The merger between Cox Automotive and CarsGuide.com.au was been finalized. Under the terms of the merger, CarsGuide, Dealer Solutions, Manheim and Sell My Car with also merge to form Cox Automotive Australia. This new conglomerate will empower clients to thrive in a rapidly changing automotive marketplace and can bring to Australia and New Zealand other brands from U.S.-based Cox Automotive.
John Bailey, president of International, Cox Automotive said in a press release: “Today’s announcement is a watershed moment for the automotive industry, as we officially combine CarsGuide with Dealer Solutions, Sell My Car and Manheim to form Cox Automotive in Australia. “It is important to note that the new company is a true partnership with the automotive retail and wholesale sectors.”
“This merger aligns our capabilities in the region with Cox Automotive’s comprehensive range of global products and services and will enable us to connect our clients to an unrivalled suite of the most powerful solutions in the automotive marketplace, in a truly differentiated way.”
Cox Automotive Australia is 70% owned by Cox Automotive and 30% owned by DealerMotive, which is a consortium of some 60 dealer groups representing approximately 600 dealerships around the country.
Combined, the dealers who have invested in Cox Automotive Australia comprise a very considerable share of the national retail and wholesale automotive industry. This network of dealer investors accounts for practically every new car franchise in the market and many geographic regions in the country. Their combined selling power represents around one-third of all new and used vehicle sales made in Australia, not to mention their parts and servicing market share.