Cox Automotive, which operates AutoTrader, Kelley Blue Book and other auto industry businesses, is cutting about 3 percent of its global workforce as it absorbs companies acquired in recent years.
Cox Automotive, based near Perimeter Mall, said in a statement Friday that the cuts total about 950 positions. The company did not disclose how many jobs will be cut in the Atlanta area, saying reductions will be “spread across our entire business.”
The company is the automotive arm of Cox Enterprises, which also owns The Atlanta Journal-Constitution.
The layoffs come about two years after Cox completed its largest acquisition, a $4 billion purchase of Dealertrack Technologies, which provides software, marking and e-commerce services for car dealers.
Cox Automotive has about 35,000 employees, including 3,740 in Georgia. Its businesses also include used car auction firm Manheim and inventory financing company NextGear Capital. In recent years, Cox has expanded its reach into the auto markets in Australia, China and India.
“These changes, while difficult, will help us fuel more innovation, drive more growth and deliver the elegant, connected experience we’ve promised to our clients and the industry,” Lou Laste, a spokesman, said in a statement.
“We do not take these decisions about job impacts lightly and will remain true to our values, treating everyone with dignity, fairness and respect throughout this process.”
The U.S. automotive industry saw a strong rebound from the recession, with several record-breaking sales years. But in 2017, sales have slowed for seven straight months, according to a report in the Wall Street Journal.
