Dealer Preparation Fee. Also called dealer cost. The deal normally makes little profit and originates within the dealership. Dealer Invoice Price. Hooked, Hook’em – Car salesman slang for when a car salesman gets a customer to say yes when buying a new or used vehicle. The amount the dealer pays for a car or truck. A fee that appears on a car dealership's invoice, and represents the local TV, print or internet ads you see for your local brand dealer. House Deal – Lingo to describe a car deal that is an inside deal, employee deal or a friend deal. Dealership Glossary Commonly used Terms in the Automotive Industry When you walk into any car dealership in the U.S., it may seem the salespeople are speaking a foreign language. Deducted from this price may be a dealer incentive, which is a set discount offered for a limited period of time, or a dealer holdback, which is a percentage of the vehicle's wholesale price. Extra charges for getting the car ready. House – Car salesman lingo for calling the car dealership itself. It's a legitimate cost of doing business, but you don't hesitate to ask to see a dealer's invoice for a specific vehicle you are considering to see if it's included. It should be a line item on a dealer's invoice.

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