Driving opportunity: deploying growth mindset on the journey to 2030
Vision and views
from Cox Automotive
As I speak with customers across various markets, it is clear there are concerns about near term challenges, such as new vehicle supply constraints, as well as the longer term impact of electrification and new business models. With evolution comes opportunity, but managing that transition is not always straightforward.
We are entering a period of rapid change. Not only is the world responding to a global pandemic, but it is now less than a decade until 2030. This date is significant as a deadline for the United Nations Sustainable Development Goals, and the many international decarbonisation, climate, and transport policies developed in parallel.
The Intergovernmental Panel on Climate Change (IPCC) says global emissions must be halved by 2030 and net zero by 2050. The Paris Agreement limits global temperature rise to below two degrees Celsius. And, in Europe, the 2030 Climate and Energy Framework has set out ambitious greenhouse gas emissions reductions. The upcoming UN Climate Change Conference (COP26) will potentially bring about further initiatives and targets.
Alongside environmental questions facing the automotive sector, we are also in the midst of significant evolution in buying behaviour, advances in connectivity and autonomy, changes to the way in which the retail and wholesale markets operate, and new approaches to global mobility.
While there are challenging times ahead, we also see hope, optimism, and opportunity. Global electric vehicle sales are rising; manufacturers are collaborating to support vehicle innovation; connectivity is acting as a catalyst to rethink traditional ownership models; and safety is firmly on the agenda.
As the world’s leading automotive services company, we benefit from a global perspective. Our 25+ market-leading brands touch every stage of the vehicle lifecycle. From remarketing to vehicle portfolio management, operations, mobility, sales, and digital marketing, we serve tens of thousands of clients worldwide.
"'In among the change, we’ve seen the power and importance of a growth mindset; a belief that we can always develop through continual learning, innovation, collaboration, and feedback. With that in mind, our theme for this year’s Insight Report is 'deploying growth mindset on the journey to 2030'"
When we launched the 2020 Insight Report, we talked about ambitious growth plans and investment to build capability, scale, and scope to meet changing needs of the automotive marketplace. Over the past year, we have made great strides in doing just that, integrating C Walton Ltd, Codeweavers, and pkwNOW into our European business to strengthen our remarketing, vehicle services, and digital retail capabilities.
To support our mobility operations, we acquired Dickinson Fleet Services, the leading mobile maintenance provider for medium and heavy-duty trucks and trailers in North America, as well as FleetMaster, a fleet management software specialist supporting fleets, rental, leasing, and dealerships. Most recently, we’ve grown our electric vehicle capability with Spiers New Technologies, which provides full EV battery lifecycle capability from locations in the US and the Netherlands.
Like all global businesses, we have adapted to a new way of working as a result of the pandemic, as well as responding to supply chain challenges, volatility in international markets, and more. We know many of our colleagues, partners and customers have had a tough time, while others have found opportunity in the chaos.
In among the change, we’ve seen the power and importance of a growth mindset; a belief that we can always develop through continual learning, innovation, collaboration, and feedback. With that in mind, our theme for this year’s Insight Report is ‘deploying growth mindset on the journey to 2030’.
As we look forward to 2022, I’d like to express my sincere gratitude for the efforts and accomplishments of everyone in the extended Cox Automotive family, from team members to suppliers, customers to sister businesses. We know it may not always be easy but, together, we will harness that growth mindset to embrace the opportunities this year and beyond have to offer.
President, Cox Automotive International