Data from Dealer Auction’s EV Performance Review shows that the average gross margin for alternatively fuelled vehicles (AFVs) in November jumped by just under a third on October’s data, rising 31.4% from £2,819 to £3,664.
The average sold price on the trade-to-trade platform also rose – 7% month-on-month – and bids rose to over 5,000, with the high margins indicating that customers are prepared to pay more for the right model and a high Retail Rating.
Last month signalled a major shift in the used AFV profile, with models dropping in age and mileage. This trend continued in November: the age profile dropped 3.4% to 3.4 years. While mileage was a much more negligible drop than last month’s 15% (November saw it drop just 0.4% to 32,612 miles), models are still carrying significantly fewer miles than at the start of the year, which will no doubt appeal to buyers.
While ad views on electric vehicles more than doubled from 2,819 to 7,419, a drop in hybrid views put the overall ad views in the negative for November, with 16.4% fewer views.
Dealer Auction’s Marketplace Director, Kieran TeeBoon, said: “The £800+ rise in average retail margins is significant. Consumer awareness of EVs is obviously crucial to making a profit, but that’s only part of the picture. Profit also comes from acquiring the right stock quickly to meet demand.”
Since the launch of the EV Performance Review, hybrids have dominated the top 10 charts. November saw a big shake-up, with electric models making big strides in two of the tables in particular. EVs accounted for seven of the top ten by average gross margin and six of the top ten by volume sold, with only the CAP performance ratios remaining unchanged.
Star performers included the Volkswagen ID.3, which was the highest-placing EV by volume sold and also placed 5th in the top margin chart – it was also one of the speediest sellers, selling in 25 days on average. On the hybrid side, the Toyota Auris topped the chart for CAP performance (180.8%), while the Hyundai Tucson topped the volume chart.
In the margin top 10, the big hitter from June, August and October, the Lexus RX hybrid, just managed to stay in the top 10, with the Audi e-tron taking the top spot with an average gross margin of £6,551.
TeeBoon concludes: “November marked a pivotal moment in the EV Performance Review, as electric vehicles surged ahead in key performance metrics. While hybrids have long reigned supreme, the latest data could signal a turning tide. As we head towards 2025, it’s clear that electrification is no longer a future ambition but fast becoming a present reality.”
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.
