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Provides Vehicle Valuations for New Marketplace Catering to EV Vehicles
Black Book, a division of Hearst that provides industry-leading used vehicle valuation and residual value forecast solutions, announced today the integration of its vehicle valuation data with Motorsport Network’s MYEV.com, the first-to-market car shopping platform dedicated exclusively to the buying and selling of electric vehicles (EVs).
MYEV.com offers intuitive tools that make finding the right EV simple, easy, and straightforward. Traditional car shopping platforms cater to standard internal combustion engine (ICE) vehicles, and have been slow to adapt to industry changes and the demand for electric vehicles. Motorsport Network has positioned MYEV.com as a solution to combat the lack of EV-specific search tools as electric vehicle ownership and adoption rates skyrocket globally.
According to Black Book data, the three-year retention rate on a 2015 model-year EV Compact Car is currently registered at 33.2%, and on a 2014 model-year EV it is listed at 25.5%. Black Book valuation data will be integrated with all EVs listed in the MYEV.com system, which will help buyers and sellers ensure they’re reviewing the most accurate and up-to-date valuations within the market.
“The market for EVs will only continue to grow in more significance as we move forward,” said Eric Goeres, President of Automotive for Motorsport Network. “As this demand increases and we see an influx of buyers and sellers in the MYEV.com marketplace, it will be imperative to have a valuation partner such as Black Book available for our valued users.”
“Over the years Black Book has been committed to building the most accurate valuation data available for EVs and alternate fuel-focused segments,” said Jared Kalfus, Executive Vice President, Revenue for Black Book. “We are pleased to be a valuation partner for an important EV marketplace such as MYEV.com, and we believe their market will grow along with widespread adoption and use of EV vehicles over time.”
According to the International Energy Agency (IEA), a record number of EVs (1 million) were sold in 2017, more than doubling the number of EVs on the road. It is estimated that 125 million EVs will be on public roads by 2030.
In addition to EV inventory, MYEV.com will also soon include plug-in hybrid electric vehicles (PHEV) within their marketplace, also supported by Black Book valuations.
About Black Book
Black Book® is best known in the automotive industry for providing timely, independent and precise vehicle pricing information, and is available to industry-qualified users through online subscription products, mobile applications and licensing agreements. Since 1955 Black Book has continuously evolved to ensure that it achieves its goal of delivering mission-critical information to its customers, along with the insight necessary to successfully buy, sell, and lend. Black Book data is published daily by National Auto Research, a division of Hearst, and the company maintains offices in Georgia, Florida, and Maryland as well as the Canadian Black Book in Toronto. For more information, please visit BlackBook.com or call 855-371-7532.