Scott Case is the CEO and Co-Founder at Recurrent, which provides EV battery reports for used EVs, helping consumers and dealers understand the residual health of the battery in a prospective purchase. Think of them as a Carfax report for EVs.
New EV sales have boomed since the launch of the Tesla Model 3 in 2018. A year later, roughly 1% of new sales in the US were EVs. And in 2022, that number had increased to over 5%. The used EV market therefore logically will follow a similar trajectory, with a 3-4 year delay.
In this discussion, Scott points out that a car can only be sold new one time but can be sold used many times over. Most of us have no experience buying a used EV because there just hasn’t been enough inventory. As that changes, so too will our used car buying experience. And when it comes to which factors to pay attention to, the battery's health rises to the top of the list.
Scott and Cody have a great conversation about what impacts an EV battery’s health, how Recurrent gets the data to make health assessments, how Scott sees the used EV market evolving, and even what make/model EV he drives. It’s a jam-packed episode with information that’s sure to be personally relevant to many of us in the coming months and years ahead.
In this episode, we cover:
- [3:02] Scott's background and how he got started in the used EV market
- [9:25] How Recurrent came to be
- [13:51] The early days of figuring out the company's approach and business model
- [17:54] An overview of the used EV market
- [19:97] How to determine the quality of a used EV battery
- [20:24] Recurrent's solution and battery assessment process
- [24:49] Battery issues associated with EVs and environmental factors that influence performance
- [30:11] Battery quality and price discrimination for used EVs
- [32:48] Recent volatility and future market predictions
- [35:19] How Recurrent's business model is adjusting and its plans for growth
- [40:19] The dealer's role in EV sales
- [44:45] Recurrent's progress to date and what's ahead
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Cody Simms
Scott Case / Recurrent
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Episode recorded on April 21, 2023.
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*Editing and post-production work for this episode was provided by The Podcast Consultant
