COVID-19 Cox Automotive Canada Brand Updates
Update on Business Efforts Related to Covid-19
With health and safety as our top priority, the Cox Automotive family of brands is also committed to partnering with clients to keep the automotive marketplace up and running. As we navigate this unprecedented time, our leadership team understands that we have the unique opportunity to assist with some of the issues our clients may currently be facing.
Grounded in our commitment to always do the right thing for our employees, partners and communities, the majority of our employees are continuing to deliver all our usual business solutions while working from home until May 1, 2020 and we have equipped our teams with an array of tools to ensure we stay connected to our partners and clients.
Below is an update on some of the additional efforts we have made, current as of March 24, 2020.
Retail Solutions – Dealer.com website and Dealertrack Digital Retailing
For the month of April and May 2020, a 50% discount will be provided on our Retail Solutions being all dealer subscription product fees that includes Dealer.com websites and Digital Retailing.
This reduction will apply only to Cox Automotive Canada Retail Solutions subscription fees. If any DMS provider lowers or waives their fees to Cox Automotive Canada, we will pass the entire savings along to our dealer clients.
Financial Solutions – NextGear Capital
Effective Monday, March 23rd, and for a period of 30 days thereafter, NextGear Capital is taking the following steps for all NextGear Capital dealers in good standing:
- Base Rate Reduction by 50 Basis Points
- Deferred Repayment for Eligible Floorplan Advances – Curtailments & Extensions
- No Late Fees, Collateral Audit Reconciliation or First Extension Fees
- No Full or Partial Waiver Fee tied to Curtailments or Extensions
In addition to our existing precautions already in place, we will be aligning with the decisions of various provincial governments to close all non-essential businesses. As such, all of our physical and online auction operations, along with our NextGear office and Ready Logistics operations, will be closed effective at midnight on March 24, 2020 until further notice. Please contact your representative for more information.
As we continue to closely monitor the progress of COVID – 19 and the actions being taken by our government, public health officials and communities to prevent its spread through increased social distancing, we too have decided to continue taking additional precautions.
As such, the majority of our employees are continuing to deliver all our usual business solutions while working from home and our auction teams are temporarily hosting all in-lane auctions across Canada via Simulcast and through digital auction platform, MUVIT.
These actions are effective immediately until further notice and are grounded in our commitment to always do the right thing for our employees, partners, customers and communities.