At the 2024 NADA Show, CBT News Anchor Jim Fitzpatrick had the opportunity to interview Steve Rowley, President of Cox Automotive.
See all of CBT News' coverage of the 2024 NADA Show here.
1. Cox Automotive Integrated Solutions: Under Mr. Rowley's leadership, Cox Automotive has streamlined its offerings from 60 products to 13 leading brands under one umbrella, aiming to provide comprehensive solutions for all dealership areas. This integration is aimed at improving customer service and operational efficiency.
2. Focus on profitability and sales volume: Dealers are seeking strategies to maintain or increase profitability and sales volume, reflecting industry adjustments to post-pandemic market conditions. Cox Automotive's response includes a unified customer service approach and integrated solutions to help dealers achieve these goals.
3. Electrification/EV strategy: Electrification is a key focus for Cox Automotive, evidenced by investments in the wholesale and retail aspects of vehicle purchasing and ownership services. There is also strong consumer interest in EVs due to sustainability concerns, the appeal of new technologies, and the increasing availability of attractive EV models. However, challenges such as affordability and range concerns remain.
4. Economic and market outlook: Despite concerns about affordability and interest rates, there is a sense that normalcy and subdued growth are returning to the auto industry. Cox Automotive predicts vehicle sales will increase slightly in 2024, reflecting cautious optimism in the industry.
5. Industry revitalization and innovation: The automotive industry is characterized by vibrancy and innovation, with many new startups and technological advances bringing excitement and change. This energy is evident at industry events like the NADA convention.
