Jaguar Land Rover Private Offer Program

Might be a dumb question, but I’ve got a Jaguar Land Rover Private Offer Program PIN that I can use… It’s good for 10% off MSRP on most models (only 5% on a few)… Any insight on how that works? Does the dealer take the hit on that, or does the manufacturer subsidize? Is there room to negotiate MSRP discount on top of that?

Just debating if I negotiate a price and then bring that PIN to the table, or start with it and work price from there.

Any thoughts?

Been discussed if you try the search function.

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