BCA’s July EV sales hit all-time high

BCA has recently reported a surge in the sales of electric vehicles, marking a record week in July as demand continues to skyrocket. The first week of July witnessed the sale of nearly 700 electric vehicles, projecting BCA to record sales exceeding 30,000 units within the next year. The increasing demand has led to greater pricing stability in the electric vehicle sector, prompting trade buyers to recognise the value of EVs compared to their internal combustion engine counterparts.

The past few weeks have shown a remarkable over 80% conversion rate for first-time buyers across the diverse range of electric vehicle products available at BCA. More than 1,200 different customers have invested in EVs since April. The influx of electric vehicles into the remarketing sector is estimated to double each year, driven by the government’s commitment to enhance the market share of EVs to achieve climate change objectives.

Stuart Pearson, the Chief Operating Officer at BCA, remarked on the positive trend, stating, “While electric vehicles still represent a small fraction of our daily online auctions, we have witnessed a broader range of buyers showing interest in purchasing them. Significant pricing adjustments and enhanced market stability have fueled this growth. BCA continues to invest in infrastructure and expand services to cater to the escalating demand for electric vehicles.”

Pearson further highlighted the success of specialist EV trade buyers at BCA, pointing out their market acumen, product expertise, and ability to debunk common myths surrounding EVs. One of the prevalent misconceptions pertains to battery health and warranties, with data demonstrating that battery degradation in EVs is often less severe than anticipated. In fact, the warranty on EV batteries surpasses the traditional warranty associated with internal combustion engine vehicles.

BCA witnessed the sale of 32 different brands of electric vehicles last year, signalling a growing diversity in the market. With a widening range of products from compact city cars to luxury models, the potential for the used EV marketplace is vast. Many used EVs are also priced more competitively than their petrol or diesel counterparts, raising questions on the relatively slow consumer adoption of electric vehicles.

Pearson concluded by urging motor retailers to explore the opportunities within the used electric vehicle market to avoid falling behind in the future. As early adopters and EV specialists reap the rewards of profitability and rapid stock turnover, dealers who delay in embracing electric vehicles risk losing out. With EVs achieving price parity with traditional vehicles, the industry’s entrepreneurial spirit is poised to drive the mainstream integration of electric vehicles in dealerships swiftly.