EV and hybrid vehicles listed and sold on Dealer Auction are younger, carrying fewer miles, commanding a stronger CAP performance, and retailing faster versus those traded between dealers 12 months ago.
The wholesale marketplace’s latest EV Performance Review shows a marked year-on-year performance improvement across most key metrics.
The number of alternative fuel vehicles selling on the platform has increased 35% year-on-year, with 75% more EVs converting than in August 2023.
The average days to sell of the top 10 EV and hybrid cars by CAP performance has reduced by 4.1 days compared with August last year, while their CAP performance has increased 3.6% to 101.3%.
On average, cars listed on the platform in August had almost 2,000 fewer miles than those listed 12 months ago and were four months younger.
Looking at the month-on-month picture, despite volumes falling as dealers and consumers took their summer breaks, conversion rates increased 9.6% in August.
Hybrids outperformed EVs, with conversion rates increasing 12.0% compared to July.
August’s figures compare favourably with the year-to-date averages, illustrating the growing presence of EV and hybrid derivatives on Dealer Auction and dealer interest in them.
The number of bids received on alternative fuel stock was just 8.6% behind the year-to-date average despite volumes trailing 25.3% behind July.
CAP performance also increased versus July’s figures, with the top 10 CAP performers averaging 101.3%, a 1.4% uplift on July’s 99.9% figure. Just one EV – the Nissan Leaf – featured in the top 10 in August, with a 102.4% CAP performance, up 6.4% month-on-month.
Kieran TeeBoon, Dealer Auction marketplace director, said: “The year-on-year picture is very encouraging and illustrates the progress used EV and hybrid product has made among dealers. The transition to EV may not be plain sailing but they are undoubtedly a growing presence on used forecourts.
“August is traditionally a low volume month for dealers as the country all but stops for the summer break and franchised dealers gear up for the September new plate push, so it’s no surprise at all to see overall volumes and activity drop in comparison to July.
“The reduction in EV and hybrid volume over the month meant competition increased for those vehicles listed, which will have contributed to the average sold price bettering the year-to-date average and the top ten CAP performance average surpassing the level achieved in July.
“While overall volumes remain small as a proportion of all the stock we see, there’s no doubt trade appetite for hybrid and EV cars is growing.”