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Plug’s platform serves over 400 franchised and independent dealers and commercial consignors.
Plug, an EV-exclusive wholesale online auction platform, recently launched Trade Desk, an EV-focused service to help dealers confidently price, move, and monetize EV trade-ins.
Since early 2024, Plug has facilitated more than $15 million in used EV sales.
Plug’s rapid growth is fueled by an oversubscribed $6.7 million seed round led by Floodgate, Autotech Ventures, and A* with participation from Leap Forward Ventures, Renn Global, Cleo Capital, Toba Capital, and ODF. Notable angel investors include Simon Rothman, founder of eBay Motors; John Kett, former CEO of IAA; and Car Dealership Guy Yossi Levi.
“Online wholesale vehicle auctions aren’t new, but before Plug, there wasn’t a specific auction that handled the nuances of EV transactions,” said Burak Cendek, partner at Autotech Ventures, in an April 8 news release. “As the used EV market expands, dealers are beginning to recognize the profitability in these vehicles, and as a reliable source of high-quality inventory and data, Plug has filled a market void.”
Plug CEO and founder Jimmy Douglas, pictured here on March 20 at the Conference of Automotive Remarketing, said Trade Desk provides dealers with a fast and accurate way to move and profit from an EV trade-in.
Photo: Ross Stewart / Stewart Digital Media
Today, Plug’s platform serves over 400 franchised and independent dealers and commercial consignors. Most EVs listed on the platform receive market-rate offers within 24 hours, making it an industry leader in EV wholesale sales conversions.
“Limited dealer engagement across the used EV market has suppressed competition and residual values,” said Jimmy Douglas, Plug founder, CEO and former Tesla executive. “The unknowns around evaluating EVs’ longevity and capability is a major participation barrier, particularly for dealers with less experience in the segment. We created Trade Desk to provide dealers with a fast and accurate way to move and profit from an EV trade-in.”
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