Electric vehicle-only auction launched after fall in used prices – EQ Mag
Aston Barclay has launched a new monthly electric vehicle (EV) auction in response to the fall in plug-in prices experienced over recent months.
The sale at Aston Barclay Donington will also include an educational buyer session from the Energy Saving Trust.
Mark Hankey, Aston Barclay’s chief revenue officer, explained: “We wanted to be proactive in helping both buyers and vendors come to terms with the current market for used EVs.
“Our first EV sale was well attended by both physical and online buyers and there was plenty of discussion on supply and demand.”
He says that the partnership with the Energy Saving Trust for its April sale is the “next step in helping educate the industry”.
“The sooner the used EV industry settles down the better it is for buyers selling cars and vendors trying to anticipate future residual values,” he added.
The first sale held in March was supported by vendors Zenith, Santander, TCH Leasing, Motordough and Mobilize and saw nearly 50 used EVs sold for an average price of £19,635.
The average age of stock was 29.5 months, and the average mileage was 18,950 miles.
A Mercedes EQC sold for the highest price of £40,000 at 20 months and 22,000 miles while the oldest vehicle in the sale, a 66-month-old Nissan eNV200 van with 51,133 miles on the clock made an impressive £9,000.
Aston Barclay’s association with the Energy Saving Trust for its April sale offers EV training sessions for buyers and vendors covering topics such as the benefits of EVs, Government incentives, charging infrastructure, and comparisons with conventional vehicles.
This follows a successful pilot with Aston Barclay staff during 2022, where colleagues from its six sites were put through a half-day training by the Trust to educate them as to the importance of having the relevant knowledge and expertise in place for selling used EVs.
“Our aim is to help car dealerships understand the benefits of selling electric vehicles and equip them with the necessary knowledge and tools to do so effectively,” concluded Hankey.
Used EV prices fell by 15.3 percentage points between October 1, 2022, and January 31, 2023.
The price crash was amplified when Tesla slashed the prices of its Model 3 and Model Y by up to £8,000. The move, announced last month, is expected to help it compete in an increasingly competitive EV market in the UK.
Shortly after the announcement, Cap HPI revealed that used EV values are declining four times faster than their diesel-powered equivalents.
Source: fleetnews
