10:48 am, August 30, 2024

Car dealers’ increasing interest in alternative fuel vehicles saw the number of used hybrid and electric vehicles listed and sold on Dealer Auction rise sharply last month.

Although no actual figures were given, the trade-to-trade auction site for used vehicles said the overall total of EV and hybrid models listed on its digital platform went up by 8% month on month for July, while the number of bids received grew by 19%.

The hunger for EVs was particularly noticeable, it said, with the number selling rising by 23% versus June’s performance.

Dealer Auction’s latest EV Performance Review also shows that the average sold price increased to £14,877 – 4% up from June and a 7% rise on the first-half average.

Meanwhile, the number of bids received on AFV stock was also up by 17% compared with the first-half average.

Dealer Auction marketplace director Kieran TeeBoon said: ‘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.’

Volvo’s XC90 hybrid SUV was tops in the profitability stakes, with an average assumed gross margin of £5,215 – £1,091 ahead of June’s best performer, the Lexus RX.

Meanwhile, the Toyota Rav 4 was the swiftest to sell of any hybrid model at 30 days.

TeeBoon added: ‘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.’