7:30 am, January 9, 2022
‘She’s electric. She’s in a family full of eccentrics. She’s done things I never expected, and I need more time.’
Lyrics taken from a song sung by Oasis back in 1995. It’s funny to think that just 35 years later, the only new cars you’ll be able to purchase will indeed be… ‘electric’.
Usually when a new product comes to market, particularly technology-driven products, there is always an eager early-adopter market, hungry to be one of the first owners of this new technology.
As the Oasis song goes, some people sit back and need more time before they decide whether it’s a product that’s right for them and if the product has matured enough to meet their daily needs before purchasing.
With the UK government bringing the ban on new petrol and diesel cars forward by five years to 2030, this news should give all of us in the car industry a wake-up call.
While there will still be plenty of petrol and diesel cars on the road for many years, with a 25 per cent rise in electric vehicle sales in 2021 alone there are many questions and challenges we must consider so that we can meet our customers’ needs and expectations in this electric future.
There will still be plenty of non-EVs on the road for a good number of years, but this number will dwindle over time.
For dealerships that rely on the income from the MOT and servicing aspects of their business, research and training your staff how to service electric vehicles of all types and knowledge of common issues with EV models will be needed to ensure that you can retain those new electric customers and income.
Charging ports are something that are becoming more of a common sight in petrol stations and supermarkets but are perhaps not as widely available as they should be, considering the limited range of some EVs.
There is, perhaps, some potential in offering on-site charging ports at your dealership, which could in turn drive up your sales of EVs, and this approach could even become part of a customer retention strategy.
Imagine your customers pulling up, plugging in, perhaps looking around your stock or stopping for a coffee and a chat while charging their car.
2030 may seem some way off but there is little reason to wait. Start looking at how you can adapt your business to this electric future, ensuring you don’t get left behind – just as the Gallagher brothers sang: ‘There’s lots and lots for us to do. She is electric. Can I be electric too?’
Here at First Response Finance, we financed our first electric vehicle a few years ago, and we have also financed a range of electric motorcycles.
Whether you’re ready now or wanting to wait longer, First Response Finance will be here with you every step of the way, so get in touch today.
This column appears in issue 166 of Car Dealer, which is packed with news, views, reviews, interviews and more. You can read and download the magazine free via this link.
