Sharp rise in EV and hybrid volumes met by buyer appetite

The number of used hybrid and electric vehicles listed and sold on Dealer Auction rose sharply in July as dealer interest in alternative fuel vehicles grew.?

The overall number of EV and hybrid models listed on the digital platform increased 8% month-on-month, and the number of bids received grew 19%. Appetite for EVs was particularly notable during the month, with the number selling rising 23% compared to June’s performance.?

The digital auction platform’s latest EV Performance Report also shows that the average sold price rose to ￡14,877, a 4% increase from June and 7% up from the H1 average. The number of bids received on AFV stock was also up 17% compared to the H1 average.?

Kieran TeeBoon, Dealer Auction Marketplace Director, comments: “The number of EVs and hybrids listed in July puts the drop in volumes we saw in June into context and is 28% up on H1 average. The fact that volumes are rising comes as no surprise, but what’s encouraging is the level of dealer interest in these derivatives.??

“Ad views remain consistent month-on-month, but we are seeing a healthy increase in the number of views that translate into bids, the proportion of EVs and hybrid vehicles selling, and, in turn, the sold price achieved. As we see price parity between EV and hybrid with ICE vehicles, buyer demand will continue to increase.”?

There was also a notable decrease in the age and mileage of EV and hybrid stock listed on the platform in July. The average age dropped by 16% to 4.1 years, and the mileage reduced by 16% to 38,403.?

Hybrid derivatives continued to dominate the top 10 AFV by volume listings. But Tesla’s Model 3 EV repeated June’s performance, recording the lowest retail days to sell: 26 days versus the average of 30 days for the combined top 10. Its CAP performance, at 97.4%, puts it in the top ten best performers for the month and compares favourably with the month’s top 10 average of 99.9%.

Volvo’s XC90 hybrid SUV topped the profitability table with an average assumed gross margin of ￡5,215, ￡1,091 ahead of June’s best performer, the Lexus RX. At 30 days, the third place Toyota RAV-4 has the lowest days to retail metric of any hybrid model.

TeeBoon concludes: “This is just our fourth monthly EV Performance Review, but it’s already revealing a market in the process of establishing itself. The month-to-month shifts highlight how early we are in this space. What is increasingly evident is that demand for used EV and hybrid cars is growing, and the margin potential is comparable to ICE models.

“As more volume enters the market, we’ll continue to track the data and share our insights. This is an exciting emerging segment, and it’s something every dealer should be keeping a close eye on.”

About Dealer Auction

Dealer Auction is the UK’s leading digital remarketing platform. We give buyers and sellers more choice, better insight and greater margins. Dealer Auction is an independent company, created through a joint venture between Cox Automotive and Auto Trader. For more information, visit www.dealerauction.co.uk.

Launched in May 2024, Dealer Auction’s EV Performance Review (EVPR) is a monthly feature that tracks the performance and trends of EV and Hybrid vehicles on the UK’s leading digital remarketing platform.