Our vehicle deposits are non-refundable. That may seem surprising, but here's why:
We operate all online. When a deposit is made, everyone else person considering the vehicle is locked out. A "deposit" banner is placed on the vehicle. Emails are sent out to buyers with accepted offers but no deposit that a deposit was made. And the vehicle is taken out of our advertising rotation. The vehicle, for all intensive purposes, is sold.
Now imagine that you're considering one of our vehicles, but you wait too long and someone makes a deposit. You're out. 👎 But then you check back the next week and lo and behold, the vehicle is back for sale.
What's your reaction? Is it one of joy?
For most customers, it's one of intense skepticism. In particular, "what's so wrong with this car that the buyer refused the sale?" Of course, vehicle problems are hardly ever the actual reason. The most common reason is lack of available funds. But it's human phycology to be risk adverse and assume the worst.
The damage caused by the deposit is significant. New customers skipped over it, existing customers are now highly skeptical, and it's out of our advertising. The no-sale turned the vehicle into a pariah.
Hopefully that sheds some light onto a policy some might consider draconian. We are really hurt by a no-sale, so we need a stronger incentive to weed out tepid buyers and only take the committed ones.
Why We Need a Price Agreement Before a Test Drive