What’s Ahead for used EVs in 2023
Episode 04
On today’s episode, I’m joined by Joe Overby. Joe is the Senior Editor of Auto Remarketing Magazine and an expert in the automotive industry. His company, Cherokee Media, also organizes the Used Car Week conference every year.
Joe and I discussed the future of EVs, what’s new in 2023, how EVs are being marketed and how brand loyalty among EV considerers will play a part in the purchasing decision.
Episode Highlights
(0:36) – Introduction to guest Joe Overby
(1:11) – What does it take to put on the level of content at a Cherokee Media event
(2:35) – Which presentations or workshops stood out most to you?
(3:55) – Is there brand loyalty for consumers that are exploring EV options?
(6:00) – Looking towards 2023, what Joe is excited about?
(7:03) – Episode wrap-up
Transcript
Elena: So we’re back live at Used Car Week in San Diego 2022 and I’m here with Joe Overby, the Senior Editor of Auto Remarketing and the co-host of the Auto Remarketing Podcast. Good morning, Joe. I appreciate you being here. So early, it is 8am Pacific, so thank you for being here.
Joe: Good morning and thank you for having me. You know, I’m still on East Coast time. So it’s really like 11am, I’m waking up at 5am still three days here.
Elena: Yeah, same. We’re both east coasters. So the show, congratulations. It’s another smashing success. What does it take to put on the level of content that Cherokee Media is so known for? Like, peel back the curtain a little bit, I want to get like a little wizard of oz glimpse of behind the scenes of what it actually takes to put on a conference like this.
Joe: I think it’s a lot of people doing their individual jobs. So Amanda Dunlap, our conference director, she sets it up where everybody kind of has their unique niche of what they’re supposed to do what they’re, you know, me personally, me Justine and Nick, we we all work with the agenda. So our job is to, you know, make sure the workshops are, all set up – we set up all the panel discussions, that sort of thing, but everybody else has their own job. You know, I’m looking over here at the helpdesk, Lisa’s at the help desk, Jordan is carrying a bunch of boxes, putting out magazines, everybody kind of has their own little job and just everybody does their job. The expectation is set and you have 12 people, working hard but doing their individual piece and that’s what makes it run.
Elena: Yeah, absolutely. It is. You guys just you have it down to a science and just congratulations. It is no easy feat, right? So of course we’re gonna talk about EVs a little bit – what was a presentation or a workshop that kind of stood out to you that was like, oh, that had like a really interesting insight, or had a really different perspective, anything that kind of stood out to you?
Joe: So we’re recording this on Wednesday morning, and I think actually our second half of the week has has more of the EV content, there’s one session that looks at it from residual values, our auto auctions, getting involved in the EV space, how are they you know, reconditioning EVs, that kind of thing. There’s also a couple sessions on Thursday with our Navicon conference where for me what sticks out so far this week was one of the panels I had with a bunch of retail analysts. And one of the questions I asked them was just about the consumer appetite for us EVs, you know, and if it’s kind of a growing segment. It was like all Tesla’s and then some of the Nissan Leafs, but now so many of the automakers coming out with new EV products. I talked with some analysts yesterday about where they think the used car market is going.
Elena: And then also too with the tax credit for us DVS and I have like this soundtrack in my mind, it’s like $4k on the hood. $4k on the hood, just because of who I’m married to. And what he’s always talking about, I’m like, okay, I understand the $4000 on the hood. We got to get the word out to everybody. So we chatted briefly about this before we hit the record button today, but is there much of brand loyalty for consumers who are starting to explore or maybe dip their toe or considering getting into an EV?
Joe: Well, I think it’s interesting because Tesla has dominated the market for so long. You know, something like 60%, I don’t have the stats for off my head, but something like 60% of of EVs are Tesla’s and so you know, I think by default, maybe they have the highest brand loyalty but and you know, maybe there is, just speaking anecdotally, there probably a brand loyalty to Tesla, like, in the same sense that there are people who are Volvo owners or Subaru owners or Jeep owners. That’s their brand. That’s their thing. Probably the same thing with Tesla. But the fact that I mean if you watch the Super Bowl this year, and all of like, all the Superbowl ads are about all these mainstream mass market brands, launching EV products and I think that’s that probably is going to shift brand loyalty. I mean, when Ford comes out with a heavy duty pickup truck that’s an EV, you know, people who are Ford people are gonna buy that truck or, you know, when Chevy comes out with a, you know, same same deal. I think as automakers expand their electric vehicle offerings, I think because I think you’ll get some of those consumers who maybe wouldn’t have jumped into an EV already. You know, the Tesla folks kind of are the early adopters. That was the word I was looking for. I think that those people were probably going to be early adopters, and they’re going to be tested buyers from the get go, but I think a lot of these as new mass market brands, launch EV offerings, you’re gonna have those people that were already loyal to those brands are gonna stick with those brands.
Elena: It’s gonna be interesting how it all plays out this year. You know, especially when some of these cars are coming back to for lease and well, the payment coming back after the lease might be a little bit of sticker shock but, so, looking ahead to next year 2023, what is getting you excited about the next year? What are you looking forward to seeing just all the things 2023?
Joe: I’m really curious to see how the Infrastructure Act, its the first time that federal tax incentives have been offered on US electric vehicles. So I’m curious to see how that impacts demand and whether that gets a lot more dealers into selling EVs a lot more consumers interested in US EVs, and then how does that affect auctions, maybe we’ll have more EVs coming through the auction lanes so I’m just curious to see how you know, the Inflation Reduction Act, how much it entails like I’m I’m really curious to see how how much that’ll affect the the actual used car market especially for EVs.
Elena: Absolutely. I think we’re all going to be just like watching and reading Auto Remarketing and listening to your podcast. There you go, ee tied it all together. We did it. No, thank you Joe so much. This was awesome. Again, congratulations on Used Car Week. I am super fan of Cherokee Media you guys always knock it out of the park. So thank you so much for for being on the the maiden voyage of the EVs for Everyone Podcast.
Joe: Thank you and congratulations on launching this podcast. I think it’s a good topic specific niche to start a podcast with because I think you have kind of a target audience that people are interested in learning more about EVs, even if they weren’t early adopters, maybe they are just curious to see, you know what EVs are all about. And I think you’re, you’re doing the work and teaching everybody about it.
Elena: Thank you, Joe. And I did not pay him to say that. So thank you.