As the U.S. Begins the Transition to EVs, Grease Monkey Prepares
At Grease Monkey®, skeptics sometimes ask us how many quick lube changes electric vehicles (EVs) will need. The obvious answer is none. But what they’re really saying is that EVs will be a threat to our business model.
The misconception happens because the number of EVs and hybrids on the streets is increasing quickly. As reported by Yahoo, there were more than 1.7 million EVs on American roads in 2022, compared with about 400,000 in 2018, according to Experian’s Automotive Consumer Trends Report.
The state of California is requiring all new car sales to be EVs or hybrids by 2035, and President Joe Biden has signed an Executive Order calling for 50% of new car sales to be EVs or hybrids by 2030. Both of these regulations are expected to speed transition to EVs.
The big picture
Despite government initiatives to increase EV sales, the transition is happening more slowly than you might think.
The 1.7 million EVs on the road are a fraction of the total number of vehicles in the U.S. According to IHS Markit, the overall number of vehicles on the road in the U.S. was 279 million in 2020.
It likely will take decades before EVs become more than a small number of cars in the U.S. The Wall Street Journal reports that people are keeping their cars for an average of 12.1 years. Even as the number of new EV sales grows, some drivers will keep their older (gas) vehicles as long as they can.
What this means
These factors lead to a single conclusion: Providing services for gas vehicles will be a thriving industry for decades to come.
As EVs become more common, automotive services will evolve. While EVs don’t need quick lube services, they still require tires, brakes, and other routine maintenance. At Grease Monkey, we’re already planning for this and the ways we’ll serve EVs.
“Grease Monkey has many resources to help educate our teams to work on these types of vehicles properly and safely, including focusing on high voltage (EV) safety training,” said Rick Juarez, Senior Director of Procurement at Grease Monkey.
Founded in 1978, Grease Monkey has grown and adapted to many changes in the automotive aftermarket industry. Want to learn more about the Grease Monkey business model? Download our free business model ebook for more information.