Fueled by Seed Round Funding, Plug Surpasses $15 Million in Used EVs Sold  
As the Market Faces an Influx of Off-Lease Vehicles 

SANTA MONICA, Calif., April 8, 2025 /PRNewswire/ — Plug, the industry’s only EV-exclusive wholesale online auction platform, announced it is expanding its offerings with the launch of Trade Desk, the first EV-focused service to help dealers confidently price, move and monetize trade-ins. Since early 2024, Plug has facilitated more than $15 million in used EV sales.

Plug’s rapid growth was fueled by an oversubscribed $6.7M 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. “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.”

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 the 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.”

Trade Desk 

Trade Desk uses Plug’s proprietary technology, the vehicle’s VIN, and criteria distinct from those of internal combustion engine vehicles, such as battery, software-enabled features, destination charging networks, and tax credits, to accurately price EVs quickly.

“Trade Desk provides dealers an estimated wholesale value and two options, including a guaranteed cash offer or selling through Plug’s auction,” added Douglas. “Plug is helping dealers win the deal and move EVs quickly.”

The EV-specific data used for Trade Desk pricing is included in every vehicle listing on Plug’s auction, providing buyers with comprehensive, accurate insights. This transparency fosters confident transactions that outpace legacy platforms.

“Our investment in Plug represents our belief in Jimmy’s unique insight built from his experience at Tesla,” said Ann Miura-Ko, partner at Floodgate. “With the unprecedented influx of off-lease EVs creating an inflection point in the market, Plug is pioneering the infrastructure and pricing confidence needed for this ecosystem to thrive.”

For more information about Plug, please visit https://plug.vin.

SOURCE Plug

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