Cox Automotive Acquires Fyusion
ATLANTA – 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.
Together with Fyusion, we plan to boost client confidence and trust by making the digital buying experience as good as seeing it in person.
“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.”
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Originally posted on F&I and Showroom