Penske, Cox Automotive launch platform for online used-car sales
Penske Automotive Group and Cox Automotive have built an automated technology platform that will facilitate online used-car sales at Penske’s U.S. CarShop used-vehicle SuperCenters and franchised stores.
Cox Automotive exclusively owns the automated online buying platform and its artificial intelligence retail technology tool, Esntial Commerce, powers the online buying.
Among the features are personalized monthly payments, trade-in tools, applications, financing approvals, digital contracting and digital signatures.
The ecommerce platform and its AI capabilities are designed to enable automation, allowing consumers to do the following: compare up to four vehicles instantly, receive tailored payments based on their credit profile and select payment terms based on that profile, add aftermarket protection products, pay a down payment and arrange delivery to their home or a CarShop location.
CarShop is the first retailer to use this solution from Cox Automotive. Penske has launched the digital platform in select markets via www.carshop.com.
Cox plans to offer Esntial Commerce to additional clients in 2021.
“Over the last year the PAG and CAI teams have collaborated on this unparalleled technology that delivers a completely digital solution to the marketplace,” Penske Automotive Group chair Roger Penske said in a news release.
“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,” he said.
Cox Automotive president Steve Rowley said: “"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. 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.”