Charge up your EV stock, used car dealers urged

Published:  07 April, 2022

Businesses that sell used cars are being advised to have EVs making up 10% of their stock, ahead of demand which is expected to surge.

Tim Maffey, Finance Director at V12 Vehicle Finance said: “If there is one piece of advice we’d give to used car dealers, then it would be to picture a world where EVs will be commonplace and to start future-proofing now. At the moment, dealers aren’t selling many used EVs because there aren’t many on the market. But this won’t be the case for long and it’s important for them to be prepared with a robust digital sales function so that when more stock is available, they can sell them to a forward-thinking customer base.”

“Until recently, the second-hand market for electric cars was small, but this is beginning to change.The majority of electric cars to date have been bought by company car fleets and it was in about 2020 that we saw huge growth in the number of electric cars they were buying. On the basis that company car fleets typically hold cars for three years and vans for 4/5years, we expect those cars/vans to feed through to the second-hand market in the near future.”

Tim continued: “While focusing exclusively on EVs right now wouldn’t be a sensible strategy in isolation, changes are going to occur soon whether dealers like it or not. Being prepared is key. We would suggest that forward thinking dealers look to start with 5-10% of their stock being EV now. Just having one unit doesn’t give their customers much confidence – and confidence is key.”

Tim added: “As technology progresses, the dealerships that continue to flourish will move with the wave of EV integration and through the journey to 2035 there will be dealers that aren’t able or are not willing to do so. Making changes to vehicle stock doesn’t have to cost the earth or be a daunting process. It can be done by replenishing sold stock with different options going forward.”

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