4 Ways for Dealers to Embrace an Electric Future

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1. Know Your Market While consumer adoption of EVs also reached new heights in 2020, not every market saw the same interest. San Francisco for example, saw EVs grow to 11% market share in 2020, while Chicago led the Midwest region at 1.5%. With consumer adoption varying from market-to-market, it's critical dealers understand their unique audience to effectively market and sell EVs. To identify prime prospective buyers, start with your obvious options: repeat buyers. IHS Markit finds 50% of EV buyers return to the market for a second EV. Target previous EV buyers with personalized messaging based on the specific factors predicted to influence their purchasing decision, such as early trade-in offers or attractive OEM incentives on new electric models. 4 Ways for Dealers to Embrace an Electric Future Fueled by growing infrastructure, government support and a steady increase in consumer demand, a once-niche segment is now top-of-mind for OEMs: electric vehicles. While mass EV sales may still seem far off, some dealerships are discovering the future is now as more automakers mandate their dealers commit to selling EVs and invest in retrofitting their facilities – or stop selling the brand. The time is now for dealers to think ahead and embrace their electric future. Get started with these four tips: "The automotive industry is on the verge of a 'step change' - a personal transportation evolution the likes of which has not been seen since internal combustion engines replaced the horse and buggy." IHS Markit, March 2021 Globally, EV sales are forecasted to grow by 70%. IHS Markit, January 2021 In 2021, U.S. sales of EVs are expected to exceed a 3.5% overall market share.

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