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Plug, the only wholesale online auction platform exclusively for electric vehicles (EVs), has introduced Trade Desk, a pioneering service aimed at assisting dealers in pricing, managing, and profiting from EV trade-ins. This launch aligns with Plug’s impressive milestone of facilitating over $15 million in used EV sales since early 2024, supported by a recent $6.7 million seed funding round.
Key Highlights:
- Plug launches Trade Desk, the first EV-specific trade-in service for dealers.
- Over $15 million in used EV sales achieved by Plug since early 2024.
- $6.7 million seed funding raised from investors like Floodgate, Autotech Ventures, and A*.
- Trade Desk uses proprietary technology to price EVs accurately with unique criteria.
- Serves over 400 dealers, with most EVs receiving offers within 24 hours.
The seed funding, led by Floodgate, Autotech Ventures, and A*, included contributions from Leap Forward Ventures, Renn Global, Cleo Capital, Toba Capital, and ODF. Prominent angel investors such as Simon Rothman (eBay Motors founder), John Kett (former IAA CEO), and Yossi Levi (Car Dealership Guy) also participated, reflecting strong industry confidence in Plug’s vision.
Plug’s platform currently supports over 400 franchised and independent dealers and commercial consignors. Its efficiency is evident, as most listed EVs receive market-rate offers within 24 hours, setting a high standard in the EV wholesale market. Trade Desk enhances this by leveraging proprietary technology that evaluates EVs using distinct factors—such as battery health, software features, charging networks, and tax credits—beyond traditional vehicle metrics.
Jimmy Douglas, Plug’s founder, CEO, and a former Tesla executive, emphasized the service’s purpose: “Limited dealer engagement has suppressed competition in the used EV market. Trade Desk offers a fast, accurate solution to help dealers profit from trade-ins.” Dealers receive an estimated wholesale value and two options: a guaranteed cash offer or auction listing via Plug.
This transparency and data-driven approach have positioned Plug as a leader amid an influx of off-lease EVs.
For more details, visit https://plug.vin.
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