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Car Dealership Dictionary
You want to be familiar with all of the automobile dealer terminology as well as automobile dealer colloquial speech prior to stepping foot into a showroom. A knowledgeable buyer is often a car dealer's most awful nightmare. That's because automobile seller slang is the way car dealers speak to one another, but they converse with you in tangible car dealer terms.
- BABYSITTER:
- Colloquial speech that is used for a co-signer or else a co-buyer on an automobile deal.
- BACK END:
- Back end is the deal which has been move forward to the bank for financing, wherever the extra "hidden" profit is ended by the dealer.
- BEATER:
- Take a look at SLED.
- BE BACK:
- Probable buyer who has been in the dealership on one occasion or quite a few times. Did not buy at that time and has returned for supplementary information or whatever.
- BIRD DOG:
- One who refers potential customers to a particular dealership or else a salesman for a given charge or recompense.
- BOUNCE:
- To bounce someone means to maximize the sales price of the car, interest rate, monthly expenses, etc.
- BRICKS:
- This word is used to mention one's house as security in taking out a second belief deed loan.
- BROWNIE:
- To trade a car to a customer as a result of going around and putting a piece of paper with a message like "call me regarding your car" on car windows on the lane.
- BUMP:
- Take a look at BOUNCE.
- BUREAU:
- A credit statement on a consumer.
- BUY RATE:
- This is the interest rate that a bank or a financing institution will charge on all other contracts that has been financed. It is a "top secret" number among the lender and the dealer which is the authentic amount of the interest rate that the loan starts out at prior to the dealer increases it for its individual extra profit.
- CANDY STORE:
- A dealership with a plenty of vehicle record.
- CHISLER:
- A buyer who continuously grinds the salesman to the unsurpassed possible deal that can be capable to get.
- CLIMBER:
- A salesman who can put up anything for sale to anyone. One who is able to undertake a tough customer and knock them over?
- CLOSER:
- Normally a pushy salesman whose job it is to "end up" the deal with the purchaser when the purchaser hesitates when dealing with the salesman.
- COLD CANVAS:
- A form of prospecting where a salesman or else a dealership solicits any and all probable buyers in any of the given area.
- COME ON:
- This is where the purchaser is led to judge one thing and it turns out to be actually something else.
- DE-HORSE:
- This is when you take a buyer out of his trade-in and give him permission to temporarily drive an on loan car from the dealership until his purchase is concluded.
- DESKMAN or DESK:
- A man who both figures as well as determines what kind of deal the dealership will make with the buyer.
- DEUCE:
- This normally refers to a $200.00 figure for whatsoever reason, down payment, trade-in value, etc.
- DIP:
- This is when the buyer needs supplementary or all of his cash down advanced by a finance company.
- DOUBLE DIP:
- To finance purchase among two or more loan companies.
- DOWN:
- Short form for down payment. Also used when a salesman has quit talking with the prospective buyer. He is considered to be down and the next salesman is considered to be up and in line to grip the next prospective buyer.
- DOWN STROKE:
- It denotes the customer's down payment.
- EDGY:
- This is a buyer who might or might not be capable to get his car financed.
- ETHER:
- Is a colloquial speech that is used in association with its actual application. For example, putting someone in the ether. This is usually done in a closing situation as well as the customer is not entirely aware of what is happening.
- EYE BALLER:
- Is a showy looking, bright colored and it is usually a sporty type automobile.
- FLAKE:
- This type of customer who usually has bad credit else little or else no money down. There is no use of trying to put a deal together for him.
- FLIP:
- This is to alter a buyer from financing his automobile all the way through his own bank or credit union to finance throughout the dealership.
- FULL BORE:
- To sell a car for the full sticker price with no reduction in its selling price.
- GOLD BALLS:
- One who has outstanding credit and usually a considerable down payment?
- GRAPE:
- This is a very easy purchaser. He usually goes all along with anything anyone tells him.
- GREEN PEA:
- The GREEN PEA is about a new salesman or a new sales manager.
- GRINDER:
- This is a buyer who, no stuff what the salesman offers and the buyer needs more for less.
- HEN:
- The Older type salesman who influences the younger salesmen (unfavorably).
- HIGH BALL:
- A figure given to a prospective customer which is an overstated value of his trade-in in order to get the customer to come back to the dealership to buy his new car.
- HIGH PENNY:
- To alter a customer's monthly payment. For example: from $101.13 to $101.93. It is in safe hands to assume that if the buyer will pay $101.13 for a car payment, he will give $101.93 without giving it a next thought.
- HOME RUN:
- When highest profit has been made on a deal or when the sales business manager has sold the buyer all the insurance he has on his hand.
- IRON:
- This is the ages used car that has been valued only for an iron that it holds.
- KINK:
- A dilemma with an agreement due to "miswriting", misrepresentation, misquoting, or else mishandling.
- LAID AWAY:
- A customer who has paid the utmost price for as many items (similar to accessories, rust proofing, extended warranty, financing along with credit insurance) as can probably be sold on an automobile.
- LAY DOWN:
- This is a buyer who says okay to everything, so they "lay down" as well as get run right over.
- LINER:
- A salesman responsibility is to settle a buyer on one particular car, get a commitment of some type from the buyer, despite of how silly it is, and then roll the buyer over to his T.O. man or sales manager or else the mother.
- LOW BALL:
- This is a sales figure or a tentative price that has been given to a customer who has acknowledged the detail that he will not purchase an automobile at that moment and wants to shop this figure beside other dealerships. This is generally an unrealistically low figure and one that the automobile can not essentially be purchased for.
- MICKEY:
- Slang term that has been used to describe a down payment loan which has been arranged by the dealership. This is commonly referred to as finishing a deal in Mickey Mouse way.
- MOTHER:
- Take a look at T.O. MAN.
- MOUSE HOUSE:
- colloquial speech that has been used for a finance company.
- NEGATIVE EQUITY:
- Negative equity, which means that your trade-in automobile has an excellent marketplace value that is less than what you are obliged on it. This is because you have not owned it very long and you still owe a very high inducing on it. It might also be because the very last dealership you traded a car in, and who sell you this one, started you on this "negative equity" cycle. NICKEL: Refers to $500.00 for trade value, purchase price, cash down, etc.
- PACK:
- There are two interpretations of this. The foremost is used in figuring a salesman's commission, depending on the individual dealer they will catch away somewhere from $75.00 to $250.00 from the gross profit of the deal and they has to pay the salesman his commission figured on this dissimilarity. The next thing denotes that when the salesman or else the sales business manager would estimate a monthly payment to a customer and they furthermore increases the actual amount by 5 or 10 dollars to leave room for Credit Life, Accident as well as Health Insurance.
- PENCIL:
- This has two applications. Initially, a sales manager will pencil a salesman's deal by crossing out the consumers offer and penciling in the figure that he desires to get for that car. The next application is used whenever a salesman or sales manager may change the selling price or trade-in stipend and covers it up with a raise in the customer's monthly payment as of the extra added cost he expects to pay for Credit Life, Accident as well as Health Insurance.
- PIPE SMOKER:
- A buyer, who smokes a pipe and gives no commitments whatsoever usually, grinds the salesman to his last thread and they don't buy the car after all.
- PUT TOGETHER:
- This is the same as "laying someone away". In other words the highest gross revenue to be made on that deal has been accomplished.
- RATE SHEET:
- The Dealer Reserve Schedule which has been used by the F & I salesperson to find out the sum of the kickback they will get back from the bank or the other lender who is obtainable to finance the sale, in switch over for bumping the interest rate over the minimum rate that the lender actually wants to get on the loan.
- RESERVE:
- Sometimes thought of as a "kickback" the bank which will gives the dealer for setting up the loan. The earnings a dealership realized on a contract in excess of the finance source's discount rate. For example: If the bank is departing to charge $600.00 in finance charges on a agreed contract and the entire finance charge to the buyer on this bond is $1,000.00, the dealership will realize that $400 will be a "reserve money" but the purchaser assumes that the interest is all being charged by the bank.
- RESIDUAL:
- This is the implementation value of an automobile that is being leased. The total number on the lease agreement might be genuine or simply made up.
- ROLL BACK:
- To work a deal backwards. as an alternative of working with the purchase price as well as demanding to find out a monthly payment, you have to begin with a well-known monthly payment and there should be a try to find out a selling price. It also means to "roll back" the odometer on a car to build it worth more money which is highly illegal.
- RULE OF 78:
- A numerical formula used in figuring a rebate of unearned charges or premium, when these charges were pre-computed as well as pre-paid. On one occasion it is given as "78 ways we get to keep your money".
- SHADOW:
- What a green pea does to lean how superior salespeople sell, i.e., they go behind them and observe the things that they do.
- SLED:
- Reference quite frequently given to a customer's old trade-in which is usually "beat up" moreover worth little or nothing.
- SLIDE RULER:
- A buyer or a consumer who is a specification nut. He does not deal in generalizations when prices are quoted. They must be accurate and reasonable most of the time. This kind of buyer will have a slide ruler or a pocket calculator with him all the time to calculate his own sales tax as well as the total sales price.
- SPEAR:
- Think of it akin to in the movies when the Indian would "spear" a fish in the river for his dinner. This is just a routine used in getting a buyer onto a dealer's lot. For instance: Stopping a man who is going on the street and telling him that you would give him some offensive figures for his trade-in and if he would just come down to the dealership in the present day and just take a look at what you have to offer.
- SPOT DELIVERY:
- This is when all phases of the purchase as well as the delivery are completed on the same day. This may include or not include any kind of credit check or approval.
- STICKS:
- Reference given to the borrower's furniture he puts up as guarantee on a small loan, such as soon as he borrows the money for the down payment on the vehicle he is getting ready to purchase.
- STRAW PURCHASE:
- This is when a third party buys an vehicle along with there investments(finance) will be in his name for someone else (who will be the actual driver) for the reason that of that other person's age, dreadful credit, or short of credit, etc.
- STROKER:
- A person who gives the feeling that he wants to purchase a car, but really he will not have the resources to do so.
- STRONG:
- This sound has two probable meanings. When used in suggestion to an automobile, it denotes that the car is a good quality seller and hence, an above average profit can normally be ended on it. The second application point out the sales individual, be it salesman or sales manager or else Sales Business Manager, in reflecting his capability to do his requisite job (i.e., violent, forceful).
- STUD:
- Take a look at the second application of STRONG.
- SUM OF THE DIGITS:
- One more term used for the "RULE OF 78" - a rule used in figuring rebates, once it characterized as "78 ways we get to keep your capital".
- SWITCH:
- To modify a customer from buying one car to another for more than a few reasons like availability, possible profit, etc.
- THIRD BASEMAN:
- An individual who accompanies a probable buyer for the reason that the buyer feels he is better versed in haggling over the price of the car and/or he knows more about the car mechanically, thereby diminishing the chances of getting stuck with a "lemon".
- TIRE KICKER:
- This is in general an individual who don't want to buy a car, but immediately wants to look. He walks in, touches the merchandise and do not want to talk with anyone.
- T.O. (TURNOVER):
- This process is used in selling where the salesman or liner turns a potential buyer over to a different salesman or sales manager to close up the sale.
- T.O. MAN:
- This is the individual to whom so ever it may concern a LINER will turn in and around has a customer over.
- TOAD:
- Allusion given to a customer's trade-in; a worn-out part of machinery that is currently "sitting there" similar to a toad.