In many markets, it is common for headquarters to create a price list but grant local salespeople discretion to negotiate prices for individual transactions. How much (if any) pricing discretion headquarters should grant is a topic of debate within many firms. We investigate this issue using a unique data set from an indirect lender with local pricing discretion. We estimate that the local sales force adjusted prices in a way that improved profits by approximately 10% on average. A counterfactual analysis shows that using a centralized, data-driven pricing optimization system could improve profits even further, up to 27% over those actually realized. This suggests that centralized pricing — if appropriately optimized — can be more effective than field price discretion. We discuss the implications of these findings for auto lending and other industries with similar pricing processes.