Recently, there has been a surge of interest in nonequilibrium collective quantum models, where particle dispersion and spin are examples of effects taken into account. Here, we derive a kinetic plasma model containing fermion exchange effects. Exchange interactions are of great importance in many systems and have no classical analogy. Our model therefore constitutes a possible probe of collective quantum phenomena in other regimes. As an example, we consider the influence of the exchange effect on low-frequency dynamics, in particular ion-acoustic waves. Comparisons to related computational techniques are given and the differences are highlighted. Furthermore, we discuss the applicability of our model, its limitations, and possible extensions.