- Cox Automotive’s state-of-the-art mobile EV Battery Health tool will build buyer confidence, promote residual value retention, and drive adoption of new and used electric vehicles (EVs).
- What sets Cox Automotive’s EV Battery Health tool apart from the industry is that it directly assesses each car and provides VIN-specific information, which is essential for capturing accurate battery health information. battery.
- The pilot includes the launch of a new, easy-to-use EV Battery Health mobile app and Bluetooth® dongle at 10 Manheim locations.
ATLANTE, January 24, 2023 /PRNewswire/ — Trust is important when it comes to wholesale and retail car buying. To build trust and transparency in the new and used electric vehicle (EV) market and help optimize first-time EV battery life, Cox Automotive today announced the next phase of its pioneering approach to evaluation and diagnosis of the state of the EV battery. The company will lay the foundation for the industry standard for electric vehicle battery inspection and rating with its VIN-specific battery grading system unlike any other solution available today. Pilot for Cox Automotive’s EV Battery Health mobile app and Bluetooth® dongle to launch at 10 Manheim locations in the US – Pennsylvania, Southern California, San Francisco, Riverside, Nevada, dallas, Phoenix, Seattle, Nashville and Portland.
“We are proud of our EV battery diagnostic tool and grading system, and the benefits it brings to the secondary vehicle market as an independent third-party standard for EV battery health is unmatched in the industry. “, said Lea Malloy, AVP of EV Battery Solutions, Cox Automotive Mobility. “The battery is the most expensive part of an electric vehicle, accounting for 30-40% of the total vehicle cost. With the expected influx of used electric vehicles entering the market, our battery health score will contribute to create trust and transparency at the point of sale.”
Providing transparent and accurate vehicle valuations is nothing new to Cox Automotive. The iconic Kelley Blue Book brand has provided owners and buyers with reliable new car prices and used retail values for nearly 100 years, and the Manheim Market Report, fueled by millions each year transactions in the world’s largest automotive wholesale market, continues to be the leading indicator of wholesale values. With more than 28 million used battery-electric and plug-in hybrid vehicles expected to infiltrate the US fleet by 2030, Cox Automotive’s leadership will power this electric market.
VIN Specific EV Battery Health Score – More Than a Number
Unlike the rating systems of other EV battery diagnostic tools, which provide a general battery estimate based on make and model, Cox Automotive’s Battery Health mobile tool directly rates each car and provides vehicle-specific information. VIN, which is essential for capturing accurate health information. drums. Easy-to-use tool measures current battery health, historical battery data (hours, temperatures, and load types) and performance, which the company’s patented health algorithm then uses to produce a score VIN-specific battery score ranging from 1 to 5. This score, along with information about the estimated current battery range, will be included in the EV Battery Health Report.
“To meet the future growth of electric vehicles at our Mannheim sites, we have invested in infrastructure to meet the future needs of our customers for electric vehicle batteries,” said Grace Huang, president of Cox Automotive Inventory Solutions. “Creating a reliable battery health score supports our efforts to set an industry standard for battery health, while providing the kind of vehicle information customers need.”
Cox Automotive’s Battery Health Score addresses three of the top five barriers to EV adoption among non-considerers, including consumer concerns about poor range (40%), battery replacement cost (35%) and batteries that do not hold their charge (30%). %).1 Additionally, most EV consumers (81%) would consider a used EV at 90% (or 10% degradation) capacity with a battery health certificate.
The battery is the most expensive part of an electric vehicle, accounting for 30-40% of the total vehicle cost. This makes providing a VIN-specific battery health score critical to providing accurate used vehicle ratings. Cox Automotive’s current data sample of battery health metrics collected from Mannheimwhich includes more than 1,200 vehicle tests, confirmed the following:
- Most, but not all, EV batteries are built to last. The average reported used battery health score was high, with an average score of 4.6. However, as batteries age, the number of outliers increases, highlighting the importance of evaluating each vehicle individually.
- The higher the battery health score, the higher the transaction price. The average sale price of vehicles increased by 1-4% (or 2.4% on average) when the battery health score was higher.
- Mileage is less relevant with electric vehicles. There was an inconsistent correlation between a battery health score and mileage on the vehicle’s odometer.
Battery solutions for electric vehicles Cox Automotive
Cox Automotive is committed to being the world’s leading battery health innovator and end-to-end EV battery lifecycle service provider, delivering efficient and sustainable solutions that extend the first life of batteries and to reuse them at the end of their life and to recycle them before treatment.
For more information on Cox Automotive’s EV Battery Health tool or to participate in a future pilot, visit https://www.coxautoinc.com/mobility/ev-battery/.
About Cox Automotive
Cox Automotive is the world’s largest provider of automotive services and technology. Fueled by the largest breadth of first-party data powered by 2.3 billion online interactions per year, Cox Automotive designs industry-leading solutions for car shoppers, Car manufacturers, dealers, retailers, lenders and fleet owners. The company has more than 25,000 employees on five continents and a family of trusted brands that includes Autotrader®, dealer track®, Kelley Blue Book®, Mannheim®, NextGear Capital™ and vCar®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately held, Atlantabased in New York with a turnover of 21 billion dollars. Visit coxautoinc.com or log in via@CoxAutomotiveon Twitter,CoxAutoInc on Facebook orCox-Automotive-Incis LinkedIn.
SOURCE Cox Automotive