Plug, the sole EV-exclusive wholesale online auction platform in the industry, is expanding its services with the introduction of Trade Desk. This innovative service is the first of its kind, designed to assist dealers in accurately pricing, managing, and monetizing EV trade-ins. Since early 2024, Plug has successfully facilitated over $15 million in used EV sales.
The company’s rapid expansion has been supported by a $6.7 million seed funding round, which was oversubscribed and led by Floodgate, Autotech Ventures, and A*. Additional participants included Leap Forward Ventures, Renn Global, Cleo Capital, Toba Capital, and ODF. Noteworthy angel investors in this round were Simon Rothman, founder of eBay Motors; John Kett, former CEO of IAA; and Yossi Levi, known as Car Dealership Guy.
“While online wholesale vehicle auctions are not new, Plug is the first to address the specific needs of EV transactions,” stated Burak Cendek, partner at Autotech Ventures. “As the used EV market grows, dealers are beginning to see the profitability in these vehicles. Plug has effectively filled a market gap by providing a reliable source of high-quality inventory and data.”
Currently, Plug’s platform supports over 400 franchised and independent dealers and commercial consignors. Most EVs listed on the platform receive market-rate offers within 24 hours, establishing Plug as the industry leader in EV wholesale sales conversions.
“Limited dealer engagement in the used EV market has hindered competition and residual values,” explained Jimmy Douglas, Plug’s founder, CEO, and former Tesla executive. “The uncertainties surrounding the evaluation of EVs’ longevity and capabilities pose significant barriers, especially for dealers with limited experience in this segment. We developed Trade Desk to offer dealers a swift and precise method to move and profit from EV trade-ins.”
The EV-specific data used for Trade Desk pricing is included in every vehicle listing on Plug’s auction platform, offering buyers comprehensive and accurate insights. This transparency promotes confident transactions that surpass those on traditional platforms.
“Our investment in Plug reflects our confidence in Jimmy’s unique insights, drawn from his experience at Tesla,” said Ann Miura-Ko, partner at Floodgate. “With the unprecedented influx of off-lease EVs creating a pivotal moment in the market, Plug is pioneering the infrastructure and pricing confidence necessary for this ecosystem to flourish.”
