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Penske Automotive Group and Cox Automotive (CAI) announced they have jointly developed a transformational, fully automated technology platform to enable the online retail sale of used vehicles. The automated online buying platform, which is owned exclusively by Cox Automotive,allows consumers to select from high-quality, preowned vehicles through PAG's U.S. CarShop used vehicle SuperCenters and franchised dealerships.
Cox Automotive's patent-pending artificial intelligence retail technology, Esntial Commerce, powers CarShop's U.S. digital platform to provide consumers with an automated,100% online vehicle purchase. Features include personalized monthly payments across all inventories, trade-in capabilities, application, approval for financing, digital contracting, and digital signatures.
Esntial Commerce offers payment personalization based on the consumer's risk profile, selected vehicle, and preferred deal structure using an AI/machine learning algorithm. Offering actual financing and the ability to immediately transact online allows consumers to move forward confidently, knowing their financing has been approved.
This industry-first scalable eCommerce platform and its artificial intelligence enable automation for retail operations so that consumers can:
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