Motor Distributors Limited (MDL) has chosen Bank of Ireland Finance (BIF) as its finance partner of the Smart all-electric motor franchise.
There are two new Smart electric vehicles (EVs) now available on the Irish market. Both new cars, the Smart#1 and Smart#3, feature a premium design fitted with advanced technology, with a range of both four-door and five-seater models available.
The new Smart cars are distributed in Ireland by MDL and sold nationwide through its current six Smart dealerships, which are part of the Mercedes-Benz dealer network. The number of Smart dealers is expected to rise to eight in the short- to medium-term.
Mercedes-Benz is developing a new overall retail concept where the M-B brand will move further up-market and Smart will eventually be a part of that overall re-alignment.
Following a period of steady rather than spectacular EV sales performance over the past couple of years during market reconfiguration, interest in EVs and applications for EV financing are trending higher again, according to Bank of Ireland.
Its latest figures show: Used EV purchase applications with them are up 125 per cent in Q1 2024 compared to Q1 2023; New EV purchase applications with them are up 41 per cent in Q1 2024 compared to Q1 2023; Overall, they are experiencing a 56 per cent increase in EV purchase funding in Q1 2024 compared to Q1 2023.
It also adds that, from its experience, nine out of 10 EV drivers move into another EV after their original PCP contract ends. This may have more to do with PCPs and the relative affordability of staying with them, compared to exiting.
BIF tells us that it works with 23 motor franchises nationwide. It claims to be the largest provider of wholesale finance for both battery electric and plug-in hybrid EV purchases.
BIF says that the EV market continues to evolve as the number of owners with range anxiety falls due to improved charging infrastructure. The real level of improvement in the network of working public EV chargers is questionable. The improvement in many driving ranges and lowering of some EV prices as new models launch are however encouraging factors.
BIF adds that awareness levels surrounding EV choice and value rise as motorists become more environmentally conscious. Unfortunately, the turmoil continues with regard to pricing used EVs and this is proving a key issue with current electric car owners, and also for dealerships. This adjustment period is likely to continue into next year.
