Cox Automotive Briefing
Cox Automotive has not communicated about itself or any of its plans to innovate in the past eight days. However, the company identified declining consumer sentiments and the fragile future of the automobile industry as major concerns.
- The company did not make any announcement regarding itself, its operations, or the COVID-19 pandemic in the past week. Its last official press statement was released on May 1, 2020, and it focused on its approach towards keeping its customers and partners safe.
- On May 22, Manheim, a subsidiary of Cox Automotive, announced a minor corporate restructuring plan to combine the Dealer Auction and the Passenger and Commercial Vehicle Dealer divisions of the company. The company appointed Scott Allen to lead the newly combined divisions.
Company Sponsored Articles and Reports
- On May 18, Cox Automotive released a report discussing the economic impact of the current pandemic on the automobile industry. The report focused on the loss of jobs in the US and predicted a steady improvement in sales for the auto industry.
- On May 20, the company released an article highlighting the recent improvement in consumer interest and preference for online vehicle shopping. According to the article, signs of purchase intent for new vehicles increased 30 percent year-on-year in May. The market is also expected to continue on its path to recovery, improving from the sales dip of 50 percent reported in April to only 31 percent in May.
- On May 21, Cox Automotive published a competitive landscape analysis of the luxury automobile market. The study showed that BMW remains the preferred luxury brand in the US for the third year running, while Audi takes second place. Tesla Autos broke into the top five for the first time in its history.
Recent Economic Impact
- Cox Automotive, in its latest operating report published on May 19, stated that it remains concerned about declining consumer sentiment across the United States. According to the report, consumer sentiments fell 1.2 percent in mid-May compared to the previous week, indicating that consumers do not feel hopeful about the economy.
- Also, there was a slight improvement in the overall sales of 56 auto markets across the country in the past week, while 76 auto markets, representing the majority of the market, suffered a decline.
- The CEO of Cox Automotive, on May 22, stated that its dealers have recovered from selling only 20 percent of their usual volume in the height of the pandemic to selling about 80 percent of their usual volume in mid-May. However, the company expects future vehicle sales to be lower on average compared to the volumes recorded before the pandemic.
- The company did not make any official announcements regarding its plans for innovation in the past week. A search for statements by the company or its employees through third-party resources, such as MotorTrend and MotorWeek, also proved abortive. After an exhaustive search, we have concluded that Cox Automotive did not announce any new plans in the last eight days.