Car Business Language & Lingo Part II
I was standing in the showroom one day and my buddy Scott was standing outside when a car pulled up. I was thinking…”That looks like my “Be Back” from last week.” After they got out of the car, I could plainly see it wasn’t my “Be Back.” Holy Shit! That’s a “Fresh Up” I said to myself as the customer looked like a stone cold buyer. I was right on the money. Scott had a “Lay Down” and when the customer left they were totally “Laid Away.”
With all that being said, here’s part II of Car Business Language & Lingo. Click Here if you missed part I. Below is a continuation of lingo and jargon used in a car dealership by the salespeople and managers.
- “Spot/Spotted”—The terms “Spot and Spotted” refer to what’s called a “Spot Delivery.” A spot delivery is when an “Up” or a “Fresh Up” or even a “Be Back” comes into the store, buys a car and takes immediate delivery. They took delivery on the “Spot” hence spot delivery. When a “Fresh Up” comes into a store and buys a car it’s almost always a “Spot.” Or spot delivery as in taking the car home. Spot deliveries can sometime blow up and backfire. Have you ever heard of someone having to bring a vehicle back to the dealership after they signed all the paper work? Not a good thing. Later I’ll show you how to avoid that happening to you.
- “Re-Con”—Now a “Re-Con” has nothing to do with being a convict, although a high percentage of “Re-Cons” might fit that bill. You’re considered a “Re-Con” if you went into a car dealership, bought a car, and signed all the paper work but then had to come back at a latter date to resign or “Re contract” as they say in the business; hence the term “Re-Con” short for being a Re contract. The finance manager might come up to a salesperson and say, “Hey Scott, has your “Re-Con” been back in to sign?” How impersonal right? It’s just the car business Baby!
- “Bump”—A “Bump” is when an “Up/Fresh Up” or a “Be Back” pays more than what they originally offered. For example: A customer comes into buy a vehicle and they make an offer of $15,000. The salesperson tells the customer the best they can do is $15,500. If the customer agrees to the $15,500 counter offer, then that represented a $500 “Bump.” A “Bump” could also relate to a payment. The customer might offer to make a $350 a month payment. The dealership countered at $375 a month. If the customer accepts the counter offer, then that would represent a $25 a month “Bump.” Or the customer was “Bumped” $25.00. A “Bump” could also be related to a trade. Let’s say a trade was appraised at $10,000, but the customer said they wouldn’t take any less than $11,500. The only way to make the deal happen is to “Bump” the trade or put more money in the trade to make the deal happen. Let’s say the dealership offered the customer $11,000 for the trade and the customer accepted. That would represent a $1,000 “Bump” in the trade.
- “Bogue”—Click Here to read some various definitions on the term “Bogue.” This was a term that I learned a little later in my career. In a car dealership the term “Bogue” is in reference to a person with bad credit. Typically their credit is so bad the dealer can’t get a loan approved. I think maybe the term evolved from the word “Bogus.” Click Here for Merriam-Websters definition of “Bogus.” In a car dealership you might here something like this, “That guy can’t buy; he’s a complete “Bogue.” Or maybe another salesperson might ask you what happened to the last customer you had and you told them they were “Bogues.” The term can also find it’s way in a finance office. Crooked finance managers are know for “Boguing” a credit application meaning they falsified the information on the app.
Stay tuned for the next segment of “Car Business Language & Lingo.” You won’t want to miss the rest of the terms and phrases.