Cox Automotive, Europe’s leading automotive services group, has today announced the acquisition of Codeweavers Ltd, a leading provider of commerce solutions and finance software for OEMs, retailers, lenders and portals, in a move that will significantly extend its digital retail capabilities and offering.
Codeweavers will sit alongside Cox Automotive’s existing digital marketing and retail solutions business, Modix, to build its presence as a leading international provider of digital retail solutions for the automotive industry.
Established in 2002, Codeweavers started as the technology arm of a finance brokerage firm and became an independent business in 2012. The company has successfully built the business during the last decade, developing a suite of solutions that support online digital retail services for vehicle manufacturers, dealers and lenders. It offers omni-channel solutions including new car stock locators, finance calculators, finance application, checkout and e-signing.
Martin Forbes, President of Cox Automotive International, said: “Today’s acquisition is an integral part of our strategy to help our customers develop a strong digital retail presence. We are incredibly excited that Codeweavers is joining the Cox Automotive family and look forward to supporting them during their next phase of growth.
“The pandemic has clearly shown the importance of having a compelling digital retail offering and the need for innovative online technology solutions has accelerated over the last year. We know that any effective new or used vehicle e-commerce platform must have extensive digital capabilities built-in and Codeweavers offers an impressive range of products and software in this area.
“The company is a leading provider in this space and their solutions are integrated into the websites of some of the largest automotive manufacturers and it has recently launched a full e-commerce solution for a major OEM. We’re looking forward to working with them to build on their current success in the UK and Europe.”
“One of the key benefits of Codeweavers,” continued Forbes, “is their expertise, knowledge and product will complement those of Modix. Today’s acquisition of Codeweavers will help establish Cox Automotive to become one of the major providers of digital retail solutions to automotive manufacturers and dealer groups across the UK and Europe.”
Codeweavers will retain its brand in the UK, with its CEO and founder, Roland Schaack, reporting into Darren Sinclair, managing director of Modix International.
Schaack added: “We are thrilled to be joining Cox Automotive and excited by the opportunities that being part of a bigger business will present for both Codeweavers and Modix. We are extremely proud of the success of the business so far and believe Cox Automotive will enable us to grow our client base and develop our products even further. Today’s announcement is a fantastic opportunity to create the best digital retail offering within the automotive industry and be a true digital retail leader across the whole of Europe.”
The acquisition of Codeweavers is part of Cox Automotive’s growth strategy to double the size of its business by 2034 and become the number one operator in the markets it operates. In March 2020, Cox Automotive announced the purchase of C Walton Ltd, its biggest-ever single acquisition in the UK, which strengthened its vehicle solutions offering, and the launch of Dealer Auction – Cox Automotive’s joint venture with Autotrader – back in 2019.
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About Cox Automotive UK
Cox Automotive is the world’s largest automotive service organisation. We provide dependable solutions that improve performance and profitability throughout the vehicle lifecycle, to manufacturers, fleets and dealers. Our businesses are organised around our customers’ core needs across vehicle solutions, remarketing, funding, and retail. Cox Automotive brands in Europe include Manheim, Manheim Express, RMS, Dealer Auction, NextGear Capital, Modix and eVA Valuations & Appraisals. The group employs more than 2,500 team members in the UK and works with thousands of businesses throughout the automotive industry. For more information, visit www.coxauto.co.uk.