Demonstrating its industry leadership and goal of transforming the way cars are bought and sold, Cox Enterprises announced today the formation of Cox Automotive. This move brings together more than 20 leading wholesale and retail automotive brands, including Manheim, AutoTrader.com and Kelley Blue Book. The creation of Cox Automotive further strengthens the company's investment in the automotive industry a" />
Demonstrating its industry leadership and goal of transforming the way cars are bought and sold, Cox Enterprises announced today the formation of Cox Automotive. This move brings together more than 20 leading wholesale and retail automotive brands, including Manheim, AutoTrader.com and Kelley Blue Book. The creation of Cox Automotive further strengthens the company's investment in the automotive industry and provides end-to-end global solutions for customers throughout the vehicle lifecycle.
Cox
Automotive companies have relationships with more than 40,000 dealers, as well
as most major automobile manufacturers. Sandy Schwartz, who until now has held
the dual roles of president of Manheim and AutoTrader Group, will serve as
president of Cox Automotive.
"Cox
is the industry leader in marketing and remarketing vehicles, and this move
reinforces our company's confidence in the global automotive industry,"
said Cox Enterprises' President and CEO John Dyer. "Over the past several
years, we have invested in different segments of our auto business, from dealer
services to our top-rated consumer brands. Under Sandy's leadership, our
wholesale and retail automotive brands have thrived and we are committed to
leveraging opportunities to better serve and add value to our customers."
While
Cox Automotive will be the banner company for the diverse portfolio of global
automotive businesses, each business will retain its individual brand. The
newly formed Cox Automotive businesses will be organized around five core areas
providing both domestic and global presence. The core areas are below and
include:
Each
area will continue to focus on their respective products and services
expertise, while working to identify ways that its collective offerings can
better serve customers.
Through
these companies, Cox Automotive is able to leverage its extensive data assets,
knowledge and industry-wide insights to help customers make better decisions
for their businesses.
Cox's
industry-leading AutoTrader.com and KBB.com web sites attract more than 32
million unique monthly visitors, with 67 percent of all car buyers relying on
these sites when shopping for a car. And, as a leading global provider of
remarketing services, Manheim registers nearly seven million used vehicles
annually, facilitating transactions representing nearly $46 billion in
value.
"Over
the past few years, I've been excited to be a part of an industry that is
taking a leading role in driving economic growth, innovation and greater
efficiencies," said Schwartz. "We formed Cox Automotive because we
know that the automotive space is not one where any of us can go it
alone. Our goal is to pave the way for our customers by offering them
unique perspectives, industry insights and end-to-end solutions that deliver
greater business value."
About Cox Enterprises:
Cox Enterprises is a leading communications, media and automotive
services company. With revenues of nearly $16 billion and approximately 50,000
employees, the company's major operating subsidiaries include Cox
Communications (cable television distribution, high-speed Internet access,
telephone, commercial telecommunications and advertising solutions); Cox Media
Group (television and radio stations, digital media, newspapers and advertising
sales rep firms); and Cox Automotive (automotive-related auctions, financial
services, media and software solutions). The company's major national brands
include AutoTrader.com, Kelley Blue Book, Manheim, Savings.com and Valpak.
About Cox Automotive:
Cox Automotive is a leading provider of vehicle remarketing
services and digital marketing and software solutions for automotive dealers
and consumers. Cox Automotive, a subsidiary of Atlanta-based Cox
Enterprises, includes Manheim, AutoTrader.com, Kelley Blue Book, vAuto,
NextGear Capital, and a host of global businesses and brands serving customers
such as auto dealers, manufacturers and financial institutions. Headquartered
in Atlanta, Cox Automotive employs nearly 24,000 employees in over 150
locations worldwide. The company partners with more than 40,000 dealers, as
well as most major automobile manufacturers, and touches over 67 percent of all
car buyers in the U.S. with the most recognized brands in the industry. Cox
Automotive unites more than 20 brands in this space, providing an end-to-end
solution to transform the way people buy and sell cars every day.