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Strong retail demand for used EVs has led to a sharp rise in EV conversion rates at auctions over recent months, according to Carwow.
Carwow’s auction EV conversion rates have climbed MoM since April. In August the gap shrank to below 1pp, and in September conversion rates for EVs exceeded ICE by 3pp.
Matt Cockerill, Trading Director at Carwow said: “Recent SMMT figures point towards strengthening demand for new EVs, and our auction sales conversion data suggests there are also clear reasons for optimism about the used EV market as we enter Q4.
“On the retail side, we’ve also found that EVs now comprise a growing proportion of the enquiries generated for our retailer partners.
“In August, EVs accounted for 20.7% of all Carwow enquiries, which is the highest it has been for the last 12 months. Plug-in hybrid electric vehicle enquiries also reached a 12-month high, at 6.9%.”
There has been an increase in the number of bidders per EV at Carwow’s online auctions, rising from 2.4 in April to 5.8 in September. Bidders per ICE listings increased from 3.7 to 4.7.
There has been an uplift in the average maximum bids placed on used EVs listed. Since April the average Max Offers for EVs has risen sharply, from below 92% of CAP Trade to over 98% in September.