Cox Automotive, Inc., one of the world’s leading suppliers of automotive services, has today announced that it has formed Cox Automotive Australia, through which it expects to combine many of its existing Cox Automotive businesses in Australia; Dealer Solutions, Sell My Car and Manheim Auctions, with CarsGuide, one of Australia’s largest automotive classifieds websites.
Cox Automotive Australia and CarsGuide have signed agreements with the view to complete the transaction by the end of 2016, after working through the necessary regulatory and legal requirements.
Campbell Jones, Chief Executive Officer of Manheim Australia and New Zealand said, “For some time we have been talking about the significant investments our parent company, Cox Automotive, has continued to make in our market. The acquisition of Dealer Solutions earlier this year certainly signalled our intent to replicate the breadth of products, services and solutions they already provide on a global scale, within Australia and New Zealand.”
“Today is a watershed moment for the automotive industry, as we announce our plans to strategically combine CarsGuide with Dealer Solutions and Manheim. This will more closely align our capabilities in Australia with Cox Automotive’s comprehensive range of products and services available to the wholesale and retail sectors of the automotive market.”
As part of bringing the Cox Automotive brands together into a customer focused, integrated offering of complementary products and services, the Group will begin operating under the name of Cox Automotive Australia, with each brand retaining its own identity and focus.
Cox Automotive Australia will be a partnership with Dealer Solutions, Manheim and many members of the motor dealer industry, who are currently owners of CarsGuide today.
Sandy Schwartz, President of Cox Automotive, was pleased to comment on the formation of Cox Automotive Australia, “This exciting news is yet another sign of Cox Automotive’s commitment to the local markets in Australia and New Zealand. As part of Cox Enterprises, a global firm with 55,000 employees and revenues of more than $18 billion (USD), we can actively support local clients with the resources of one of the world’s leading automotive services company.”
“Cox Automotive has identified Australia and New Zealand as growth markets and the confidence in our people, our performance and our brands has enabled this significant investment in the future growth of our group of companies.”
With CarsGuide, Dealer Solutions and Manheim, like their US, UK and European counterparts, Cox Automotive Australia will be able to connect their customers to an unrivalled suite of the most powerful solutions in the automotive marketplace, in a truly differentiated way.
Schwartz continued, “We can simplify the trusted exchange of vehicles and maximise value for the entire automotive industry, especially vehicle sellers, buyers, dealers, manufacturers and fleet, leasing, finance, insurance and rental companies. We can continue to evolve the client experience with a wide variety of solutions to meet the exploding shift in mobile usage, online buying, consumer access and customer expectations.”
The company states that the announcement today perfectly illustrates their commitment to Cox Automotive’s global vision of transforming the way the world buys, sells and owns vehicles. They will be in a position to offer a broad suite of products and services to their customers and consumers across Australia and New Zealand – Inventory Solutions (Manheim), Retail Solutions (Dealer Solutions) and Media Solutions (CarsGuide).
Lauren Williams, Chief Executive Officer of CarsGuide, said, “As part of Cox Automotive Australia, we expect to be able to further facilitate the links between the wholesale and retail markets so our customers can take full advantage of the synergies offered by the new brand suite. The move will especially allow us to offer our dealer customers an even greater range of channels in which to sell and buy their vehicles.”
“The addition of the CarsGuide brand will fit perfectly within Cox Automotive Australia’s evolving family of brands, particularly as the digital marketplace becomes ever more influential.”
“Major changes within the automotive landscape are creating vast new opportunities and formidable barriers to success that until a few years ago didn’t even exist. Cox Automotive Australia will exist to empower each of our customers to thrive in a rapidly changing automotive marketplace.”
While each brand will focus on its area of expertise, with the resources of one of the world’s largest provider of automotive services behind them, the true power of Cox Automotive Australia will reside in the benefits they can provide customers by combining to offer global leading integrated customer solutions which span the automotive ecosystem.