Recurrent is on a data-based mission to make buying used electric vehicles easier and more lucrative for sellers.
The startup was co-founded by CEO Scott Case, who, after his previous clean tech company was acquired, asked himself, "What's the best way for me to chip away at the emissions problem?"
Case had a lightbulb moment as he realized that there were "batteries everywhere on the roads."
Transportation accounts for over 20% of the world's black carbon, according to MIT. EVs are helping reduce levels, but widespread adoption faces challenges, like upfront costs. Case saw an opportunity to make a bigger dent.
"We realized … that no one is good at being an electric vehicle owner," Case told The Cool Down.
People are familiar with the maintenance routine for gas-powered cars, like regular oil changes. EVs don't require the same level of service. "The downside is, you don't get a lot of feedback on, is this normal? Is everything OK?" explained Case.
The market for used cars is twice the size of new cars. Used EVs are a fast-growing segment because they're typically sold sooner. "Early adopters with money are more likely to lease new or replace after 2-3 years (like iPhone enthusiasts do)," Case told Forbes. "Meaning the first used sale of each EV may happen sooner than is typical of a combustion engine car, resulting in a bigger used EV market faster."
Car and Driver reported the service life of an EV battery is between 12 and 15 years, so these gently used EVs have plenty of miles to go. But there was no EV equivalent to Carfax for buyers to do due diligence — till now.
Recurrent's free service can analyze EV battery data, providing a Monthly Report, which Case describes as "a wellness check" on your battery's health.
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If you were going to purchase an EV, which of these factors would be most important to you? Click your choice to see results and speak your mind. |
Cost 💰 While it's normal for EV range to decrease over time, factors like temperature, charging habits, driving style, and battery chemistry can all impact battery performance. "If there are big problems, we can alert you and say, something's up with your battery," Case told TCD.
This data comes into play when you're ready to sell. Recurrent connects sellers with a network of reputable dealerships to find the best price based on that data. "It means that you're actually getting paid for having taken good care of your battery," explained Case.
Recurrent now has over 30,000 drivers on the platform in all 50 states. It's able to compare thousands of vehicles and batteries. Recurrent's transparent data can boost a car's value while providing peace of mind to buyers.
On average, EV sellers are making $1,400 more thanks to this free service from Recurrent.
Educating EV owners and buyers is beneficial for the environment because it keeps these vehicles on the road longer. Affordable and reliable used EVs are key to Case's long-term goal of cutting air pollution.
"We simply need to build trust in the used EV market so drivers of all income levels can consider going electric," Case told Forbes.
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