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.