Cox Automotive has expanded its international reach with the acquisition of German dealer-to-dealer online auction business PkwNow. The purchase will help Cox Automotive increase the volume of vehicles sold annually while also upgrading the company’s digital customer offering in Germany.
PkwNow, founded in 2015, is one of the leading online trading auction platforms in Germany. It specializes in dealer and export vehicles, lease returns and fleet vehicles. The acquisition marks another step in Cox Automotive’s European growth plans after the company last year launched the digital auction provider Manheim Express in Germany.
“We have been observing the PkwNow success story for a long time. With the acquisition, we can tap clear synergies with the range of services offered by our international digital auction platform Manheim Express. We see the takeover not only as a gain in expertise and market share,” said Martin Forbes, president of Cox Automotive international.
The company has ambitious growth plans in Europe.
“Our goal is to become a major player in markets such as France, Spain and Italy,” said Sebastian Fuchs, managing director of Manheim Express. “The takeover of PkwNow and the associated expansion of our presence in Germany is a very important step for us to put our growth ambitions into practice.”
The CEO of PkwNow, Rick Cebulla, will continue to lead the business.