EVs could improve dealer customer retention, says Hero MotoCorp CBO
Electric two-wheelers could help dealers retain more customers even as they reduce the need for traditional servicing, according to Hero MotoCorp’s chief business officer, Ashutosh Varma. EVs are currently complementing, rather than replacing, ICE two-wheelers, says Hero MotoCorp EV service retention could reach 85-90 percent Software-based services could create new revenue opportunities for dealers EVs could improve service retention Dealer revenue set to evolve Speaking at a FADA conclave, Varma said the current growth of the ICE two-wheeler market suggests EVs are complementing conventional motorcycles and scooters rather than replacing them. “The way the ICE business seems to be growing, it doesn't seem like EVs are substituting ICE sales. It's just like complementing ICE sales,” he said. One of the potential benefits for dealers could be higher customer retention. Varma said average retention in the ICE business is around 60 percent, while EVs could push this considerably...