LAWRENCEVILLE, Ga.—With electric cars (EVs) growing in acceptance and sales, a new tool is available to help consumers and lenders better understand the range (mileage capability on one charge)—and value—of each EV model.
Black Book reported that it is integrating its VIN-specific data into a valuation tool built on Recurrent’s new Range Score.
“Range Score makes it easier to understand expected range in a used EV
by comparing a car’s current expected range to what was normal when new,
which often differs from its EPA-rated range,” stated Black Book.
Added
Jared Kalfus, president of Black Book, “By combining our vehicle
valuation data with Recurrent’s battery health data, consumers and
dealers alike can access first-of-its-kind insight into the precise
valuation of a used electric vehicle. We are thrilled to have been
selected to power this tool.”
Additional Detail
More than 50 dealerships have added
Recurrent’s Range Scores to their used EV inventory. More detailed used
EV reports, called Recurrent Reports, are also available to share
information on battery warranties, expected range in different
conditions, and how range is projected to change after three years of
ownership, according to the company.
Early results indicate that vehicles with Recurrent Reports can sell for thousands of dollars more than those without, and create a much better buyer experience by setting the right expectations around range, Black Book said.
‘Adding Transparency’
“For EV owners who are looking to sell,
Recurrent will share their Range Score with dealerships and organize the
offers so it is easy to compare and select a buyer,” Black Book said.
“Black Book’s vehicle valuation is combined with Recurrent’s new Range
Score value, which uses modeling from 100-million recorded EV miles to
make value adjustments for good batteries. The new partnership is a step
toward adding transparency to a rapidly growing used EV market that
includes more than 2.5 million vehicles in the U.S.”
Initially eligible vehicle models include Chevrolet Bolt, Chevrolet Volt, Nissan LEAF, Tesla Model 3, Tesla Model S, Tesla Model X and Tesla Model Y.
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