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Rekor Systems Announces Selection of Waycare Technologies by Louisiana Department of Transportation and Development for Pilot Program to Reduce State Traffic Congestion and Crashes California homeless camp fire damages 2 bridges, disrupts public transportation Austin finishes half of its bicycle network, expects to complete entire 400-mile system by 2025 The Top 10 Automotive Concepts that automotive enthusiasts will be itching to see on the road! Oregon Transportation Commission, wary of I-5 Rose Quarter project’s growing price tag, grants conditional approval Woman dies after being hit by car in North Windham Friday night Silk-FAW Continues To Poach Italy’s Automotive Talent, As Lamborghini’s Katia Bassi Joins As Managing Director Transportation Department cracks down on airlines withholding refunds for canceled flights Bear gets trapped in car, destroys interior Cycling apparel company adding full-service bike repair to visitor center
Jul
2021
23

Penske Automotive Group and Cox Automotive Debut Automated Platform for Retailing Used Vehicles

In the news release, Penske Automotive Group and Cox Automotive Debut Automated Platform for Retailing Used Vehicles, issued 22-Jul-2021 by Penske Automotive Group, Inc. over PR Newswire, in the first sentence of the second paragraph, Cox Automotive’s technology should be “Esntial Commerce” and not “Essential Commerce”, as originally issued inadvertantly by PR Newswire.

Penske Automotive Group and Cox Automotive Debut Automated Platform for Retailing Used Vehicles

Digital Platform Enables Consumers to Transact 100% Online

BLOOMFIELD HILLS, Mich. and ATLANTA, July 22, 2021 /PRNewswire/ — Penske Automotive Group, Inc., (NYSE:PAG) and Cox Automotive, Inc. (“CAI”), announced today they have jointly developed a transformational, fully automated technology platform to enable the online retail sale of used vehicles. The automated online buying platform, which is owned exclusively by Cox Automotive,allows consumers to select from high-quality, preowned vehicles through PAG’s U.S. CarShop used vehicle SuperCenters and franchised dealerships.

Cox Automotive’s patent-pending artificial intelligence retail technology, Esntial Commerce™, powers CarShop’s U.S. digital platform to provide consumers with an automated,100% online vehicle purchase.  Features include personalized monthly payments across all inventories, trade-in capabilities, application, approval for financing, digital contracting, and digital signatures.

Esntial Commerce offers payment personalization based on the consumer’s risk profile, selected vehicle, and preferred deal structure using an AI/machine learning algorithm. Offering actual financing and the ability to immediately transact online allows consumers to move forward confidently, knowing their financing has been approved.

This industry-first scalable eCommerce platform and its artificial intelligence enable automation for retail operations so that consumers can:

  • Instantly compare up to four vehicles
  • Receive personalized payments for the consumer’s selected vehicles based on each consumer’s credit profile, including payments for taxes, titling, and other fees
  •  Select their payment terms based on credit profile
  •  Add aftermarket protection products
  • Determine trade-in value
  • Receive approval for financing
  • Complete and sign deal paperwork online
  • Make any required down payment
  • Arrange for delivery directly to the consumer’s preferred location, either at home or one of CarShop’s U.S. locations

CarShop is the first retailer in-market with Cox Automotive’s industry-leading solution. Penske Automotive Group Chair Roger Penske said, “Over the last year the PAG and CAI teams have collaborated on this unparalleled technology that delivers a completely digital solution to the marketplace. This new digital platform meets the digital-first demands of today’s customer while providing us with the opportunity to offer our customers 100% online functionality.” 

“Penske’s CarShop powered by Cox Automotive Esntial Commerce delivers personalization, F&I automation, and a seamless closing of the transaction when buying a vehicle online,” said Steve Rowley, President, Cox Automotive. “No one has delivered an automotive eCommerce solution that can scale to support the industry’s transformation for retailers and for consumers – until now. As our solution matures, we expect it to drive both consumer satisfaction and profitability.”

PAG has launched this fully functioning digital platform in select markets through its CarShop used vehicle SuperCenters at www.carshop.com.  Cox Automotive continues to focus on development to further enhance the user experience, operational efficiencies, market