12:09 pm, September 17, 2024
Dealer Auction is listing and selling younger EVs and hybrids with few miles on the clock, and they’re selling quicker, the firm has said.
The wholesale marketplace’s latest EV Performance Review showed a marked year-on-year performance improvement across most key metrics, the company has reported.
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.
Meanwhile, when looking the month-on-month picture, conversion rates for hybrids outperformed TVs with rates increasing by 12%, despite volumes falling as dealers and consumers took their summer breaks.
The company said that August’s figures compared favourably with the year-to-date averages, illustrating the growing presence of EV and hybrid derivatives on its platform 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 amongst 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.’
The average selling price achieved on EV and hybrid stock on the platform during August was 4.1% above the year-to-date average.
At 4.1 years, the average age of these vehicles was the same as seen in July and younger than the year-to-date average of 4.8 years. Mileage continues to follow the decreasing month-on-month trend and, at 38,224, was 8.4% lower on the year-to-date average.
Toyota hybrid models dominated the month’s average assumed gross margin top 10. After topping the table in June, its Lexus RX SUV once again took first place with a potential margin of £4,452, followed by the Prius (£3,107) and RAV 4 (£2,810) in second and third place.
The Kia Niro recorded the best CAP performance (109.6%), while the Nissan Leaf was the only EV to feature in the CAP performance top 10.
TeeBoon concluded: ‘Once again, this month’s analysis shows how important it is to stay close to the data. The market moves fast and the vehicles offering the greatest potential are changing monthly. It’s also a reminder that a weak metric in one area does not necessarily make a vehicle a poor performer overall.’
