Octopus Electric Vehicles and Dealer Auction have entered a partnership to create a digital marketplace for used electric vehicles (EVs).
In a LinkedIn post, Dealer Auction announced that Octopus Electric Vehicles will launch its dedicated EV marketplace on Dealer Auction on 10 February.
This venture aims to provide a bespoke storefront and a closed network experience, catering to the trade EV sales market.
The first sale will feature 50 selected EVs, including brands such as Tesla, Polestar, BMW, and more, with exclusive access for trade buyers, Dealer Auction added.
Octopus Electric Vehicles fleet operations director Sinead Readman said: “The leasing market for EVs is booming in the UK and we’re now seeing those cars enter the second-hand market, which is a great thing for drivers.
“Dealer Auction is the ideal partner for launching our new digital marketplace. Its established network of EV buyers gave us confidence that we will be getting our high-quality vehicles in front of the right people.”
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By GlobalData
In recent years, Dealer Auction has seen more than 1,300 active buyers in electric vehicles. Last year, the platform is said to have experienced a 65% increase in sales of alternative fuel and EVs, driven by the successful launches of Novuna and Onto’s EV stock.
Dealer Auction OEM and fleet head Dave Pretty said: “Selling electric vehicles is a new, unique challenge for the automotive sector. We’ve invested a lot of time in finding the right solution for marketing these vehicles and attracting the right buyers.
“This coupled with the added control we give fleets to decide how they sell, whether it’s through ‘buy it now’ options or timed auction, makes us the partner of choice for trade EV sales in the UK.
“We are proud that this has been recognised by an established brand such as Octopus and we look forward to working closely with the team to achieve new levels of efficiency, ease and profit.”
In June 2023, Octopus Electric Vehicles secured a £150m funding agreement from Pollen Street Capital, boosting its total EV financing raised to exceed £650m within two years.
The funds are expected to have a substantial environmental impact, potentially saving more than 32,000tpa of CO₂. This is equivalent to taking more than 11,500 fossil fuel cars off the road.
The funds are primarily earmarked for Octopus EV’s flagship EV salary sacrifice scheme, launched in 2021.
