Retailer electrification running flat as stocking confidence in need of recharge
• Proportion of retailers advertising electric cars on Auto Trader stays flat year-on-year
• More than half of retailers disagree with reinstating the 2030 ban on ICE cars
• Auto Trader announced as headline partners of World EV Day, the biggest global emobility campaign, now in its fifth year.
• Auto Trader launches “World EV Day Test Drive Guide” to help retailers get involved in the campaign
London, 16th August 2024: The volume of retailers stocking electric cars has flatlined year-on-year as government announcements and market volatility have taken their toll on retailer confidence, according to data from Auto Trader, the UK’s largest automotive platform.
Retailers still delaying electrification
The data comes as research from Auto Trader shows more than half (53%) of retailers said they disagreed with reinstating the 2030 ban of the sale of petrol and diesel cars. When split between independent and franchise businesses, half (48%) of franchise retailers agree with a 2030 ban compared to a third (31%) of independent retailers.
In response to the prior government pushing the ban date back to 2035 last October, almost a quarter (22%) of franchise retailers said they would stock fewer electric cars. Almost half (48%) of independent retailers who answered the survey said they don’t currently hold electric stock and that the announcement made them less likely to do so.
Auto Trader data reflects this attitude as in July 2023, just over a third of retailers stocked at least one electric car on Auto Trader, with 76% of franchised and 19% of independent retailers stocking EVs respectively. Little has changed as of July this year, 35% of retailers stocked at least one electric car – breaking down to 78% and 17.5% of franchise and independent retailers respectively. This stalling contrasts with a previous significant year-on-year jump, when the volume of electric stockists rose sharply from 57% in 2022.
“There’s still a massive lack of confidence and misinformation when it comes to making the switch to electric and that's not just with consumers. As retailers we need to know the answers to the big questions, and have confidence in them, as after all we need to credibly support consumers with their car purchases. Electric cars are a great choice for many people so it's time everyone was more positive about them and the benefits of driving them."
Joanna Smith, Co-founder of independent retailer Wink Cars
Consumer confidence needs a boost
Further research from Auto Trader shows that 46% of retailers believe lack of consumer confidence in the technology is a significant barrier to adoption. To support with growing confidence and fighting the misinformation that surrounds electric vehicles, Auto Trader has created a collection of user-friendly, simplified key facts to clarify points such as eco-credentials, fire risks, range and charging provision. The information is available for industry here.
World EV Day: an opportunity to test drive
Whilst confidence is a barrier, data shows that those who have made the switch are happy with their choice, as 83% of EV owners said they’d buy electric again. Similarly, consumer research conducted by Auto Trader last year highlighted the importance of test drives in electric adoption with many consumers describing their first time behind the wheel of an electric car as a “eureka” moment.
To facilitate more test drive opportunities, Green.TV, the organisers of World EV Day - now in its fifth year - state that a key goal of World EV Day is to offer “meet ups” which “bring together EV owners for a series of public facing events, helping propel EV ownership through an incredible community”. Through Meet up events, retailers can welcome a broad range of consumers to their premises to experience electric cars.
Electrification is a significant change and with change comes uncertainty and confusion and that’s why we’re trying to help share more balanced and fact-based narratives with both retailers and consumers to give them the confidence to start their electric journey.
"Electrification is a significant change and with change comes uncertainty and confusion and that’s why we’re trying to help share more balanced and fact-based narratives with both retailers and consumers to give them the confidence to start their electric journey.
“Often this comes down to the fear of the unknown and this is clear when consumers tell us how quickly they were converted once behind the wheel. That’s why test drives are so key and that’s what makes World EV Day such a great opportunity to get even more people into electric cars for the first time, as headline sponsors we’re really excited by that.”
As headline sponsors of World EV Day, Auto Trader has produced a guide to World EV Day Meet ups for retailers to get involved in the activity. You can find the guide here.
Retailers can also access the EV Hub, including the Retailing EV Masterclass for free.
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