WASHINGTON (dpa-AFX) - Private sector leaders in the pre-owned vehicle sales industry made major, new voluntary commitments to spur usage of the Inflation Reduction Act's 25E used clean vehicle tax credit.
This commitment was made at a meeting convened by the White House and the Treasury Department to recognize the momentum generated by the Inflation Reduction Act's 25E used clean vehicle tax credit and encourage usage and adoption of the dealer transferability option that allows consumers to claim the tax credit at the point of sale.
Private sector leaders in the pre-owned vehicle sales industry alongside clean car advocates and State and federal officials took part in the meeting, the White House said.
John Podesta, Senior Advisor to the President for International Climate Policy, and other senior administration officials from the White House and the Treasury Department attended.
EV companies have agreed to integrate the used clean vehicle tax credit into their websites and other point of sale platforms, and develop targeted campaigns and new tools for consumers to learn more about the credit.
They include Carvana, CarMax, Recharged, Incentivize, Recurrent, Maritz Automotive Solutions, ZETA, American Express Global Business Travel, Sierra Club, Plug In America and Recurrent Auto.
The Environmental Defense Fund committed to train 50 companies on fleet electrification between June 2024 and December 2025, using its Net Zero Action Accelerator (NZAA) hub as the basis for the training sessions.
More than 13,000 dealerships have signed up to provide the tax credit at the point of sale, and 90 percent of EV buyers that qualify for the credit are opting to receive their cash immediately instead of waiting until tax season, according to the White House.
Most Americans buy used cars instead of new. So, this tax credit makes going electric more affordable and accessible.
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