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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