CaliCarSalesman
Los Angeles, CA
Male, 33
I sold luxury cars in Los Angeles, quickly learning all tricks of the trade … which I’m happy to share with you. Between the staff and the clientele, one can only imagine the range of personalities I encountered.
Actually, I always lease for a couple reasons. I prefer to have a new car every few years to keep up with model changes and stay within manufacturer free service programs. Also, because there is so much depreciation as soon as you drive it off the lot, I'd rather invest the rest of my money in assets that grow. Also, I lease vehicles that maintain high residual values to take advantage of lower depreciation. Besides, you'd be a damn good negotiator if you plan to buy a used car, since there's much more profit potential in it for the dealer. Unless you have access to a wholesaler dealer who will charge you less.
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No training whatsoever. That's the beauty of car sales – it’s sink or swim. They handed me the same product brochure that customers can take for free and set me loose on the sales floor.
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"Sticker price" means the manufacturer's suggested retail price, which is always higher than the invoice. The invoice is the price that the dealer pays to the manufacturer. So the dealer's profit is the difference between sticker and invoice. The profit can be up to a few thousand dollars for luxury vehicles.
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A salesperson will ask how you plan to pay for the vehicle. If you plan to finance through them, they have more ways to potentially make money, including marking up the interest rate more than the rate at your local bank or credit union.
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Definitely find out the invoice price of the vehicle, including options, on edmunds.com. Also, make sure you've called at least ten dealers in your area for prices to make sure that the dealership you actually set foot in has the lowest price.
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A good salesperson selling luxury brands make six figures annually, including commissions and bonuses.
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Straight commission is very typical.
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