Cox Automotive has confirmed the acquisition of Codeweavers, a provider of commerce solutions and finance software for manufacturers, retailers, and lenders.
Advancing the firms digital retail offering, the acquisition of Codeweavers forms a part of Cox Automotive’s strategy to double the size of its operations by 2034 and stand as number one operator in the market.
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Retaining its current brand, Codeweavers will sit alongside Cox Automotive’s existing digital marketing and retail solutions business – Modix.
Explaining the significance of the acquisition in advancing Cox Automotive’s digital capabilities, President Martin Forbes said: “Today’s acquisition is an integral part of our strategy to help our customers develop a strong digital retail presence.
“One of the key benefits of Codeweavers 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.”
As an increasing number of firms across the industry are pushing to advance their digital strategies, Forbes added: “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.
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By GlobalData“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.”
Founded by Roland Schaack, Codeweavers was established in 2002 as the technology division of a finance brokerage firm, before becoming independent in 2012. Across the last decade, Codeweavers have developed a range of products to support digital retail services for manufacturers, dealers, and lenders.
Forbes concluded: “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.”
Schaack will continue to lead Codeweavers, reporting into Darren Sinclair, managing director of Modix International. Schaack said: “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.”
