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CarMax, a leading retailer of used vehicles, has announced several strategic initiatives aimed at improving the purchasing process for used electric vehicles (EVs). These efforts include partnering with technology companies to offer battery health assessments and home charging solutions, alongside launching new online resources to educate consumers.
Key Highlights:
- Advanced Battery Health Data: CarMax is integrating Recurrent’s battery health reports into its online listings.
- Home Charging Installation Credit: A $200 credit is available for certain in-home EV charger installations through Treehouse for CarMax customers.
- EV Research Hub Launch: A new online CarMax EV Hub provides comprehensive educational resources for potential EV buyers.
- Tax Credit Eligibility Badge: Vehicles on CarMax.com that may qualify for the federal used EV tax credit will now be clearly marked with a badge.
CarMax’s commitment to becoming a leader in the used EV market is underscored by these new features. “Our strategic partnerships and enhancements to CarMax.com are designed to empower consumers with all the tools and resources they need in their shopping journey, improving the used EV purchasing experience,” stated Terence Rasmussen, VP of Business & Corporate Development at CarMax. The company anticipates that the strong growth in the new EV market will lead to increased activity in the used EV sector.
To further support and educate consumers, CarMax has launched its EV research hub. This online platform offers extensive information about EV ownership, including guides on what to consider when shopping for an EV and an interactive quiz to help customers decide if an EV suits their lifestyle. This resource complements the existing EV information provided by Edmunds, a CarMax subsidiary, which includes proprietary EV testing, range tests, and cost-to-drive estimates.
A significant concern for used EV buyers is battery health. To address this, CarMax has collaborated with Recurrent to feature battery range scores on EVs in its inventory. Customers can access a full Recurrent Report, which provides detailed insights into a vehicle’s estimated battery range, expected degradation, seasonal range variations, and charging times.
Additionally, CarMax is facilitating easier access to home charging solutions. Through a partnership with Treehouse, an installation platform for electrification projects, CarMax customers can learn about and arrange for the installation of Level 2 home chargers. Customers who purchase an EV from CarMax and opt for Treehouse for installation will receive a one-time $200 credit towards the installation cost. Rasmussen noted that CarMax has invested in both Recurrent and Treehouse, demonstrating a deeper commitment to the EV market.
To simplify the process of identifying potential savings, CarMax has also introduced a badge on its website that highlights vehicles within its inventory that may be eligible for the federal used EV tax credit of up to $4,000. The CarMax EV Hub provides further details on this tax credit, including buyer eligibility requirements. These initiatives collectively aim to make EV ownership more transparent and accessible for used car buyers.
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