Cox Automotive is on the future of mobility as a service and has unveiled on Monday morning the development of a new division called Mobility Solutions Group.
As consumer demand shifts from the desire of ownership to mobility, Cox Automotive sees the budding segment as a “massive business opportunity, with some estimates at well in excess of $1 trillion by 2030,” said Sandy Schwartz, president of Cox Automotive, in a press release.
The mobility division combines Cox Automotive’s portfolio of tech-related investments, including its most recent acquisition of Clutch Technologies, a technology platform powering subscription access for the industry.
Clutch Technologies was invented and incubated as part of Cox Enterprises’ Innovation Fund — Cox Enterprises is the parent company of Cox Automotive.
Cox has tapped Joe George to serve as president of the new Mobility Solutions Group. Previously, George served as interim president of the Media Solutions Group, a collection of Cox brands such as Autotrader, Dealer.com, and Kelley Blue Book. His team will include David Liniado, vice president of new growth and development; Jenny Bedard, head of finance; and Vince Zappa, president of Clutch Technologies.
Cox Automotive has spent years acquiring and investing in mobility and subscription services. In 2014, the company created Flexdrive, which enables dealers and fleet owners to offer on-demand vehicle subscriptions to consumers via mobile devices.
The company also invested in relationships with carsharing and ride-hailing companies such as BMW’s ReachNow, Getaround, and Lyft. Additionally, Cox Automotive backed new mobility and autonomous players including Ridecell, a ride-sharing and carsharing technology platform, and Ouster, a maker of light detection sensors for autonomous vehicles.
Source : AutoFinanceNews
