Cox Automotive and Holman Enterprises Announce Joint Venture with Flexdrive

Two automotive industry leaders combine efforts to transform consumer mobility

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May 25, 2017, 15:04 ET

ATLANTA and MOUNT LAUREL, N.J., May 25, 2017 /PRNewswire/ -- Cox Automotive, the same company that brings consumers Autotrader and Kelley Blue Book, today announced a new joint venture with Holman Enterprises, a global leader in automotive sector services. Both automotive companies are now shared owners of Flexdrive, a new mobility company that enables consumers to subscribe to a vehicle, rather than buying or leasing it. Flexdrive is an innovative new business model that was created within Cox Automotive in 2014 and evolved into a joint venture with Holman Enterprises in early April.

"Both Holman Enterprises and Cox Automotive share an appreciation for what it means to move forward and create what consumers want today instead of fitting yesterday's solutions into today's demand," said David Liniado, vice president of consumer mobility at Cox Automotive. "Through this partnership, we are combining the best of both companies to give consumers a new way to satisfy their mobility needs while enabling dealers to get into the mobility market."

Flexdrive is a vehicle subscription and services platform that enables dealerships to offer vehicle subscriptions as an option alongside buying and leasing. Through Flexdrive, consumers can subscribe to a car via a mobile app within minutes, and drive away without worrying about insurance, maintenance or any of the other activities typically involved in purchasing or leasing a vehicle. They can swap vehicles at any time, giving them the flexibility they need without the commitment of a long-term contract.

Founded in 1924, Holman Enterprises has grown from a single Ford dealership in Maple Shade, New Jersey to a global automotive conglomerate consisting of both consumer and business related services, including 38 franchise stores across the country, a global corporate fleet management company, truck upfitting, parts distribution, consumer finance and insurance businesses. The Holman history, culture, values, mission, team member approach, and community involvement mirrors that of Cox Automotive, making the partnership an ideal move to accelerate the growth of Flexdrive.

"The modern marketplace is asking for mobility solutions, not just transportation, and we are enthusiastic about working together with Cox Automotive to meet the modern consumer's needs," said Brian Bates, president and CEO of Holman Consumer Services. "At Holman, we have always been committed to providing customers with extraordinary service, and giving our customers the opportunity to 'flex' in addition to purchasing or leasing is another way we are achieving that goal."

As a joint venture, Flexdrive will be led by Jose Puente, who has assumed the role of president.

"With Flexdrive, we are rewriting the rules of car ownership," said Puente. "It is the new way to car, and fueled by the joint support of Cox Automotive and Holman Enterprises, we'll be bringing this unique offering to more markets throughout the year."

The first Holman franchise to offer consumers the ability to "flex" is Flexdrive of Cherry Hill, located in Southern New Jersey.

How Flexdrive works:
A consumer downloads the Flexdrive app, selects a vehicle and schedules pick-up/drop-off. With two payment options and no down payment or credit check required, consumers choose when to stop or even suspend the service. Turning the service on or off during the span of use means no unnecessary payments when the car is not a priority. And the weekly or monthly payment covers traditional automotive cost of ownership items like maintenance, roadside assistance, and insurance. Flexdrive addresses the pain points of vehicle purchasing, vehicle ownership and vehicle disposal.

About Flexdrive:
Created within Cox Automotive in early 2014, Flexdrive quickly established itself as an emerging technology and services platform offering vehicle subscription services for the consumer market. The concept developed through in-market fleet use, resulting in a robust end-to-end technology platform delivering this same model to retail dealerships, fleet owners, ride-share operators and OEMs. Now a joint venture between Cox Automotive and Holman Enterprises, Flexdrive enables dealers to offer vehicle subscriptions for consumers who want mobility solutions without the commitment of a lease or loan. For more information, visit www.flexdrive.com.

About Holman Enterprises
Holman Enterprises, headquartered in Mount Laurel, New Jersey, is an international automotive services company. Beginning in 1924 as a single Ford dealership, Holman has evolved to encompass six business segments that support several diverse sectors of the automotive market: Holman Automotive, one of the largest privately-owned dealership groups in the United States, with over 38 retail franchises 17 brands from the East Coast to the Pacific Northwest; Steward Financial Services, an auto retail finance company; Holman Insurance Services, a commercial and consumer insurance services company providing a full array of insurance products to retail customers and customized insurance and risk management solutions to commercial clients; Holman Parts Distribution, a national multi-brand powertrain parts distributor; Auto Truck Group, a truck up-fitting business; and ARI, the largest privately-owned fleet leasing and management company in North America. Holman, a family-owned business, focuses on building relationships and investing in people. With values rooted in the principles established by founder Steward C. Holman, the company continues to promote a culture of philanthropy, which supports organizations such as the United Way and others important to the Holman team.

About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader^®, Dealer.com^®, Dealertrack^®, Kelley Blue Book^®, Manheim^®, NextGear Capital^®, vAuto^®, Xtime^® and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues exceeding $20 billion and approximately 60,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.