To find the fraction of cars on the lot that are both gray and electrically powered, we can multiply the fractions given.
- The fraction of cars that are gray is \( \frac{2}{5} \).
- The fraction of the gray cars that are electrically powered is \( \frac{1}{3} \).
Now, we multiply these two fractions together:
\[ \text{Fraction of cars that are both gray and electrically powered} = \frac{2}{5} \times \frac{1}{3} = \frac{2 \times 1}{5 \times 3} = \frac{2}{15} \]
Thus, the fraction of the cars on the lot that are both gray and electrically powered is \( \frac{2}{15} \).