Got net-zero news, project updates, or product launches to share? Cutting-edge tech stabilises electric car market
Fleets have the power to navigate the choppy waters of the volatile EV used market with finesse by leveraging cutting-edge technology to streamline the remarketing process, as per Motom.
On average, EVs are snapped up in a remarkable 17 hours and one minute on the Motom digital marketplace.
Recent data from Cap HPI highlights a surge in used EV volume and various other challenges that have adversely impacted demand over the past 18 months. As a result, the values of several models have plummeted drastically, with some witnessing a decline of over 40% and a select few experiencing a drop of more than 50%.
Nevertheless, Motom asserts that its innovative digital platform has empowered fleet vendors to offload vehicles in as swiftly as 19 seconds by harnessing its technology to target active buyers effectively.
Julian Humphreys, the co-founder and CEO of Motom, shared, “The used EV market has experienced unprecedented turbulence in the past year. It is imperative to direct EVs towards engaged and active buyers to secure top prices and ensure a prompt sale.”
He added, “Under conventional procedures, the process of transporting, refurbishing, and auctioning an EV can stretch over several weeks, potentially subjecting vehicles to two monthly guide price drops. The ability to remarket a vehicle on the same day as it is defleeted can shield the fleet company from the impact of market fluctuations.”
On average, EVs change ownership in a mere 17 hours and one minute on the Motom digital platform. The capability to capture images and market a vehicle from any location also means fewer vehicle movements and a reduced carbon footprint throughout the process.
Julian Humphreys, co-founder and CEO of Motom
Delving into nuanced data insights can equip remarketing managers with the knowledge to align with current trends and pricing dynamics, ensuring that vehicles are competitively priced in the market. Motom asserts the critical importance of comprehending pricing structures, sales velocity, and the volume of similar vehicles in the market.
Moreover, Motom has introduced a benchmarking tool that enables fleets to compare their vehicles against other sellers and generate comprehensive reports for internal stakeholders. The platform also grants buyers and sellers access to a digital wholesale marketplace. Since its inception in late 2022, Motom has rapidly expanded its offering, providing remarketing managers and wholesale buyers alike with an efficient and data-enriched platform.
Humphreys concluded, “Real-time pricing holds paramount significance in today’s dynamic market landscape. The EV market is in a perpetual state of evolution with the introduction of new technologies and a rapid surge in available models. While it may be tempting to stick to the status quo, we believe that this market mandates a fresh and innovative approach.”
