Data from Dealer Auction’s new EV Performance Review (EVPR) has revealed that trade-to-trade listings of Alternatively-Fuelled Vehicles (AFVs) have jumped 30% this year.
A just-launched snapshot of EV and hybrid performance on the UK’s leading digital remarketing platform, the EVPR also shows that the number of AFVs sold has increased by 47%. The numbers compare the period January to April versus the previous full four months.
Dealer Auction’s Marketplace Director, Kieran TeeBoon, said: “The EVPR is a monthly temperature check of EVs and hybrids on our platform that is already yielding fascinating data about a changing used market. 2024 thus far has already seen a notable leap in AFVs sold and it will be interesting to see how the year plays out. This alone tells us that, even though they represent a small proportion, compared to ICE, they are figuring in the plans of more and more dealers. That will only increase as AFVs ultimately become a bigger part of the overall car parc picture.
While combined AFV listings and sales increased during the period, the number of hybrid listings has dropped by 7%; however, the amount sold rose by 22%.
Year-to-date bidding activity tells an intriguing story, too. Ad views for EVs and hybrids were up 11%, while bids received shot up by more than 15%. When seen against a backdrop of reduced hybrid listings, the search increase demonstrates an evident dealer appetite for hybrids’ growing profit potential.
The fuel-type split for the period highlights that EVs have seen small dealer-to-dealer sales increase at just 0.23%, while hybrids equal 0.71%. The number of diesels sold in this period dropped by 2.4%.
“The slide in the number of diesel vehicles sold is notable and reflects their obliteration from the new car market,” Kieran said. “But despite falling out of favour in urban areas, used diesel retains a loyal following outside of cities and with people covering huge mileages or where towing is essential. Competition for this stock will likely intensify as volumes wane.”
The average sold price of EVs and hybrids on Dealer Auction between 1st January and 30th April dropped by 4.5% (£13,609). Their average age increased by 11% (or nearly five years), while the average mileage climbed by more than 3% to 40,315 miles.
Kieran added: “The profile of the EVs and hybrids we’ve seen so far this year makes me wonder if dealers are increasingly hanging on to any younger models traded in instead of pushing them out for a trade sale. Used EVs, in particular, represent great value versus their new price while hybrids are the natural replacement for buyers not ready to jump fully into electric, and this could be influencing stock decisions.”
The Lexus UX hybrid is the best-performing AFV on Dealer Auction so far this year. On average, the luxury compact SUV has had a CAP performance of 119%, a days-to-sell figure of 45, and an AT Retail Rating of 51.
“The EVPR provides a fascinating insight into dealer activity around AFVs and where appetites lie,” Kieran concluded. “As the number of EVs and hybrids entering the used market increase, I hope dealers can use this new insight to guide their decision-making.”
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.
