US conglomerate Cox Enterprises has brought together its 20 wholesale and retail automotive brands, including UK companies Manheim and Motors.co.uk, to form Cox Automotive.
Sandy Schwartz, president of both Manheim and AutoTrader Group, will become president of Cox Automotive.
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Though Cox Automotive will now be the banner company for the portfolio, each business will retain its individual brand.
The newly formed subsidiary will be organised around five cores – Auto Auction and Wholesale Services, (which will include Manheim,) Financial Services, Media, Software and International, which will include Motors.co.uk.
"Over the past few years, I’ve been excited to be a part of an industry that is taking a leading role in driving economic growth, innovation and greater efficiencies," said Schwartz. "We formed Cox Automotive because we know that the automotive space is not one where any of us can go it alone. "
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