CARY, N.C. –
Cox Automotive will furlough over 12,500 employees internationally later this month, roughly 10,000 of which are in the U.S., the company said in a statement provided to Auto Remarketing.
Cox Automotive is starting the furloughs May 17. They will last for up to 16 weeks. The company emphasized that, “those furloughed will remain employees of Cox Automotive throughout the furlough period and will retain their existing healthcare benefits, paid entirely by Cox Automotive.”
Close to 87% of those furloughed in the US are with Manheim, and most of those people are part-time drivers for the auctions or employees providing sale-day assistance at auctions.
The Manheim cuts are “due to the sharp declines in wholesale transactions and a necessary move to an all-digital format at all Manheim auctions in the U.S.”