At the 2024 NADA Show, CBT News anchor Jim Fitzpatrick had the opportunity to sit down with Steve Rowley, President of Cox Automotive, for an interview.
Catch all of CBT News’ coverage of the 2024 NADA Show here.
Key takeaways:
1. Cox Automotive’s Integrated Solutions: Under Rowley’s leadership, Cox Automotive has streamlined its offerings from 60 products down to 13 power brands under one umbrella, aiming to provide comprehensive solutions for every dealership area. This consolidation is designed to enhance customer service and operational efficiency.
2. Focus on Profitability and Volume: Dealers are seeking strategies to maintain or increase profitability and volume, reflecting the industry’s adjustment to post-pandemic market conditions. Cox Automotive’s response includes a unified customer service approach and integrated solutions to support dealers in achieving these goals.
3. Electrification and EV Strategy: Electrification is a significant focus for Cox Automotive, evidenced by investments in the wholesale and retail aspects of car buying and ownership services. There is also a strong consumer interest in EVs, driven by sustainability concerns, the appeal of new technologies, and the increasing availability of attractive EV models. However, challenges such as affordability and range anxiety persist.
4. Economic and Market Outlook: Despite concerns over affordability and interest rates, there’s a sense of returning normalcy and constrained growth to the automotive industry. Cox Automotive predicts a slight increase in vehicle sales for 2024, reflecting cautious optimism in the industry.
5. Industry Vibrancy and Innovation: The automotive industry is characterized by vibrancy and innovation, with many new startups and technological advancements driving excitement and change. This energy is palpable at industry events like the NADA convention.
