Sharp rise in EV and hybrid volumes on Dealer Auction driven by buyer appetite

Dealer Auction saw a significant increase in the listing and sale of used hybrid and electric vehicles (EVs) in July as dealer interest in alternative fuel vehicles surged.

The platform reported an 8% month-on-month rise in the overall number of EV and hybrid models listed, accompanied by a 19% increase in bids. Interest in EVs was particularly strong, with sales jumping 23% compared to June.

According to Dealer Auction’s latest EV Performance Report, the average sold price for EVs and hybrids reached £14,877, a 4% increase from June and 7% above the H1 average. The number of bids on alternative fuel vehicles (AFV) also rose by 17% compared to the H1 average.

Kieran TeeBoon, Dealer Auction marketplace director, highlighted the market's growth, stating: "The rise in EV and hybrid listings in July, up 28% from the H1 average, underscores the increasing dealer interest in these vehicles. While the volume increase was anticipated, the growing demand is particularly encouraging."

TeeBoon noted that while ad views remained stable, there was a significant rise in the number of views converting into bids, resulting in more sales and higher prices. He added: "As EV and hybrid prices align with ICE vehicles, we expect buyer demand to continue growing."

July also saw a reduction in the age and mileage of listed EV and hybrid vehicles, with the average age dropping by 16% to 4.1 years and mileage decreasing by 16% to 38,403.

Hybrid models continued to dominate the top 10 AFV listings, while Tesla’s Model 3 EV stood out with the lowest retail days to sell—26 days versus the top 10 average of 30 days. The Model 3 also achieved a strong CAP performance at 97.4%, close to the top 10 average of 99.9%.

Volvo’s XC90 hybrid SUV led the profitability rankings with an average gross margin of £5,215, surpassing June’s top performer, the Lexus RX, by £1,091. The Toyota RAV-4 secured third place with the lowest days to retail of any hybrid model at 30 days.

TeeBoon concluded: "Our fourth monthly EV Performance Review shows a market still in its formative stages. However, the increasing demand and margin potential for used EVs and hybrids are becoming clear. As the market evolves, we'll continue to track and share insights, making this an exciting area for dealers to monitor closely."