As originally featured in Automotive News Canada’s August 2023 edition.
Author: Kelly Taylor
Electric vehicles are rewriting how automakers build cars and how dealers service them, but the shift will also impact finance and insurance products, even for internal combustion (ICE) vehicles.
Jeff Schulz, executive vice-president of marketing at LGM Financial Services, expects that the higher cost of EVs, combined with the difficulty finding new vehicles generally, will mean longer ownership.
That, he said, has contributed to the rise of new extended-service-contract and prepaid-maintenance packages that cover batteries and the charging systems that most EV buyers install.
