To get a sense of the growth in the wholesale electric vehicle market, consider this statistic shared by Cox Automotive on Thursday.

The company’s Manheim operating locations in the U.S. have processed over 25,000 used EVs through the first eight months of 2023, which marks a 43% year-over-year increase.

Manheim said it started building its EV infrastructure in 2019 and has installed 800 EV charging stations and trained over 850 technicians on how to handle EVs safely. The company has also conducted a Cox Automotive EV battery health pilot program at 10 Manheim auctions.

Manheim said it plans to install 70 more EV charging stations by the end of the year, along with more than 10 mobile charging solutions. The auction company also plans to launch and EV charger recycling program.

The company said it has invested more than $200 million in recent years in projects designed to “deliver innovations in key areas that equip clients with services and expertise that position them for future growth.”

Manheim has also launched sustainability efforts like energy conservation.

“We believe the vehicle services and sustainability efforts that our wholesale physical auctions provide will be vital to the future health of our industry and communities,” said Grace Huang, president of Cox Automotive Inventory Solutions, in a news release. “The investments we are making now at our physical sites in the areas of EV innovations, technology, vehicle information and training will help our clients achieve success in this changing industry landscape.”

The investment in EV preparation comes at a time when the electric car population, while still small, is growing and will likely see accelerated gains in coming years.

In an Auto Remarketing guest commentary this week, Kristen Lanzavecchia, who is director of industry solutions, J.D. Power Valuation Services, said that EVs “are in their infancy,” as opposed to internal combustion engine vehiles, which have been around for more than a century.

That all could change soon.

“Until this year, EVs have never come close to achieving 10% of the new-vehicle market in the U.S. Even more to the point, until 2022, EVs represented less than 1% of U.S. supply of vehicles in the zero to five-year-old range,” Lanzavecchia wrote.

“But we are expecting to see growth over the next several years. In 2026, when new EVs will represent about 27% of all new-vehicle sales in the U.S., we expect EVs to make up 8% of the U.S. supply of zero to five-year-old vehicles.”