Like it or not, electric cars are here to stay, and car dealers have the unenviable task of expanding sales into new and challenging areas. One of the most important questions dealers will have to answer in the coming months is how to win customers in a market that goes against everything the industry knows about the auto business.
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by John Fitzpatrick, President and CEO of Force Marketing. Force Marketing is a leading provider of automotive marketing solutions that has helped dealers navigate the adoption of digital media and changing consumer preferences. Here, Fitzpatrick shares strategies for competing for electric vehicle buyers and gaining an edge in this evolving landscape.
Important points
1. The electric vehicle market is advancing at a faster pace than the automotive industry can keep up with. Manufacturers still have many obstacles to overcome in the transition away from internal combustion engines (ICE), while dealers must come up with new solutions to sell their given inventory.
2. Although inventory levels far exceed current demand, Fitzpatrick is proving that electric vehicles have a larger consumer base than imagined. Additionally, affordability in this segment is starting to improve, with prices falling much faster than on the ICE side and charging availability expanding. These trends will soon attract more buyers to the market and demand will skyrocket.
3. Fitzpatrick points out that there is a lot of interest in electric vehicles among consumers. In December 2023 alone, he generated 33 million online searches related to battery-powered cars. On a full-year basis, about 70% of all electric vehicle searches were for automakers other than Tesla, up from 30% a year earlier, reflecting the fact that there are more customers in the market that dealers have access to. It is emphasized.
Four. By working with a marketing vendor, dealers can understand what customers are looking for in the market and have a direct conversation with buyers through relevant website content. Fitzpatrick argues that educational content is the most useful way to generate leads online.
Five. Electric vehicles should be viewed as an opportunity for dealers to grow their business, improve customer retention, and differentiate themselves from competing franchises in the region. As this nascent market continues to develop, Mr. Fitzpatrick urges dealers to adopt a customer lifetime mindset that prioritizes long-term relationships with buyers, leveraging elements such as high-quality fixed-operation services. , ultimately leading to increased sales and revenue. brand loyalty.
“We understand that innovation takes time…We're past the early adopters of EVs, we're in the chasm of the bell curve, and we're starting to think, how do we move this into reality? “. ” Now is the time. As there is always a first mover advantage, first movers are [are] We intend to continue in these markets.What I'm saying is, are you that dealer or do you want to sit back and wait?” — John Fitzpatrick
