September 11th, 2019 by Kyle Field
Cox Automotive is injecting $ 350 million into an equity investment. The investment opens the doors for the two companies to work together in service operations, logistics, and digital retailing, according to the press release announcing the deal.
Trusted names like Kelley Blue Book and Autotrader are among the leading companies in the field of automotive services.
"RJ Scaringe, founder and CEO of Rivian, said:" We are building a Rivian ownership experience that matches the care and consideration of our vehicles. "As part of this, we are excited to work with Cox Automotive in delivering customer experience across our various touch points. Cox Automotive's global footprint, service and logistics capabilities, and retail technology platform make them a great partner for us. "
Joining forces with Rivian could give the electric upstart to the market to develop a go-to market strategy, not to mention all the downstream services that come after the customer pulls the trigger on a new vehicle. Remember that after Tesla conquered hell production, hell delivery and service were waiting in the hallway for customers around the world.
For Cox Automotive, partnering with a leading electric vehicle company, Rivian adds a much needed injection of excitement and perspective that is lacking in many facets of the traditional automotive industry.
"We're excited by Rivian's unique approach to building an improved future and to be part of the positive impact of its products on our roads and the world around us," said Sandy Schwartz, president of Cox Automotive. "This investment complements Cox Automotive's commitment to environmental change through our Cox Conserves efforts."
Partnering with Rivian at an equity investment in the automotive industry. With that in mind, Cox Automotive can make these new vehicles tick, what their maintenance needs are, and what owners expect from them. While they look the same on the outside, just about everything changes under the hood, inside the frunk, and on the axles of these new entrants into the automotive world.
"With the electrification of vehicles set to play a significant role in the new mobility," said Joe George, president of Cox Automotive Mobility Group. "Advancements in battery technology and the electrification of fleets are two of our primary focus areas, and we believe this relationship will be mutually beneficial."
The addition of the Cox Automotive announcement puts Rivian's fundraising in 2019 at more than $ 1.5 trillion dollars after a $ 700 million fundraising round by Amazon, followed closely by Ford's $ 500 million dropping into the electric truck builder.