Standouts in the new company include AutoTrader.com, KBB.com and Manheim auction house.
Schwartz heads firm.
Cox Enterprises has formed Cox Automotive, bringing together more than 20 wholesale and retail automotive brands, including Manheim, AutoTrader.com and Kelley Blue Book.
The various companies have relationships with more than 40,000 dealers and many automakers.
Sandy Schwartz, who was president of both Manheim and AutoTrader Group, will fill the same role at 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,” says 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.”
Cox Automotive serves as the banner company, but each business will retain its individual brand. Five core areas and the enterprises associated with them are:
- 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, , VinSolutions
- International: www.Dealer-Auction.com, BitAuto, Motors.co.uk, Jingzhengu, Manheim Retail Services, RMS Automotive, Modix
Standouts include AutoTrader.com and KBB.com, websites that attract more than 32 million unique monthly visitors, with 67% of new- and used-car buyers using the sites when shopping.
Another major player, Manheim centers on vehicle auctions and related remarketing services. Manheim registers nearly seven million used vehicles annually, facilitating transactions valued at nearly $46 billion.
“We formed Cox Automotive because we know that the automotive space is not one where any of us can go it alone,” Schwartz says. “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.”
Cox Enterprises is a communications, media and automotive services company with revenues of nearly $16 billion and approximately 50,000 employees.
Major subsidiaries include Cox Communications (cable TV distribution, high-speed Internet access, telephone, commercial telecommunications and advertising solutions) and Cox Media Group (TV and radio stations, digital media, newspapers and advertising sales rep firms).