Plug, which is an online wholesale auction platform exclusively for electric vehicles, said Tuesday it has secured $6.7 million in seed funding and launched an EV-focused trade-in solution for dealers.

Starting with the funding, the round’s leaders were Floodgate, Autotech Ventures and A*. Also participating were Leap Forward Ventures, Renn Global, Cleo Capital, Toba Capital and ODF.

eBay Motors founder Simon Rothman, former IAA CEO John Kett and Car Dealership Guy Yossi Levi were among the angel investors.

“Online wholesale vehicle auctions aren’t new, but before Plug, there wasn’t a specific auction that handled the nuances of EV transactions,” said Burak Cendek, partner at Autotech Ventures, in a news release.

“As the used EV market expands, dealers are beginning to recognize the profitability in these vehicles, and as a reliable source of high-quality inventory and data, Plug has filled a market void.”

The company is led by founder and CEO Jimmy Douglas, who previously led remarketing for Tesla.

“Our investment in Plug represents our belief in Jimmy’s unique insight built from his experience at Tesla,” Floodgate partner Ann Miura-Ko said in a release. “With the unprecedented influx of off-lease EVs creating an inflection point in the market, Plug is pioneering the infrastructure and pricing confidence needed for this ecosystem to thrive.”

Plug said it has facilitated more than $15 million in wholesale EV sales since early 2024 and currently serves more than 400 franchised dealers, independent dealers and commercial consignors.

Its latest launch, Trade Desk, aims to price EVs quickly and accurately through Plug’s proprietary technology, VINs and distinct criteria in EVs, like batteries, software-enabled features, destination charging networks and tax credits.

The EV-specific data that Trade Desk uses for pricing is included in each vehicle listed on the Plug auction.

“Limited dealer engagement across the used EV market has suppressed competition and residual values,” Douglas said in a news release. “The unknowns around evaluating EVs’ longevity and capability is a major participation barrier, particularly for dealers with less experience in the segment. We created Trade Desk to provide dealers with a fast and accurate way to move and profit from an EV trade-in.”

He added: “Trade Desk provides dealers an estimated wholesale value and two options, including a guaranteed cash offer or selling through Plug’s auction. Plug is helping dealers win the deal and move EVs quickly.”