Preparing for the secondary market for electric vehicles

More than 40 new electric vehicles are expected to hit the market by 2025, according to J.D. Power. Experts think this increase seems to be driven by increased automaker incentives, high interest rates, federal EV tax credit leasing loophole, and concerns about long-term serviceability and battery health. And they said an increase in leased EVs will equate to an influx of off-lease vehicles entering the secondary EV market in the next 24 to 36 months. During this year’s Auto Intel Summit + National Remarketing Conference presented by SmartAuction in Cary, N.C., a panel of industry experts discussed this emerging market, including sales, service and the importance of preparing for this growing segment. The panel included: —Elena Ciccotelli, host and producer, The EVs for Everyone Podcast —Jimmy Douglas, founder and CEO, Plug —Dan Saidy, director of sales operations, The CAR Group (Norm Reeves) —John Foley, co-founder and president, Recharged