Dealers are currently in the driver’s seat when it comes to electric vehicles (EV). Now they need to “learn it, leverage it and monetize it,” said Ryan Ferrero, National Director/Auto Industry Electrification for Freedom Solar Power.
Ferrero outlined ways dealers should take energy efficiency and onsite power generation and “convert that into new revenue streams for the dealerships,” during his Live Stage session sponsored by IHS Markit.
Ferrero recommends that dealers stop thinking about their utility bills as a fixed cost and start thinking of them as a variable cost. “We’ve got to get medieval about understanding what these utility bills are telling us,” he said.
Dealers also need to learn the difference between level 1, level 2 and level 3 charging and implement ways to reduce their energy consumption to avoid demand charges. They should also consider installing onsite solar charging, “putting the roof to work for the stores.”
Finally, Ferrero urged dealers to take advantage of the variety of subsidies, grants and incentives available to offset the costs of EV infrastructure. “Even the process of grant writing helps you find cost savings,” he said.
Ferrero is not new to NADA Show. “This is my 30th convention or somewhere in there.” He is a long-time domestic/import dealer principal, awarded top volume Chrysler-Jeep-Dodge dealer in Colorado, People magazine’s Top 5 U.S. Dealers for Customer Satisfaction, Award of Merit by Engineering News and Top 20 Springwise Business Ideas. Ferrero founded and leads a large auto dealer electrification project, SunPower.
Hear more from Ferrero at his “Strategic Revenues with Solar and EV Charging” workshop sessions on Friday, March 11, from 10:30-11:30 am, in room W228, and Saturday, March 12 from 10:30-11:30am in room W230.
If you did not make it to Las Vegas for the NADA Show, you can still follow the action by watching the Livestream from the Live Stage at NADA Show.