The ICE age is waning and the EV wave is coming.
While the timing still is in flux, there is no denying that every aspect of the transportation industry is unavoidably moving toward electrification. And the time to prepare for it, from sales training to service contracts, is now.
We've all seen the headlines — OEMs are investing hundreds of millions in R&D to advance their inventory changeover from internal combustion engine vehicles to electric vehicles in large part because of aggressive fuel emission standards and other legislation. There also is a growing consumer movement to take actions that reduce our carbon footprint, and EVs help fill that need for many drivers. So great is this groundswell, in fact, that in 2022 Audi, Volkswagen, General Motors and Jaguar Land Rover all announced they will phase out ICE vehicles by 2036.
Forward-looking dealers are not sitting on the sidelines. Many are already taking action to refine their dealership and customer experiences in lockstep with the evolution in vehicles and electrification — and how both affect the way these vehicles are sold, financed and protected.
It is critical for dealers to start thinking about and taking action on how EVs will change the future of their dealership operations, even if they don't have them in their inventory yet.