Taking stock of used electric vehicles (EV’s) can be risky. Our useful guide helps car dealerships make real profits from selling used EV’s and set themselves apart from their competition.
There is so much talk about our environment, global warming and a drive towards zero emissions, to the point that UK businesses and car drivers are starting to feel very conscious and paranoid about driving petrol and diesel vehicles and what impact they are having on the world we live in.
On the other hand, we do have a group of defiant drivers that believe that electric cars have an equally poor impact on the environment because of how battery technology is manufactured, and more importantly disposed of in the future.
There are valid points on both sides of this argument, but can car dealerships afford to also take a defiant attitude?
For those drivers who are looking to embrace the upsurge of electric or hybrid vehicles, they have two simple choices. They either buy or lease a new low emissions vehicle (low emissions being electric or hybrid), or do they look towards the more affordable used car market.
While looking into the recent insights of the used car industry in the UK, it is evident that used car dealers are willing to step into the electric vehicle era and some of have started to stock and sell these vehicles, however, the majority of used car dealers are still resisting this change or simply find it too confusing or too risky.
From the quality and performance of the vehicles themselves, competitive resale values, and educating themselves or their staff on help buyers make this switch for the first time, used car dealerships have got a lot of complex challenges deal with.
When trading in used electric or hybrid vehicles, we recognize that the sales pitch can be more difficult to make, but equally the rewards can be huge if the car dealership can get this right.
If you are used car dealership based in the UK, and willing to deal in used electric and hybrid vehicles, you should consider the following five simple things to become and stay EV ready and outrun all your rivals by stepping into this new world of used car sales!
Understand the technology, and what drives this market
Before you plan and decide to fill your car showroom with used EV’s, it is highly important for take a deep look into the various ins and outs within the electric vehicle trading industry. It does not mean that you will have to learn and understand an extensive range of technical aspects, but should understand what is driving people towards this technology (excuse the pun!).
For example, if you live on the outskirts of London and travel into the City for work everyday, you will be subjected to a £25 cost per day through ULEZ and Congestion Charges.
As other large cities are about follow London in penalizing fuel vehicle drivers, this will help you feel more confident about growing your stock of electric and hybrid vehicles to support.
Another challenge drivers face is commuting distances and understanding the distances that are possible on a full charge, as well as how and where these vehicles are charged. Many drivers commute variable distances to and from work by car, so when considering your stock of vehicles, you will need to a variety of vehicles for a variety of distance needs.
So understanding the technology is vital and if you make yourself an expert, you suddenly because the go-to EV used car dealership that helps customers select the right vehicle for their needs.
Recruit EV knowledge to become an expert used dealer
If you a large enough used car dealer, you should consider hiring knowledgeable and experienced professionals with relevant experience in the EV industry. It is highly important to have at least a couple of well-versed and competitive experts to deal with your potential customers.
They will be able to provide your customers with the best level of knowledge, guidance, and tips regarding the stock of used electric cars for sale. In addition to that, you will rest assured that you purchasing the best used electric vehicles ensuring the best battery life, engine performance, and the overall quality.
Make use of OLEV funding and make more money
Being a used car dealership, you might find it interesting to hear that there can be financial help available to you and your customers.
OLEV or The Office of Low Emission Vehicle have been instructed by the UK Government to provide a charging infrastructure, which includes EV charging at home which up to a £500 grant for the driver.
Whilst this doesn’t result in official OLEV grants for new or used car dealerships, there are incentives available for referring customers towards an installer who are responsible for discounting the grant and reclaiming it after the installation is complete.
Several used car dealerships have already started to take interest in OLEV funding to see how they can unlock this, and as a result have understood there is an opportunity to create a new revenue stream.
The Government accept that installers will often share OLEV funding for car dealerships to support the increase of used of electric vehicle sales across the UK, but such schemes are only available through OLEV approved installers. So make sure that you partner with a credible OLEV approved installer who can offer sufficient coverage across the UK and this can result a new revenue stream that can be hassle free.
Buy only the best and trending electric vehicles
It is vital to make wise investments. Purchasing the most demanded and top trending used electric or hybrid vehicles is one of the best approaches you can make if you want to be successful.
Since the industry is still emerging and there is a lot of instability in terms of battery technology, sale prices and customer demand for electric vehicles and several other technological challenges faced by manufacturers, you should consider only the best-selling electric vehicles in your stock.
It will also allow you to overcome those unforeseen repair and maintenance costs for used vehicles. If your stock consists of only the best-selling and quality used electric and hybrid cars.
Stay ahead of the game
Industry analysis is one of the most important elements for doing any business. If you want to stay successful, make profits, build fruitful industry and customer relationships, and stay as far away as possible from dead money sewn up on none moving stock, then you should always keep a closer look at the dynamically changing EV trends.
You should be able to know everything about the best selling EV vehicles demanded for by most drivers, what are the best prices at which you can buy and then sell the used vehicles, and what is happening outside of the car industry that might influence sales, such as new legislation, taxes and penalties.
These are a few of the simplest steps and efforts that will definitely help you become, and stay, EV ready and help your business thrive within today’s rapidly evolving world.
Contact Electric Car Chargers UK if you want free and impartial help and advice:
Call us on 0208 004 6487 if you would prefer to talk to a member of the team, or email [email protected]
