Penske & Cox Premiere AI-based car sales platform and misleading name

A few years ago, waiting for a haircut, dentist appointment, or psychological evaluation would take a quick look at a paperback full of local lists of cars that you were convinced you might be on the market. Meaning. It was mostly a waste of time exercise, but I always had the opportunity to rush to a pay phone or whip Nextel to contact the seller so I could start a delicate business dance.

However, modern experience has been streamlined and digitized and does not require cheap ink to stain your thumb to reach the final destination of car ownership. It’s also heavily integrated as industry leaders continue to use more online space dedicated to vehicle browsing. Penske Automotive Group and Cox Automotive have announced that they will work together to establish another online purchasing platform for used cars controlled by artificial intelligence. Cox already owns, Manheim Auctions and Kelley Blue Book. Penske owns CarShop, provides vehicle services, logistics management, and has a nationwide dealer / rental network for both passenger cars and commercial trucks.

The duo have co-developed what is called an “innovative, fully automated technology platform that enables online retail sales of used cars.” It’s effectively just a website, but it’s said to be creating an automated purchasing platform that takes crop cream from other facilities and offers the best used cars on each deck.

This platform, officially owned by Cox, is called “Essential Commerce”. This should not be confused with the more sensual sound title “Essential Commerce”. Virtually all outlets used when sharing press releases before they had to issue corrections..

This platform is not unique in that it is a way to buy a car online. In fact, it is gradually becoming the default shopping model for used cars while manufacturers are testing how it works with new cars. However, it is made as an all-in-one solution that completely eliminates person-to-person exchange. Esntial Commerce is supposed to handle everything from vehicle comparisons to signing documents online, so you can wait for your vehicle to arrive at your chosen destination.

“Penske’s CarShop with Cox Automotive Ethntial Commerce provides personalization, F & I automation, and seamless termination of transactions when buying vehicles online,” said Steve Rowley, President of Cox Automotive, in a statement. “To date, no one has provided an e-commerce solution for automotive that can be scaled to support the transformation of the retail and consumer industry. As our solution matures, consumer satisfaction and It is expected to promote both profitability. “

“last year, [Penske] And [Cox] The team has worked together on this unparalleled technology that provides a fully digital solution to the market, “explained Roger Penske, Penske Automotive Group Chair. “This new digital platform offers our customers the opportunity to offer 100 while meeting the demands of today’s customers’ digital first. [percent] Online function. “

Esntial Commerce is a derivative of current industry trends, but it seems to offer something truly innovative by having AI literally guide you through the entire used car purchasing process. But no matter how interesting the dealer’s experience is, it can be a little creepy. Examining the credit score and calculating the trade-in price will definitely lock the customer in paying the amount determined by the algorithm. The complete absence of another creature means that you cannot get funding options or try to be overly creative. But that’s exactly what Penske and Cox wanted, saying they went through a number of vendors before deciding that their own algorithmic AI approach was the best.

Penske has confirmed that Ethntial Commerce will be gradually incorporated into franchise dealers (especially second-hand sales). However, there is no answer as to when and how it will be implemented. Also, automated platforms probably require fewer salaried workers, so we don’t know how that will be reflected in the employment list. Meanwhile, Cox plans to expand its service to other businesses later this year. For now, you can access it from the CarShop website by selecting the “Buy Online” option.

[Image: Gretchen Gunda Enger/Shutterstock]

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Penske & Cox Premiere AI-based car sales platform and misleading name

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