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May 31, 2011

Car Business Language & Lingo-Part III

Dealer-150x150 The next term thrown around in a car dealership might lead you to believe that maybe someone is going on a cruise. Or perhaps maybe they are going water skiing. You might even think that maybe there was some kind of a boat party out on the water. This is more of an old school term as I don’t hear it too much in todays market. The term refers to someone paying full list price for a vehicle. Now you might think that’s a “Lay Down” which it is, but there are several terms that have more than one meaning. Let’s just say a “Lay Down” has a couple of synonyms with the first being…

 

  • “Full Boat”—When referencing a “Full Boat” in a car dealership, you might hear the following verbiage from one salesperson to another. “Hey Scott, how did you do on that last “Up” you were working? Scott would respond by saying, “Those people were a complete Lay Down. I got a Full Boat on them.” Meaning they bought and paid for everything. That term could also be used in the finance office. The finance manager could also get a “Full Boat” by selling a customer all the products they sell in the finance office.

The next term also has the same meaning as a “Full Boat” which is rooted in the term “Lay Down.” I think in todays market “Lay Downs” are fewer and farther between, but they still exist. With the advent of the internet, the number of “Lay Downs” that transpire into “Full Boat” deals are shrinking. That being the case, these terms aren’t used like they were in the past. So the second synonym that rivals “Full Boat” is the term called…

  • “Full Pop”—The term “Full Pop” and “Full Boat” have the same exact meaning. I think a “Full Boat” carries a little more weight though in that it references a customer paying not only full list, but all the additional items that were added on the deal. A “Full Pop” on the other hand doesn’t necessarily carry that kind of weight. A “Full Pop” certainly means a customer paid full list, but they might not have gotten all the other additional items. With a “Full Boat” you know they got everything.

The next term used in a car dealership is still going strong. This term relates to a salesperson working a deal that he or she thinks is going to be a deal. In other words let’s say a “Fresh Up” pulled up on the lot. I went out to speak with them and based on what the customer told me I would start to formulate in my mind a deal being done. I would eventually come to the conclusion that based on the customers situation that I’d be working a…

  • “Mind Deal”—A “Mind Deal” can be defined as a car deal that will never be approved by the bank. The “Mind Deal” only relates to someone that is financing with one exception…The one exception would be someone paying cash that is on a “Low Ball” (we’ll talk about that one next). An example would go something like this: A “Fresh Up” comes into the car dealership to buy a new vehicle. The salesperson is all excited because they can tell they have a “Lay Down” that will wind up being a “Full Boat” deal. The worst case scenario is a “Full Pop” deal. They have the felling that they will completely have the customer “Laid Away” and they don’t have to worry about them being a “Be Back.” But after everything is said and done, the salesperson is told by the finance manager that this is probably a “Mind Deal.” They more than likely even “Spotted” the deal and the customer took delivery of the vehicle thinking the deal is done too.

Sometimes the finance manager car get a “Mind Deal” done and sometimes they can’t and they have to get the car back. I’m sure you’ve heard stories of car dealers selling a customer a vehicle only to call them up several days (or even weeks) later to tell the customer to bring the car back, they can’t get the load approved. That’s a phone call nobody want to get or make for that matter.

 

Scotts-headshot-cityBy Scott Klein
"Your Go To Guy For Candid Car Dealership Information" 
Born and raised in Flint Michigan, I've been around cars my whole life. Since 1983 when I started buying and selling cars at the Flint Auto Auction to the present of being a Sales Trainer for a dealer group in Atlanta Ga, my car dealership experiences run long and deep. In 1986 when I started selling cars to managing all departments in a retail dealership environment, I have the know how to help you navigate the treacherous waters of each step in a car dealership.

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