Cox job cut won't affect Manheim NZ

Cox Automotive is cutting three per cent of its global workforce, however this is not set to affect the New Zealand company Manheim, which is owned by the business. Cox Automotive operates AutoTrader, Kelley Blue Book and other auto industry businesses such as used car auction firm Manheim. A statement from the business said that the cuts total about 950 positions. The layoffs come about two years after Cox completed its largest acquisition - a $4 billion purchase of Dealertrack Technologies, which provides software, marking and e-commerce services for car dealers. Cox Automotive has about 35,000 employees. Its businesses also includes inventory financing company NextGear Capital. “These changes, while difficult, will help us fuel more innovation, drive more growth and deliver the elegant, connected experience we’ve promised to our clients and the industry,” Lou Laste, a spokesman, said in a statement. Communications director for Cox Automotive Australia and New Zealand says that over the past few years, the company has acquired multiple contracts and grown significantly. "With growth there is always going to be room for better efficiencies and the company is doing the hard work of integration and consolidation." He says that healthy companies have a focus on continuous improvement, adaption and change and these include costs reductions, in order to stay competitive. "While there is a global focus at the moment, the plans do not impact on the Manheim operations in New Zealand." “We do not take these decisions about job impacts lightly and will remain true to our values, treating everyone with dignity, fairness and respect throughout this process," said Laste.