The automotive services provider Cox Automotive announced May 4, 2021 that it is expanding operations into Germany by acquiring pkwNOW, a dealer-to-dealer (D2D) online auction platform.
Fitting pkwNOW into the company’s extensive brand portfolio will help Cox Automotive increase its European presence, says the firm and increase sold car volumes in Germany.
Already one of Germany's leading online trade platforms, pkwNOW’s growth will be accelerated by using its expertise in online D2D auctions through Cox Automotive’s Manheim Express brand.
Martin Forbes, President of Cox Automotive International says the company is focused on digital disruption throughout Europe, having recently added AI enhancement to its Manheim Express application.
Forbes adds: “pkwNOW is a business in Germany that we have admired for some time, with clear synergies between their services and those within our Manheim Express digital auction portfolio. In acquiring additional German market expertise from pkwNOW, we plan to combine this with our innovative digital-first roadmap to truly transform the vehicle auctions business throughout Germany and Continental Europe.”
The expanding footprint in Germany would help advance these ambitions, adds Sebastian Fuchs, Managing Director of Manheim Express.
“We have ambitious growth plans for Cox Automotive to become a major player in markets such as France, Spain and Italy. We hope to see Manheim Express trading over 100,000 cars by 2023, with similar growth aspirations for the other brands in our portfolio. The acquisition of pkwNOW is a key step.”
pkwNOW, headquartered in Lüdenscheid, North Rhine-Westphalia, will continue to be led by existing CEO Rick Cebulla. The company has substantial experience in dealer and export vehicles, lease returns and fleet vehicles.