According to analyst firm BloombergNEF, just over half of the passenger cars sold in the US will be electric vehicles by 2030. This growth is spurred by actions taken by the White House and Congress through the newly enacted infrastructure law. Legislative steps in California to adopt clean air standards will likely be supported by several additional states within the next five years. And finally, every major automotive manufacturer in the US have announced plans to accelerate production of battery electric vehicles (BEV), with many planning to eliminate the sale of internal combustion engine vehicles by 2050.
Clearly, BEVs are coming and more quickly than anticipated. Many dealers already have a smattering of these vehicles on their lots or are taking orders through their digital platforms. But, preparing to broadly support these new vehicles requires more than simply installing a charging station and creating some sales tools. Understanding the complete BEV infrastructure, means taking a deep dive into its impact on the physical lot, the service department and overhead expense.
Rather than being overwhelmed by the breadth and depth of these changes, savvy dealers will find the opportunities to derive more value – and revenue – by taking a strategic approach to implementing a BEV infrastructure. Upgrading the dealership in a planned, deliberate manner will deliver a competitive edge and a satisfied customer. Let’s break down the opportunities to generate revenue through purposeful infrastructure improvements.