Electric vehicle (EV) inventory was once slim, with many people on waitlists with their dealerships. EVs and all other cars also had low supply during the pandemic due to the chip shortage. Now, inventory has caught back up, and there is actually an excess of EVs. If your customers are having trouble moving this inventory, support them with these EV auto advertising ideas.
The EV Inventory Landscape
According to Cox Automotive, the total inventory at the beginning of September was a 58-day supply, which grew despite the United Auto Workers strike. EV inventory did drop some from previous months but is still at a 98-day supply. Sales increased by 7% in August, which is why the drop occurred. This data represents EVs sold through dealerships only, excluding Tesla.
The future of the inventory involves many factors, including the strikes. Manufacturers expect to bring 90 new EV models to market by 2025. Automakers are pivoting and uncertain about long-term plans. This is still developing as the industry decides the most profitable way forward.
Oversupply doesn’t exactly mean there’s no demand, but consumers and dealers have doubts.
Consumer and Dealer Perceptions about EVs
Manufacturers have invested a lot of money in promoting EVs as the future of auto. The 2023 Cox Automotive Path to EV Adoption concluded that EV consideration is growing, and 51% of consumers are doing so. However, the gap between consideration and purchase remains wide, with price being the highest deterrent. EVs will only account for 8% of new-car sales in 2023.
The survey also included responses from dealers. Only 31% of dealers think EVs are the future, while 53% of consumers do. Dealers also feel unprepared to sell EVs and want more manufacturer support for the sales and servicing components. Another survey found that only 50% of dealers are excited about selling them. The same report also noted that dealers are more concerned about charging infrastructure than consumers are.
In this mix, you’ve got hesitation on both sides, but inventory still needs to move. Local dealers can’t depend solely on manufacturer advertising.
Ideas for EV Auto Advertising
Here are some approaches for campaigns and tactics to recommend to dealers.
- Demonstrate the service experience: If your customers have a solid foundation for taking care of these vehicles, they should highlight it in ads. It could help people overcome concerns about this. Imagery that includes the actual service of EVs would be impactful and great for OTT/CTV or video ads.
- Geofence competitors, and push incentives: Stale inventory usually means more incentives. If dealers are running these, fencing competitors or areas where many dealerships are is a good approach. It could drive people to your customer’s location.
- Appeal to the emotional aspect of EVs with storytelling: Creating campaigns that tell stories about the long-term benefits of EVs can shift perception. For younger generations, the concept would be around the positive impact of EVs on climate change. To reach this audience, dealers can consider Instagram or Snapchat as well as OTT/CTV.
- Create myth-busting campaigns to address misinformation or disinformation: There are many misconceptions about EVs around battery safety, costs, and when and where you can charge. Short videos that clarify these points would be helpful and ideal for social media.
- Focus on why people buy EVs: Besides EVs being eco-friendly, people choose them because of faster acceleration, additional smart features and low noise. Those concepts work well as simple display ads or even radio spots.
- Feature real EV buyers in ads: Hearing about the EV experience from owners will always be compelling. It’s another opportunity to tell a great story on TV, digital or radio.
Help Local Dealers Move EV Inventory
With these EV auto advertising ideas, you can help customers reach their goal of getting the inventory off the lot faster. By mixing tactics into an integrated campaign, they can achieve reach and target the consumer groups most likely to purchase an EV.
For more auto advertising inspiration, read these posts:
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