30 Jul 20

Cox scraps 1,600 jobs in North America

Cox Automotive is eliminating 1,500 jobs in the US and about 130 jobs in Canada, the company has announced. The cutbacks are a response to the ongoing economic turmoil caused by the coronavirus. 

About 1,100 of the affected positions are with wholesale vehicle auction specialist Mannheim in the US. That represents about 35% of the company's overall staff. In March, the company switched to all-digital auctions, in order to slow the spread of COVID-19. 

The company, which last year employed about 34,000 people across all its brands and generated more than $7 billion, faces a 25% decline in revenue for 2020. It is hoped that recently-introduced virtual features, like the Autotrader shopping brand, will not only limit the damage, but will help future-proof the business.


Authored by: Frank Jacobs