Penske Automotive Group Inc. in Bloomfield Township and Cox Automotive Inc. in Atlanta today announced they have jointly developed a 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 percent 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 a consumer’s risk profile, selected vehicle, and preferred deal structure using an AI-machine learning algorithm. Offering actual financing and the ability to immediately a transaction online allows consumers to move forward knowing their financing has been approved.
The 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 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.
“Over the last year the PAG and CAI teams have collaborated on this unparalleled technology that delivers a completely digital solution to the marketplace,” says Roger Penske, chairman of Penske Automotive Group. “This new digital platform meets the digital-first demands of today’s customer while providing us with the opportunity to offer our customers 100 percent online functionality.”
PAG has launched the digital platform in select markets through its CarShop used vehicle SuperCenters at www.carshop.com. At the same time, Cox Automotive will continue to focus on development to further enhance the user experience, operational efficiencies, market expansion, and to add vehicle inventory.
Building on its mission, Cox Automotive developed the wholly owned solution to drive automotive industry transformation and will be offering Esntial Commerce to additional clients later this year.
“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,” says Steve Rowley, president of 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 operates light-duty vehicle dealerships principally in the United States, the United Kingdom, Germany, and Italy, and is the largest retailer of commercial trucks in North America for Freightliner. The company also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand.
Additionally, PAG owns 28.9 percent of Penske Transportation Solutions, a business that provides transportation, supply chain, and technology solutions. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit www.penskeautomotive.com.
Cox Automotive has more than 27,000 employees, 40,000 auto dealer clients across five continents, and reported annual revenue of nearly $20 billion. For more information, visit www.coxautoinc.com.