In the era of big data, the unprecedented growth of data has been regarded as an important asset and the commercial application of data acquisition markets has emerged accordingly. With the advancement of vehicle manufacturing and sensor technologies, a large amount of data can be collected and stored in electric vehicles (EVs), making the data acquisition scenario gradually extend to the Internet of Vehicles (IoV), and thus the corresponding operational rules and economic feasibility need to be fully investigated there. In this article, we focus on a general IoV-oriented data acquisition market that consists of a data center, multiple EVs, multiple roadside units (RSUs), and a market operator (broker), with the objective of social welfare maximization (SWM) by identifying the optimal data task allocation. However, due to the inherent information asymmetry and fragmentation in such a market, it is not feasible to solve the SWM problem directly. To this end, we propose an iterative double-sided auction (IDA) mechanism, which leverages the self-interested feature of RSUs and EVs to decompose the SWM problem, enabling every participant to make decisions in a distributed manner under the broker’s coordination. A complete set of operational rules covering the data task allocation, bidding, payment, and reimbursement are elaborately designed to achieve SWM, and energy is adopted as the pricing “currency,” such that an IDA-based data-energy transaction (IDADET) ecosystem is established in IoV. We verify the economic feasibility of the proposed IDADET ecosystem by showing its convergence and desirable properties of individual rationality, budget balance, incentive compatibility, and economic efficiency. In addition, considering the psychological effects of practical market participants, we make amendments to the operational rules of the IDADET ecosystem from the behavioral economics perspective, aiming to ensure its long-term well functioning. Extensive numerical results are presented to show the performance of the IDADET ecosystem and demonstrate its advantages in terms of economic properties, operational feasibility, fast convergence, and market social welfare.