What does “Soft Call” mean?

A soft call is a casual price enquiry with no commitment behind it. The person asking might be curious, comparing options, gathering prices for a client or testing the market before deciding whether to buy or sell.

Dealers treat soft calls differently from serious enquiries. A soft call usually gets a ballpark figure rather than a firm price, and a seller won't hold a watch on the strength of one. Saying upfront that a question is a soft call is good manners in the trade, because it tells the other side not to set aside time or stock. Soft calls are still useful: they build relationships, keep dealers informed about where prices sit, and can turn into real deals once the buyer has a committed client or the funds ready.

Example: 'Just a soft call, what would you take for the Explorer if a client comes through next week?'