What Is a "Buy Back Quote" on a Fire Truck?

The Buy Back quote differs from a normal fire truck quote, mainly In 2 ways: 1) the length of time until the release Is significantly longer than a normal trade-In, and 2) It generally (though does not have to be) Is quoted at the time a new fire truck Is sold or delivery.

At some level, the buy back Is the same as any fire truck quote. We are quoting a vehicle to purchase at a certain price at a certain point In the future. The differential of the 2 Items above, however, make the market of the buy back quite different than that of a normal fire truck quote / trade-In, etc. 

Below we discuss extreme basics of buy backs. You can watch James Wessel tell the history of Buy Backs and the Future Opportunities for 30 minutes here (also embedded In the page below). From this discussion you can learn the history of the buy back, and Brindlee's goal for approaching It In the market.

Most assets can be purchased in 1 of 3 ways: 

1) Outright Purchase

2) Financed Purchase

3) Lease with a start and end date

The easiest example of this to understand Is with personal vehicles. You can buy a new car with cash. You can buy a new car using financing, then make a monthly payment, or you can lease a new car for a pre-determined amount of time for monthly rental payment.

There are distinct pros/cons to each of these approaches, which we will add more detail about later

A key determinant In establishing a market for leasing equipment Is that of the liquidation or residual value of the asset. For Instance:

• Vehicle A costs $100,000 to buy brand new.

• To determine a lease amount, you must know the value of this asset at the end of the lease term.

• So, If we are looking at a 5 year lease, I need to find the value of Vehicle A after 5 years.

• With many assets, these values are established through lots of publicly available data, blue book values, finance company's depreciation schedules, etc. However, with fire trucks none of these exist. That Is where the Brindlee Buy Back comes In. By Brindlee quoting a buy back, we have created the conditions which make leasing possible. This Is discussed In great detail In the FireFleet Leasing Section.

How do i build a buy back opportunity?

• Open a new opportunity related to the customer account, with the Record Type = Buy Back

• For the opportunity name, truck make, and basic Info on the opp record, this Is generic on buy backs, so It reads 2023 Custom Pumper buy back Van Nuys CA for example. All truck and spec data Is stored at the Quote Term Object for buy backs.

• The reason for this Is that this vehicle does not yet exist; we don't know what brand It will be, so the opp remains generic.

How do I quote a Buy Back? (budget 20 minutes)

We can reference historial buy back quotes for triangulating our current quote here - All Buy Back Quotes Given. In creating your quote, you need to review historical quotes given for similar vehicles, to the same person or entity, so that our quotes remain consistent over time for comparable vehicles, buy back length, and mileage.

For the best training around, please watch the video below for James Wessel discussing how to utilize and sell the Guaranteed Buy Back to our customers.

James wessel teaches us all how to sell the guaranteed buy back

How do I mark a Buy Back Opportunity Closed-Won In Salesforce?

Once you have received back the counter-signed Buy Back Agreement for the fire truck(s), It Is time to mark the buy back opportunity "Closed - Won" In Salesforce. To do this, have the buy back agreement open on your computer, and open the appropriate opportunity. The follow the list of Items below:

• Ensure there Is a google drive account connected to the opportunity. Save the Buy Back Agreement in the Google Drive Account.

• Open the Truck Quote Dealer Commission and related Quote Term records for the winning quote.

• Confirm that the Information In the Quote Term record, and the Truck Quote Dealer Commission record matches the Information on the buy back agreement. You are looking for:

  • Year, make, model, purchase price, projected release date to match