Cox Automotive President Sandy Schwartz is taking on a new role within the Cox Enterprises organization, overseeing the Cox family’s investments as CEO of the Cox Family Office.
Steve Rowley, executive vice president of the Cox Business commercial unit, will succeed Schwartz as president of the dealership services giant starting Monday. Schwartz, 67, will continue as CEO of the auto unit until the end of the year as he transitions to work with shareholders and family investments, the company said Tuesday.
Rowley and Schwartz will work together on the leadership transition at Cox Automotive, the company said.
Cox Automotive includes an array of brands that touch multiple aspects of the dealership process, from vehicle shopping to dealership software to the service drive. It employs about 34,000 people globally across brands, including Autotrader, Manheim, VinSolutions and Xtime.
“It’s a huge honor to be asked by [Cox Enterprises CEO] Alex [Taylor] and Sandy to lead this incredible business,” Rowley said in a statement. “Cox Automotive is helping the industry make a sharp right turn toward technology and digitization and I’m ready to listen to our customers and give them innovative solutions for the way forward.”
Cox Automotive plans to realign its business around a strategy developed during the pandemic it’s calling “The Way Forward,” with an emphasis on digital tools and data insights. Schwartz told Automotive News in June that the plan was designed to help its dealership customers operate coming out of the coronavirus pandemic, which has upended business for retailers and dealership technology companies alike.
In June, Cox Automotive eliminated about 275 positions after furloughing more than 12,500 employees in the spring. Many of the furloughed workers were employed at Cox’s Manheim wholesale auction unit, which moved to all-digital auctions in March to limit transmission of COVID-19, the respiratory illness caused by the coronavirus.
