Cox Enterprises Combines Subsidiaries to Form Cox Automotive
Prepare yourself for some mildly-interesting movement in the automotive corporate industry.
Cox Enterprises, the privately-owned media giant, announced today that a number of their auto-related acquisition companies will be re-assembled and re-launched under a new subsidiary organization: Cox Automotive.
The Formation of Cox Automotive
Cox’s newest subsidiary group, which will take its place next to Cox Media and Cox Communications, will be called Cox Automotive. This new banner business will unite almost two dozen wholesale and retail brands. Notable components include Kelley Blue Book, the AutoTrader Group, and Manheim wholesale auctions. More than 32 million users engage their websites monthly and 2/3 of car shoppers will visit the sites when browsing.
“Cox is the industry leader in marketing and re-marketing vehicles, and this move reinforces our company’s confidence in the global automotive industry,” remarks John Dyer, Cox Enterprises President and CEO. Dyer has appointed Sandy Schwartz, current president of Manheim and AutoTrader, to reign over Cox Automotive as president.
The media giant reports that Cox Automotive will be organized into five core fields:
- Auto Auctions and Wholesale Services: Manheim, ExportTrader.com, DealShield, Go Auto Exchange, Ready Auto Transport
- Financial Services: NextGear Capital, Go Financial
- Media: AutoTrader.com, Kelley Blue Book
- Software: HomeNet Automotive, Haystak Digital Marketing, vAuto, VinSolutions
- International: Dealer-Auction.com, BitAuto, Motors.co.uk, Jingzhengu, Manheim Retail Services, RMS Automotive, Modix
How will this impact the companies involved? According to Cox, not significantly. The company reports that each business will keep their unique identities, but will run in a more efficient and organized system behind-the-scenes. And, if there’s anything 90’s television cartoons have taught us, uniting together can be a glorious thing.