Electric vehicles will generate far less service revenue than gas cars over their life expectancy.
Tesla and other sellers of electric-only cars are bypassing dealers, selling directly to customers.
Advanced safety technology in EVs is reducing crashes and the revenue from repairs.
The transition to electric and advanced technology vehicles is poised to upend the auto dealer landscape, erode profit margins, and spark a massive industry consolidation. The impact on the current auto dealer business model will be quite profound, Adam Jonas, the auto and shared mobility analyst at Morgan Stanley Research, wrote in a March 10 investor report.
There are about 16,600 new vehicle dealers in the US. Combined, they do about $1 trillion (CQ) in annual sales and have 1.1 million employees, according to the National Automobile Dealers Association.
Car dealer group introduces scholarship program for aspiring auto techs
ivpressonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ivpressonline.com Daily Mail and Mail on Sunday newspapers.
U K fintech Monavate gets $7 million in seed money; Starbucks pushes PayPal in promo
paymentssource.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from paymentssource.com Daily Mail and Mail on Sunday newspapers.
How California dealers are responding to Volvo s online sales plan
cbtnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbtnews.com Daily Mail and Mail on Sunday newspapers.