Cox Automotive Introduces DRiVEQ
Cox Automotive launched DRiVEQ, the official branding of the company’s dynamic data intelligence capabilities that powers the industry’s largest portfolio of automotive solutions and services. DRiVEQ combines Cox Automotive’s broad portfolio of first-party automotive data, sourced from the company’s many end-to-end automotive solutions, with cutting-edge artificial intelligence technology. DRiVEQ is the engine that powers Cox Automotive’s ability to deliver valuable business insights, services and solutions not only to the company’s many clients but to the auto industry as a whole.
“We’re entering a new era of growth and innovation as we bring product, engineering, and data to bear on some of the most complex challenges facing the automotive industry,” said Cox Automotive President Steve Rowley. “And we’re doing it at the speed and scale that no one else can deliver to support our clients’ success.”
Cox Automotive is among the world’s largest automotive services providers and manages a portfolio of solutions that touch nearly every aspect of the modern automotive industry. The company’s data intelligence engine, DRiVEQ, is fueled by the largest breadth of first-party data in the automotive ecosystem and helps Cox Automotive build actionable intelligence to drive better business outcomes for clients and the industry at large. DRiVEQ organizes Cox Automotive’s vast amount of data into three key categories:
- Consumer Intelligence: Gathered through first-party web activity, including industry leaders Kelley Blue Book, Autotrader and Dealer.com, as well as in-store consumer visit records. Each year, Cox Automotive hosts 2.3 billion online visits, manages 80 million leads and sifts through 2.9 trillion consumer insights.
- Market Intelligence: Built from software systems that power wholesale and retail listings, sales transactions, supply and demand indicators, and rates-and-incentives data sets. Each year, Cox Automotive helps facilitate 27 million vehicle sales, 48 million credit applications, and 4.4 million trade-in requests. Cox Automotive supports 18 billion vehicle valuation requests each year.
- Vehicle Intelligence: Collected from build data, vehicle images, inspection reports, battery health measurements, and service records. Each year, Cox Automotive sees 30 million in-market VINs, manages more than 100 million service records, and develops 3.5 million condition reports.
“At Cox Automotive, the breadth of our first-party data is our superpower,” notes Chief Product Officer Marianne Johnson. “Through DRiVEQ, we’ve unified data streams from across all of our businesses into a single platform. Applying artificial intelligence to this curated and connected data, we’re able to deliver predictive insights and recommendations that no one else can. These intelligent solutions, in turn, drive better results for our dealer, lender, OEM, and fleet-owner clients and also streamline consumer automotive experiences.”
Cox Automotive’s significant investments in cloud technology, machine learning capabilities, and top engineering and data-science talent are also key factors in bringing DRiVEQ to life. Leveraging these investments, Cox Automotive is applying novel technologies, such as computer vision, natural language processing, and advanced statistics, to solve challenging automotive industry problems. With the capability of DRiVEQ, Cox Automotive can better service the entire lifecycle across vehicle shopping, buying, ownership, and disposition.
The Cox Automotive family of brands — more than 20 in all — provides an unmatched portfolio of products and services for clients to simplify workflows, remove friction, and enable the smart, connected experiences expected by dealers, OEMs, lenders, fleet managers, and consumers.
“Data and intelligence have always been at the center of Cox Automotive’s operations,” said Ken Kraft, Chief Marketing Officer at Cox Automotive. “Formalizing a brand name is important, as it will help us communicate our market leadership in data intelligence. When our partners and clients see DRiVEQ, they should know they’re utilizing the industry’s best solutions, made possible only by Cox Automotive.”
The ability to seamlessly integrate many unique solutions is what allows Cox Automotive to provide its clients with the necessary tools to build profitable and forward-thinking businesses, and for all consumers to receive a personalized and actionable shopping experience. And the work never stops. In 2022, Cox Automotive will be launching 37 new products, 55 new integrations, and roughly 10,000 product enhancements, all powered by Cox Automotive DRiVEQ. Many of the new and updated solutions and products will debut in March at NADA 2022.
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