Manheim Auto Auction parent company forms new conglomerate
The parent company of Manheim Auto Auction has formed a new conglomerate that includes the auction and numerous other retail and wholesale automotive businesses including Kelley Blue Book, AutoTrader.com and Ready Auto Transport.
The parent company of Manheim is Altanta-based Cox Enterprises, and the new conglomerate is Cox Automotive. Cox Automotive's president is Sandy Schwartz, who previously held the dual roles of president of Manheim and AutoTrader Group.
According to a news release, each business under the Cox Automotive banner will retain its individual brand, continuing to focus on their respective products and services expertise, while collectively working to identify ways their offerings can better serve customers. Together, the companies employ nearly 24,000 people in more than 150 locations worldwide.
Cox Automotive is organized around five core areas, as follows:
• Auto Auctions and Wholesale Services: Manheim North America, 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: Manheim International, www.Dealer-Auction.com, BitAuto, Motors.co.uk, Jingzhengu, Manheim Retail Services, RMS Automotive, Modix
Cox said its automotive companies have relationships with more than 40,000 dealers, as well as most major automobile manufacturers. The AutoTrader.com and KBB.com websites 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.
“We formed Cox Automotive because we know that the automotive space is not one where any of us can go it alone," Schwartz said in a news release. "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, which now has communications, media and automotive services divisions, has revenues of nearly $16 billion and approximately 50,000 employees.