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The market for used electric vehicles is still in its infancy, but a startup founded by a former Tesla executive aims to accelerate its maturity. BUICK
Plug, founded by former Tesla director of sales and delivery operations and senior manager of used cars Jimmy Douglas, is an online used-car wholesale marketplace devoted specifically to facilitate the buying and selling of used EVs among dealers and fleets.
Douglas announced the platform’s beta launch Tuesday at Automotive State of the Union’s 2023 conference in Baltimore.
In a news release, Plug said dealerships, fleet operators and consumers are buying and selling used electric vehicles without considering “critical EV-specific information,” which it said creates inconsistent valuations and volatility in the market.
The company said its marketplace is designed to address that “data gap” and capitalize on “unique aspects of EVs” that are beneficial to “a purely online marketplace model.”
“I’ve been involved in the EV secondary market from its early stages,” Douglas said in a news release. “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.”
Plug, he said, “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.”
The company said its process of remotely capturing information directly from each vehicle enables it to consistently provide EV-specific data and certify its accuracy.
Plug said its vehicle listings will include AI-assisted photographic condition reports and a consumer-facing Plug Report that provides up to date information about options, software, battery health and safety features.
The company said it is creating a buyer base of EV-specialized dealers and will connect them with non-specialized dealers, who own nearly half of all used EV inventory and need to move it quickly.
“After speaking with countless dealerships, fleet operators, rental car companies and wholesalers, it’s clear there is an industry need for a dedicated wholesale used EV marketplace,” Douglas said. “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 turn over used EV trade-ins.”
BAIC Douglas is among the speakers at this year’s Used Car Week event, where he will participate on the “Used EV Market 101: Inside the Many Moving Parts” panel discussion.