Published in: 
Broker News
Date: 
22 April 2024

EVs are selling faster than ICE vehicles reports digital wholesaler

EVs are selling faster than ICE vehicles on average reports digital remarketing firm MOTOM.

The digital wholesale marketplace said it examined data over the last four months and found that EVs sell in 17 hours and one minute, which is one hour and 15 minutes faster than ICE vehicles.

The study also showed that EVs achieved 106.87% of cap Live; ICE vehicles achieved 106.39%.

Commenting on the trend, Julian Humphreys, co-founder and CEO of MOTOM, said: “The data shows that confidence in EVs continues to grow. There is a clear buyer appetite for the right EV, and demand has recovered since the middle of last year.

“Buyers are still selective around EVs; the swing in terms of cap performance runs from 103% to 119.5%. We’ve found that demand remains constant, and we don’t hold special EV sales as buyers come from all corners of the market.”

MOTOM says its platform is built for the fast-moving EV market, as vehicles are available to buy as soon as they are listed.

Humphreys concluded: “Our fastest vehicle sold in 19 seconds. In a dynamic market, it’s essential to remarket vehicles quickly and effectively to take advantage of market trends.”

Vendors can choose to sell a vehicle to the whole market or selected buyers such as franchised dealer groups. The process can be automated using an API to speed up the sale process for one or hundreds of vehicles.

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