British Car Auctions (BCA) reported a significant increase in electric vehicle (EV) sales during the first week of July 2024, with a total of 700 EVs sold.
The company said it is on track to surpass 30,000 EV sales over the next year, signalling ongoing strong demand from professional buyers.
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BCA noted that the surge in EV sales reflects a growing market stability in terms of pricing.
Meanwhile, the trade buyers are also acknowledging the comparative value of EVs against internal combustion engine (ICE) vehicles.
Recent weeks have seen first-time conversion rates exceed 80%, showcasing the diverse range of EVs available at BCA.
Since April, more than 1,200 customers have purchased EVs, underscoring the expanding interest in the sector.
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By GlobalDataThe influx of EVs into the remarketing sector is rapidly increasing, with volumes doubling annually, BCA stated.
This trend aligns with the UK government’s policies aimed at boosting the EV market share to address climate change goals.
Besides, the Zero Emission Vehicle (ZEV) mandate is also influencing original equipment manufacturers to adapt their product ranges to meet the mandate’s criteria and avoid substantial fines.
BCA COO Stuart Pearson commented: “As a result of the growth, BCA has continued to invest in infrastructure to support the increasing volume, along with innovation in the range of products and services that we are able to provide our customers to support specific EV requirements.
“Specialist EV trade buyers at BCA are enjoying significant success right now, mainly driven by their understanding of the marketplace, their product knowledge, and their ability to fill a consumer with the confidence to dispel many of the myths surrounding EV.”
Pearson concluded: “If motor retailers are not looking into the opportunities that the used electric vehicle market represents today, they run the risk of having to play catch-up in the future because switched-on dealers and EV specialists are enjoying great success right now in terms of profitability and retail stock churn. The first movers definitely have the advantage currently, but with many vehicles having pricing parity to their ICE equivalent, I’m sure that the entrepreneurial nature of the industry will ensure that EVs become a more mainstream used-vehicle feature in even more dealerships relatively quickly.”
