Black Book Becomes Valuation Partner for MTEV.com
LAWRENCEVILLE, Ga. — Black Book (div. of Hearst Autos) today announced the integration of its vehicle valuation data with Motorsport Network’s MYEV.com, a car-shopping platform dedicated exclusively to the buying and selling of electric vehicles (EVs).
While traditional car shopping platforms cater to standard internal combustion engine (ICE) 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. With today’s announcement, 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.”
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. According to Black Book data, the three-year retention rate on a 2015 model-year EV Compact Car is 33.2% — 25.5% on a 2014 model-year EV.
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.
“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 of 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.”
Follow @FI_Magazine on Twitter