Steve Greenfield: Creating New High-Margin Revenue Streams For Your Dealership

Steve Greenfield is the Founder and CEO of Automotive Ventures, a company focused on supporting automotive entrepreneurs, businesses, and investors with industry-specific resources, early-stage venture capital, strategic consulting, and extensive connections.---> Register for the upcoming Fixed Ops Roundtable Event <---What Ted Ings and Steve Greenfield discuss in this episode:The year-over-year growth of EV adoption is increasing, but it's still relatively low in contrast to gas-powered vehicles. While it may not be an issue for dealers in the next couple of years, they will continue to see EVs trickle in and take up more market share in the coming years.Many of the manufacturers have announced that they are going to go fully EV by 2030 - 2035, so dealers can expect to see a transition of the products they carry and will need to anticipate the needs of servicing those vehicles on-site.Electric Vehicles currently have fewer moving parts in comparison to the internal combustion engine which has over 2000 moving parts. While EVs only have about 20 moving parts, they are heavier and have much more torque which we can anticipate will drive more business on the wheel and tire side of the business.While tires aren't a high margin play for dealers, there are many options to explore to turn that into a recurring revenue stream for the store.We're hearing from General Motors that they expect after the dealers sell the vehicle, there's going to be all these subscription services. That means that the OEMs are already thinking about how to make less frequent visits for maintenance and turning that loss in potential margin into a more sustainable, predictable revenue stream. Car Dealers can do the same.GM is forecasting that by 2030 they will have an additional $25 Billion per year in additional high-margin revenue just from services that consumers subscribe to month-to-month.Enjoying The Fixed Ops Roundtable Podcast? Please leave a rating and review wherever you get your podcasts and don't forget to click the subscribe button!Thanks, Steve GreenfieldConnect with Ted Ings and the Fixed Ops Roundtable:Register for the next Fixed Ops Roundtable EventTed Ings on LinkedInCenter for Performance Improvement