Ted Ings: What Impact Will EVs Have On Retail Auto Dealers?

Ted Ings is the Founder of the popular event series, "Fixed Ops Roundtable," and is a veteran of the retail automotive industry with more than 30 years of experience. Ted joins Becky to discuss the future of EV vehicles and the impact that EVs will have on retail automobile dealers worldwide.

What we discuss in this episode:

• By 2030 they say that EVs will account for 36% of the vehicle market.

• The government is positioned to spend $7.5 billion into charging stations across the United States.

• Tom Dall, CEO of Subaru said that "dealerships need to invest in special hoists to be able to service electric vehicles."

• Dealers must prepare today for the infrastructure changes that are coming and how they will impact how dealerships currently operate.

• Becky shares that service contracts will change and that there will be other additional products and services required for electric vehicles.

• Ted shares his belief that F&I is going to be even more important in the future than it is today.

• Gas combustion vehicles will still be the predominant player in the market for the foreseeable future but it's important to note the rise in EVs as their prominence will continue to grow.

• There are a lot pain points for consumers in today's "bottleneck" dealership experience. EV customers are more likely to purchase online which means that dealers should focus more on their online experience. The industry is ripe for disruption.

• Ted's faith in the car business to evolve and make things work is extremely high. The market forces will allow dealership to do so within the next 5 - 10 years.

 

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Thank you, Ted Ings!

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