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Published date: June 21, 2024

Customer Profiles are Changing in EVs

Customer Profiles are Changing in EVs

Lectrium monitors EV sales with dealerships and has noticed a shift in customer profiles. More customers now qualify for the federal tax credit and belong to the "mass market" segment.

Table of contents

A recent NYTimes article also featured various dealership owners commenting on their experience with EVs becoming more accessible, with “younger, blue-collar and entry-level white-collar people” purchasing EVs.

Let’s dive into a common example of how average EV customer profiles are changing for our dealer partners and how they are responding in positive and beneficial ways.

Evolving EV Customer Profiles: A Case Study

Dealership Profile:

  • Outside of a major city in the suburbs
  • Brand that has 1-2 electric models gradually becoming a higher percentage of inventory and sales.

“Early Adopter” Customer Profile (2021-2023):

  • Normally a wealthier customer
  • Purchased electric car because they loved the new EV technology, or because viewed driving an EV as a social and environmental “status symbol”
  • Typically purchased with cash, and was less price sensitive
  • Installed a home charger 80-90% of the time and in other cases was technically savvy enough to maneuver public charging

New Customer Profile in 2024:

  • Diverse buyer who needs a new vehicle, and needs the purchase to make sense from a financial and lifestyle perspective
  • Can be convinced to purchase a PHEV or electric vehicle, but is unlikely to show up to the dealership “just because there is an EV there”
  • Successful EV transactions end up happening because of the “obvious value” the customer can see coming from federal and state EV incentives and math behind fuel savings

✅ Dealerships have specifically seen success with the following:

  • Sales team owns, drives and uses EVs themselves to enable better sales conversations
  • Dealership helps customers receive the point-of-sale federal tax credit
  • Marketing team showcases benefits of EVs with useful, transparent information directly on VDPs, such as tax credit eligibility and fuel savings
  • Dealership provides home and public charging information and resources in-store and on website “EV-Hub”
  • Bonus: Sales / BDC / Internet enablement software for staff
  • Bonus: In an EV-friendly state

⛔️ Aspects still “hurting” dealerships:

  • Days Supply over 200 days for electric inventory
  • No longer taking Used Tesla trade-ins
  • Discounting EV inventory instead of investing in value-added educational tools and information
  • Out of control: Dealership brand not yet supplying enough electric inventory
  • Out of control: In an extremely rural state

Key takeaway: Take control

Take control of what you can; your website, attitude and processes regarding EVs.

What else have you noticed work (or not work) at your dealership when it comes to EVs? Are your EV customer profiles also changing? Contact Lectrium to discuss your unique situation and discuss ways we could partner together.

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