LOS ANGELES - (Sept. 26, 2023) – Dealerships, fleet operators and consumers are buying and selling used electric vehicles without factoring in critical EV-specific information, resulting in valuation inconsistencies and exacerbated volatility. Former Tesla executive Jimmy Douglas recently founded Plug, an online used EV wholesale marketplace to facilitate the buying and selling of used EVs among dealers and fleets while addressing the data gap and capitalizing on unique aspects of EVs that are conducive to a purely online marketplace model. Douglas announced the beta launch of Plug today at ASOTU CON 2023.
"I've been involved in the EV secondary market from its early stages. It’s clear that traditional evaluation metrics like odometer and age alone are insufficient for accurately valuing used EVs, which is causing challenges for buyers and sellers," said Douglas. "Plug, which opened its beta for waitlist applicants today, fills a critical void in the market by facilitating transactions in the context of accurate EV-specific information, including battery pack health, computer hardware, and software-enabled features for every listed vehicle.
Plug's process of remotely capturing information directly from each vehicle enables it to consistently provide EV-specific data, certify its accuracy, and differentiate from acquiring EVs on legacy platforms.
"After speaking with countless dealerships, fleet operators, rental car companies and wholesalers, it is clear there is an industry need for a dedicated wholesale used EV marketplace," said Douglas. "Based on that feedback, we’re building Plug to serve dealers who are proactively acquiring used EVs as well as those who simply want to quickly turnover used EV trade-ins.”
Plug is creating a network of EV-specialized dealers as its buyer base who benefit from accurate EV-specific data and access to attractive inventory such as trade-ins and well- maintained fleet vehicles. It will connect them with non-specialized dealers, who own nearly half of all used EV inventory and need to move it quickly.
- Plug will be a reliable source of high-quality inventory, and the data provided will empower dealers to make confident EV acquisition and pricing decisions.
- Vehicle listings will include a consumer-facing Plug Report that provides up-to-date information about options, software, battery health and safety features.
- AI-assisted photographic condition reports will give dealers accurate reflections of vehicle wear and identify potential reconditioning costs.
- A dealership must verify its license to join the marketplace to purchase inventory listed by other licensed dealers and fleet operators. Transactions will occur seamlessly within Plug to complete purchases.
- With a network of dealers proactively seeking used EV inventory, Plug will serve as a fast liquidation option for dealers who receive used EVs but do not specialize in selling them.
- EVs can be inspected remotely, enabling sellers to liquidate on Plug quickly without moving to a physical auction or waiting for a visiting technician.
- To sell on Plug, dealers activate their inventory feed, complete EV-data connections, and then begin selling via the marketplace.
Plug invites dealers and fleet operators interested in participating in the Q4 beta version to visit https://plug.vin to learn more and join the waitlist. The marketplace will have transparent and competitive buy and sell fees and subscription options for high-volume participants.
Plug is an online marketplace that facilitates wholesale buying and selling of used EVs among a network of dealers and fleet operators. Plug ensures dealers can access consistent and accurate data, empowering them to make confident EV acquisition and pricing decisions. For more information, visit https://plug.vin
Emily Moran for Plug
[email protected]
248-855-4300 X5
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