Fisker Introduces New Dealer Partnership Model in Strategic Transformation for Company

Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today announced that the company is developing an innovative Dealer Partnership model in North America. In Europe, Fisker intends to pursue a hybrid of direct sales and dealer arrangements.

Henrik Fisker, Chairman and CEO, said:

As we saw throughout 2023, the EV market has changed dramatically. As a high-growth startup, Fisker is transforming its strategic efforts by putting in place the brand accessibility and sales channels required to satisfy increasing demand for the Fisker Ocean and to prepare for launch of additional future models. As a result, we are evolving our business model and intend to add as many as 50 dealer partners in the US and Canada and a similar number of dealer locations in Europe this year. In keeping with our asset light strategy, I expect the Dealer Partnership model should enable Fisker to expand its sales and delivery network at a faster pace.”

Large dealer territories, no-haggle pricing, and vehicles to first dealers by end of Q1 2024

The Dealer Partnership model combines the goal of offering our customers no-haggle pricing on Fisker vehicles (where permitted) while also providing our dealer partners with larger market territories, so they can maintain pricing without concern for local competition. The company has been in discussions with numerous potential dealers since late November 2023.

The company is implementing this approach to expedite the expansion of its sales, delivery, and test drive network. Fisker expects that its first dealers will start receiving vehicles by the end of Q1 2024, and that it will have all its initial dealer partners in place when higher-volume vehicle models arrive in the marketplace in the future.

Sustainable dealerships and streamlined customer support

In keeping with its sustainability mission, Fisker does not plan to require its dealer partners to make extensive, time-consuming, or costly changes to their existing facilities. The company has developed corporate identity features that it can quickly provide to its dealer partners so that they can commence sales and service as soon as possible. Fisker will continue to maintain its own Fisker Lounges in global markets so that customers may experience the brand and contribute sales leads that the company can send to its dealers.

Fisker will be working with dealer partners who place a high emphasis on delivering excellent customer satisfaction, providing streamlined customer support and service, as well as expanded test-drive opportunities as the range of Fisker models and trim levels expands. Dealers will also facilitate financing and insurance arrangements and assist customers with matters related to Fisker’s warranty.

Hybrid business model in Europe

Following the agency model, Fisker plans to sign up sales and distribution partners in its European markets, while the company continues direct sales in the region.

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