Cox Automotive Acquires Fyusion
Purchase Deepens Collaboration, Delivers Future Innovations Benefiting Clients
ATLANTA, Jan. 5, 2021 /PRNewswire/ -- Cox Automotive has acquired Fyusion, a computer vision company and leader in immersive vehicle imaging solutions for automotive and other industries. This acquisition will deepen the collaboration between Manheim and Fyusion, which have worked together for years to give clients the wholesale industry's best mobile imaging and condition capture tools in the Manheim ExpressTM app.
"Anywhere a car can be imaged, we believe the new technologies that Cox Automotive and Fyusion create together will translate to big benefits for our clients across the auto industry," said Steve Rowley, president, Cox Automotive. "By bringing Fyusion into the Cox Automotive family, we will be able to deliver innovations to our clients faster and help fuel their continued success."
Founded in 2013 and based in San Francisco, Calif., Fyusion has 60+ talented employees across 16 countries, including 40+ Ph.D.-level professionals, and provides intellectual property—including numerous patents—and advanced technology in the automotive space. In addition to its leading 3D, 360-degree imaging capabilities, Fyusion plans to develop capabilities that will enhance vehicle inspections and deliver greater consistency and accuracy – a top Manheim client request.
"Cox Automotive's commitment to giving clients every advantage through technology made our decision to join forces with them an easy one," said Radu Rusu, CEO and co-founder of Fyusion. "Combining our industry-leading imaging and AI expertise with Cox Automotive's reach across the industry will bring game-changing innovations to dealers, commercial clients and consumers."
Cox Automotive and Fyusion began working together in 2018 on the creation of imaging capabilities for Manheim Express to simplify and improve the wholesale vehicle listing process. This included allowing dealers to walk a car and create a wholesale listing in minutes with the industry's first 360-degree and moveable images. Since then, the companies have collaborated on 360-degree interior imaging, as well as audio and video tags to further highlight a vehicle's condition.
The acquisition of Fyusion comes at a time when digital adoption across the Manheim Marketplace has increased substantially, with the COVID-19 pandemic accelerating that shift. As more dealers move to digital platforms, Manheim aims to transform the way vehicle information is captured and displayed, giving clients comprehensive vehicle information and rich visuals to enhance their buying experience. Today, 83% of Manheim's inventory is sold to digital buyers.
"Together with Fyusion, we plan to boost client confidence and trust by making the digital buying experience as good as seeing it in person," said Manheim President Grace Huang. "We are excited to bring Fyusion into the Cox Automotive family to further accelerate the types of innovations that deliver value, convenience and a connected experience for our clients."
About Cox Automotive (www.coxautoinc.com)
Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company's 27,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of $21 billion. www.coxautoinc.com
About Manheim (www.manheim.com)
Manheim® is the nation's leading provider of end-to-end wholesale vehicle solutions that help dealer and commercial clients increase profits and efficiencies in their used vehicle operations. Through its physical, mobile and digital sales network, Manheim offers services for decisioning, buying and selling, floor planning, logistics, assurance and reconditioning. Operating the largest vehicle wholesale marketplace, Manheim provides clients with choices to connect and transact business how and when they want. With nearly 7 million used vehicles offered annually, Manheim team members help the company facilitate transactions representing nearly $67 billion in value. Headquartered in Atlanta, Manheim North America is a Cox Automotive™ brand. For more information, visit http://press.manheim.com
About Fyusion (www.fyusion.com)
At the intersection of artificial intelligence and 3D imaging, there is immeasurable potential for enterprises to improve how people live and work. Fyusion Inc. opens the possibilities of AI-driven 3D imaging by making these cutting-edge technologies accessible to enterprises. With over 150 patents, we build next-generation applications with a focus on the automotive, vehicle inspections, and e-commerce industries. For more information, visit www.Fyusion.com.
SOURCE Cox Automotive
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