Buying a used car has been essentially the same for 75 years: what’s the mileage, what’s the vehicle history, get a mechanic to check out the moving parts and haggle over the price. As electric vehicles (EVs) hit the used market, buyers are changing the way they research and buy.
Recurrent is the future of how used electric cars are bought and sold. We’ll be entering the established online auto marketplace business on the basis of a unique differentiator, our independent EV battery reports. As the first mover on used EV battery analysis, we have the best set of cross-manufacturer battery aging data to develop the most accurate predictive algorithm for future battery life and range.
Why are we doing this? Road vehicles represent 20% of carbon emissions globally, and have accounted for the vast majority of transportation emissions increase since 1970. Electrifying passenger vehicles, in parallel with transitioning our power grid to cleaner energy sources, really moves the needle on climate. We’re going to be a critical part of making that shift -- facilitating the secondary market.