CAR 2023: Consignors and auctions can expect better resales on used electric vehicles if they know how to make the most of incentives, credits, and rebates.
EV session moderator John Possumato (upper L), founder and CEO of DriveItAway Holdings Inc., will engage panelists (clockwise) Scott Case, CEO of Recurrent, a data science company that informs buyers about electric vehicles, Arun Kumar, managing director of the automotive and industrial practice, at Alix Partners, and Dave Bertoncini, Chief Risk Officer, Tenet Energy on Thursday, March 30, at 1:30 pm during the Conference of Automotive Remarketing in Las Vegas.
Photos: Speakers / Graphic: Martin Romjue, Bobit
As electric vehicles rise in price and orders stack up against supply, the demand today can affect the resale values of EVs tomorrow.
For vehicle wholesalers, fleet consignors, and auction operations, the array of federal incentives and tax credits could make the difference in how much profit results from remarketed EVs.
A panel of experts at the Conference of Automotive Remarketing will explain how remarketers can adapt their process and procedures to best leverage major EV incentives, given that most EVs desirable to fleets and consumers do not fit all the qualifying price parameters.
The experts will convene for the session, How the Inflation Reduction Act of 2022 Affects EV Remarketing, at 1:30 pm on Thursday, March 30 at Caesars Palace Las Vegas.
The Inflation Reduction Act of 2022 gives an unprecedented $4,000 (or 30%, whichever is less) tax credit on EVs that sell for $25,000 or less and are at least two model years old. To unlock the full values, remarketers must get creative with approaches, such as extending recycle/turnover times and \working with retailers to put vehicles in consumer-facing rental/subscription services.
“Many experienced fleet management companies and remarketing managers have recently noted that, with technology, transparency and digital sales, many institutions are expected to see closer to retail prices on their remarketed units,” said moderator John Possumato, founder and CEO, DriveItAway Holdings Inc. “Innovative remarketers are planning today on how to best leverage this substantial used EV incentive for the future, and we have assembled the best panelists to help them do it. Experts focused on the state of the industry for used EVs, from sales trends, production, resale values, and emerging subscription and sales finance methods, will create the roadmap for astute remarketers to unlock extraordinary value.”
Possumato will engage with session panelists:
Scott Case, CEO of Recurrent, a data science company that informs buyers about electric vehicles
Arun Kumar, managing director of the automotive and industrial practice, Alix Partners
Dave Bertoncini, Chief Risk Officer, Tenet Energy
The Conference of Automotive Remarketing, held in partnership with the International Automotive Remarketers Alliance and the National Auto Auction Association, will take place March 28-30, and includes a full agenda and exhibit hall spanning consignment, auction operations, industry economics and politics, auto transport, electric vehicles, digital technology, automotive recon, professional training, and more.
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