Cox Auto Leads $30M Investment Round in Fyusion
ATLANTA – In response to the skyrocketing digital wholesale marketplace where seeing is believing, Cox Automotive is continuing its investment strategy. This latest investment is to accelerate the digital buying and selling experience, bringing it closer to a live interaction. With Fyusion, Manheim enables dealers to take advantage of 360-degree interactive viewing capability, which is integrated into the Manheim Express app. Fyusion and Manheim also are planning future innovations that will bring more artificial intelligence (AI) and improved objectivity to condition reports. Dealers and consignors will benefit from increased confidence in their ability to make informed decisions, buy and sell vehicles faster and maximize profits.
“Dealers tell us that high quality imaging is a key factor in continuing to drive digital adoption,” said Grace Huang, president of Manheim. “We are continuing to invest in delivering the industry’s best 3D imaging and merchandising experience, allowing sellers to better market their vehicles digitally and buyers to purchase with greater peace of mind.”
The timing of the investment is ideal as demand for the buying and selling of vehicles through digital channels continues to grow. In 2018, more than two million vehicles were sold to digital buyers in the Manheim Marketplace. Going forward, Manheim and Fyusion plan to develop innovative capabilities for inside- and outside-the-gate applications.
“Cox Automotive plays a critical role in making the car-buying process easier in the wholesale and retail marketplaces,” said Radu Rusu, CEO and co-founder of San Francisco-based Fyusion. “We look forward to continuing to work together as Manheim works to give dealers advanced imaging capabilities that help them take full advantage of digital channels to reach more buyers and close more sales.”
In just the last six months, embedding advanced 3D technology within the Manheim Express mobile app contributed to more than 10,000 dealer downloads. Dealers can create 360-degree images by simply walking around their vehicle and using smartphones to capture exterior and interior shots. These visuals, combined with geometric data about the vehicle, provide interactive 360-degree views in less than three minutes, helping buyers determine vehicle condition. Manheim Express is the only wholesale app that includes this level of 3D imaging.
In addition to 360-degree views, the technology also enables users to tag vehicle damage with moveable images that mimic typical in-person movements used by dealers to assess dent depth and other blemishes.
According to feedback, dealers believe 360-degree images are superior to static photos and recognize the value they add, especially when buying and selling in the wholesale marketplace.
Beyond Manheim, Fyusion is partnering with other Cox Automotive brands to differentiate the client experience in the digital marketplace.
For more information, visit http://www.mymanheim.com/express/and www.fyusion.com.
Around 150 million people use Fyusion’s products globally. With a strong pedigree in 3D Computer Vision and Machine Learning, Fyusion’s San Francisco team is enabling businesses to thrive in industries undergoing major digital transformation.
Backed by prestigious Silicon Valley investors and powerful global businesses, Fyusion has previously raised $40mm to digitize the real world using 3D light fields and automatically extract valuable information from it, in an easy to use manner and accessible on any computing device.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion.
About Manheim (www.manheim.com)
Manheim® is North America’s leading provider of end-to-end wholesale solutions that help dealer and commercial clients increase profits in their used vehicle operations. Through its physical, mobile and digital sales network, Manheim offers services for inventory management, buying and selling, floor planning, logistics, assurance and reconditioning. With its omni-channel approach, Manheim Marketplace enables wholesale vehicle clients more efficient ways to connect and transact business how and when they want. Approximately 17,000 team members help Manheim offer 7 million used vehicles annually, facilitating transactions representing nearly $61 billion in value. Headquartered in Atlanta, Manheim North America is a Cox Automotive™ brand. For more information, visit http://press.manheim.com.
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