Electric vehicles (EVs) showed notable strength at Manheim auctions Q1, outperforming long‑term expectations and indicating healthy demand for used EVs, according to Cox Automotive sales numbers released April 7.

EV pricing and activity remained firm through March, with values rising alongside the seasonal spring increase. Rising gas prices may have boosted demand last month, as dealers pursued potential opportunities with used EVs, which are notably more affordable than new EVs.

EV availability at Manheim also improved in Q1 as more off-lease EVs were moved into the auction lanes. In fact, the wholesale volume of EVs at Manheim set a record in Q1, with nearly 37,000 vehicles sold. Initial retail sales estimates for used EVs were strong as well. 

Cox Automotive’s analysis suggests more than 100,000 used EVs were sold in Q1, the second-best result behind only Q3 2025, when buyers were hurrying to secure soon-to-expire government-backed sales incentives.

The growing EV share reflects an increasing flow of off‑lease vehicles back into wholesale channels, as many lessees remain unlikely to purchase vehicles priced above market value at lease end. Lenders have been absorbing these valuation adjustments gradually, helping the wholesale market digest the increase in used EVs. 

As additional off‑lease EVs return in the coming quarters, Manheim expects EV activity to continue rising, further solidifying its role within the wholesale ecosystem.