Maximizing EV Readiness

According to the latest research by Cox Automotive, the buzz around EVs is growing but there's still a major gap between consumer interest and actual purchases.

🌟Here's what they say dealers need to know:

📊 EV Consideration vs. Sales:

• A record-breaking 1M new EVs are projected to be sold in the US this year thanks to Tesla's expansion and a surge of new models hitting the market.
• While 51% of consumers are considering a new or used EV, the transition to sales is lagging. 
• EVs are projected to account for less than 8% of new-vehicle sales in 2023 and approximately 1% of the used-vehicle market.
• Affordability remains a top obstacle, with 43% of potential buyers citing high costs, but barriers like charging station availability are decreasing.

🌉 Bridging the Divide:

• Consumers are racing ahead with 53% believing EVs will dominate, while only 31% of dealers share this view. 
• 45% of dealers feel EVs still need to prove themselves in the marketplace, revealing a readiness gap between dealers and consumers.
• Although 82% of dealers are required by their OEMs to invest in EVs, further support and guidance are necessary for dealerships to meet the needs of EV buyers effectively. For example, many dealers need more technical knowledge including battery health and overall EV servicing.

🛠️ Equipping Dealerships for Success:

• Many dealerships recognize the importance of EVs for their growth in sales (55%) and servicing (57%) but feel they still need more support and training from automakers as their preferred source of EV information.
• Existing and future EV owners still likely to rely heavily on dealerships for servicing and maintenance.