For some OEMs, the allocation may relate to what is forced upon a dealer more than what the dealer actually wants to order.ĪPR – Annual percentage rate the interest rate.īack-End Back – This term refers to the F&I functions in a dealership, and most often is used to identify the gross profit made in the business office.īait and Switch – A very old-school (and illegal) practice of advertising a low price on a given vehicle that’s often not in-stock (the bait) only to switch the customer to an inferior or higher priced vehicle when they arrive.īDC – Business Development Center Call Center.īeacon Beacon Score – A credit score generated by Equifax to provide the dealer’s lenders with insight on a buyer’s credit worthiness. It’s certainly not a complete guide to all the industry-specific terms you’ll hear in automotive retail merely a short list of those terms used in the 400+ page book.Īddendum – An addendum is a sticker or card attached next to the manufacturer’s (Monroney) label for new cars or next to the window sticker on used cars that details any dealer-installed accessories and/or market pricing adjustments.Īllocation – While a precise definition of allocation and the way vehicles are allocated to dealers can differ from OEM to OEM, the general definition of this is the new vehicle inventory the OEM allows a dealer to purchase. It’s the glossary included in the sales training book Assumptive Selling and was written as a reference for that book’s readers. Quick note: This quick list of slang terms car dealers use and other terms common to dealerships is not meant to be a complete dictionary answering every “what does the word _ mean?” when it comes to working in car sales. Car Dealer Slang Every Salesperson Should Know
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |