Let's denote the total number of cars in the used car lot as \( C \).
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Finding the number of gray cars: The fraction of cars that are gray is \( \frac{2}{5} \), so the number of gray cars is: \[ \text{Number of gray cars} = \frac{2}{5}C \]
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Finding the number of gray and electrically powered cars: We know that \( \frac{1}{3} \) of the gray cars are electrically powered vehicles. Therefore, the number of gray and electrically powered cars is: \[ \text{Number of gray and electrically powered cars} = \frac{1}{3} \times \text{(Number of gray cars)} = \frac{1}{3} \times \frac{2}{5}C = \frac{2}{15}C \]
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Finding the fraction of all cars that are gray and electrically powered: The fraction of all cars that are both gray and electrically powered is: \[ \frac{\text{Number of gray and electrically powered cars}}{C} = \frac{\frac{2}{15}C}{C} = \frac{2}{15} \]
Thus, the fraction of cars that are gray and electrically powered is \( \frac{2}{15} \).
So, the final answer is: \[ \frac{2}{15} \] of the cars are gray and electrically powered.