In the dynamic landscape of the electric vehicle (EV) market, staying informed is key to making strategic decisions. While financial and news publications offer their perspectives, the real pulse of the EV market lies within the auto industry itself. In this blog post, we’ll explore valuable insights from Auto Remarketing, shedding light on EV sales trends and what’s happening in the rapidly evolving electric vehicle market.
The Source: Auto Remarketing and Experian
For the most accurate and up-to-date information on EVs, Auto Remarketing takes us to the heart of the matter. They draw on insights from Experian, a pivotal player at the forefront of electric vehicle purchases. Rather than relying on speculation from pundits, these insights offer a direct look into the actual sales, buyers, and sellers within the EV market.
Continued Growth in EV Sales
According to Experian, the electric vehicle market is experiencing substantial growth in terms of volume. The number of new retail transactions is on the rise, indicating not only an influx of early adopters embracing the technology but also a noteworthy organic growth. Individuals are making the switch from gasoline to electric, even if they haven’t previously owned an electric vehicle.
Used EV Sales: A Developing Landscape
When it comes to used EV sales, the landscape is still evolving. One contributing factor is the limited availability of used EVs in the market over the past few years. Additionally, the pricing dynamics are shifting, with new EVs being discounted, impacting the price difference compared to gasoline vehicles. As a result, some used EVs are now being offered at lower prices, leading to a reduction in the retail offerings on car lots.
Numbers and Projections
In 2021, there were 60,000 pre-owned EVs financed, a significant figure but not yet reaching staggering heights. Looking ahead to 2022, this number is expected to settle around 80,000 to 85,000. The real turning point is projected to be in 2023, where the market is expected to witness over 100,000 used electric vehicles financed. This projection sets the stage for a continuous increase as more two or three-year-old electric vehicles enter the market through trade-ins.
Crucial Insights for Dealers
For dealers navigating the electric vehicle market, the key takeaway is the importance of data-driven decision-making. Traditional retailing and auto marketing practices are no longer sufficient. Instead, dealers must dive into the numbers, understanding their target market, their shopping behaviors, and demographics. This data should guide advertising strategies, inventory management, and vehicle acquisition to align with the evolving preferences of the market.
Follow the Data, Embrace the Future
As the electric vehicle market continues to evolve, dealers must adapt to the changing landscape. By following the data and staying attuned to market trends, dealers can position themselves strategically, offering the right vehicles to the right audience. The future of the automotive industry is electric, and those who embrace the data will undoubtedly be at the forefront of this transformative journey.