but we had this customer whose car just had all these build quality issues and it would creak and rattle and squeak and it was really miserable to drive and this is the guy that told me that he would just crank is Adel up all the way so that her screaming would sort of overcome all the noises and ridiculousness of the car this customer was actually the only customer that I ever saw get trade assistance for a car to buy something from another manufacturer because he was so upset with the build quality issues on his Evora s that he said he would never own Vora or any Lotus again and so he wanted something else and he really had his eye on this Vantage so we told blow dis like hey I mean I think you're gonna end up having to buy this thing back but if you'll chip in to this deal I can get this car sold and I can put them in this Aston with an incentive and it's not gonna cost that much and I think it puts you in a lot better position and they were actually really grateful at that suggestion so they send us a check and we got the deal done and everybody ended up happy so I went four for four that week and getting these trade assist deals done and got four new units on the board but it was a weird week for sure and the manufacturers were not looking for me to call again the next week are you looking to buy your dream car premiere Financial Services offers the flexibility of financing with the tax benefits of leasing the PFS simple lease offers quick approvals and easy termination when you are ready for the next car visit our website and follow us for more

Channel: VINwiki

Views: 1,089,947

Rating: 4.9218082 out of 5

Keywords: Lamborghini, Aventador, LP700, Roadster, Mclaren, 12C, 650S, Spider, Trade, Lemon Law, Trade Assist, Assistance, Lotus, Evora, Evora S, Aston Martin, Virage, Vanquish, V12 Vantage, V12 Vantage S, Ed Bolian, VINwiki, Car Stories

Id: gHujcXiJQ8o

Length: 9min 35sec (575 seconds)

Published: Wed Feb 28 2018