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

Penske Automotive Group, Inc., (NYSE:PAG) and Cox Automotive, Inc. (“CAI”), announced 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.

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Cox Automotive’s patent-pending artificial intelligence retail technology, Essential 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 Penskesaid, “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.”  

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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 expansion and to add vehicle inventory. 

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