Dealerships, fleet operators, and consumers can buy and sell used electric vehicles without factoring in critical EV-specific information, resulting in valuation inconsistencies and exacerbated volatility.
Former Tesla executive Jimmy Douglas 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.
"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.
Specialized Network for Dealers in the EV Market
Plug's remote data capture process empowers it to consistently source EV-specific information directly from each vehicle.
It ensures data accuracy and differentiates itself from conventional methods of acquiring EVs on legacy platforms.
Douglas stated at ASOTU Con 2023 that after discussions with numerous dealerships, fleet operators, rental car companies, and wholesalers, it has become evident that there exists a significant industry demand for a dedicated wholesale used EV marketplace.
In response to this feedback, Plug was developed to cater to dealers actively procuring used EVs and those seeking efficient turnover of used EV trade-ins.
Plug is establishing a network of specialized EV dealers as its primary customer base, offering them precise EV-related data and access to appealing inventory, including well-maintained fleet vehicles and trade-ins.
Simultaneously, it will facilitate connections with non-specialized dealers, who possess nearly half of the available used EV inventory and require swift inventory turnover.
How to Acquire Used EVs on Plug
- Plug will be a reliable source of EV 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.
How to Sell Used EVs on Plug
- 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.
Originally posted on Fleet Forward