Electric vehicles are selling faster than ICE vehicles while also outstripping them on Cap Live performance, according to digital remarketing firm Motom.

On average, EVs on the Motom platform sell in 17 hours and one minute, which is one hour and 15 minutes faster than ICE vehicles

The digital marketplace examined data over the last four months and found that EVs sell in 17 hours and one minute, which is one hour and 15 minutes faster than ICE vehicles.

The study also showed that EVs achieved 106.87% of Cap Live, with ICE vehicles at 106.39%.

Julian Humphreys, co-founder and CEO of Motom, said: “The data shows that confidence in EVs continues to grow. There is a clear buyer appetite for the right EV, and demand has recovered since the middle of last year.”

Humphreys noted that buyers are still selective around EVs; the swing in terms of Cap performance runs from 103% to 119.5%.

But he added: “We’ve found that demand remains constant, and we don’t hold special EV sales as buyers come from all corners of the market.”

Motom, which launched late 2022, says its platform is built for the fast-moving EV market, as vehicles are available to buy as soon as they are listed.

Humphreys concluded: “Our fastest vehicle sold in 19 seconds. In a dynamic market, it’s essential to remarket vehicles quickly and effectively to take advantage of market trends. We provide in-depth market insight to help vendors and buyers price their vehicles efficiently. Traditional remarketing routes can take weeks to sell a vehicle and be impacted by multiple book drops – we believe there is a better way.”