Recurrent: EV Battery Reports Enabling Used Automotive Commerce
By Darcy Frisch, Hearst Ventures
Recurrent recently announced a funding round to support the growth of their EV battery data platform. We are thrilled to back Scott Case and the entire mission-driven Recurrent team in creating the next standard in used car transactions.
The automotive industry is committed to an EV future and EV adoption is accelerating. Yet buying (or selling) a used electric car is different than buying (or selling) a used internal-combustion car. Odometer readings and Carfax vehicle history reports that provide valuable information in traditional auto commerce are insufficient to establish the true worth of an EV because so much of the value is in the EV battery.
Enter Recurrent — the industry’s first and only provider of independent third party information on EV battery health and performance. By collecting daily battery data from over 8,000 vehicle owners covering 47 makes and models, Recurrent is able to offer reports and ratings to help owners, buyers, and sellers understand the condition of their used EV batteries, and provide the necessary support for used EV transactions.
The Recurrent platform is value-added to stakeholders across the used EV market.
· EV owners who opt-in to the Recurrent platform with their vehicle connected services account receive a monthly report on their battery health based on a daily collection of battery data from their vehicle. These reports educate owners regarding battery maintenance best practices and also provide information about the likely value of the battery and EV at trade-in or resale.
· EV buyers rely on Recurrent reports to understand the battery condition — including expected range today and over time — of a specific car by entering vehicle information and dashboard photos. Buyers can also access Recurrent research on a range of vehicle makes and models, and quarterly used EV price and market reports.
· EV sellers — both dealers and wholesale auction providers — use Recurrent ratings (Excellent, Good and Fair) as independent verification of the battery performance for the vehicles they are listing for sale. These ratings provide transparency and create confidence from buyers and sellers alike in used EV transactions.
Led by our companies Black Book and Motor Information Services, Hearst has a long history of innovation in automotive data. We see the transition to electric vehicles over the next 10 years as a once-in-a-century event for the auto sector and we believe that reliable vehicle data like what Recurrent is providing for EV batteries will be central to this transition.
