Cox Automotive today launched DRiVEQ, the official branding of the company’s dynamic data intelligence capabilities.
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 …….