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COVID-19 BUSINESS UPDATES

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COVID-19 Cox Automotive Brand Updates

With health and safety as our top priority, the Cox Automotive family of brands is also committed to partnering with clients to keep the automotive marketplace up and running. In the interest of staying connected with our partners and clients, real-time updates on business operations for each of our brands can be accessed below.

March 21, 2020

Dear Clients:

Speaking with many of you over the last week, we have been working through personalized plans to support your individual needs. These conversations made it clear we needed to come back to you with more.

In response, we are launching the Cox Automotive Retail Solutions COVID-19 Assistance Program.

For the months of April and May 2020, Cox Automotive Retail Solutions will provide a 50% discount on our Retail Solutions Dealer Subscription Product fees that include the following:

• Autotrader Subscription Listings
• Dealer.com Websites and Digital Retailing
• Dealertrack DMS
• Dealertrack F&I
• Dealertrack Registration & Titling Subscription Products
• HomeNet Automotive
• Kelley Blue Book Instant Cash Offer (ICO)
• vAuto
• VinSolutions
• Xtime

This reduction applies only to Cox Automotive Retail Solutions subscription fees. Associated fees from non-Cox Automotive entities remain the domain of those entities for their services. If any DMS provider lowers or waives their fees to Cox Automotive, we will pass the entire savings along to you, our dealer clients.

As for our valued OEM partners, Cox Automotive will work with you to determine how to distribute the funds through respective programs.

No action is required by you at this time to receive this discount. Your partnership with Cox Automotive and commitment to your employees, communities, and our industry is greatly appreciated, now and always.

Keith Jezek
President, Retail Solutions



March 18, 2020

Dear Client,

Cox Automotive is committed to the safety and well-being of our employees, clients and communities. As mentioned in an earlier statement, the situation with COVID-19 is extremely fluid. We are evolving strategies to support our team members across the country and enable them to provide you, our clients, with ongoing service and support with as little disruption as possible. As we navigate this unprecedented time, we are here to partner with you on a personalized plan that drives results for your business.

In order to keep our team members and clients safe, we are beginning the transition of all field-based team members to a virtual work environment. Cox Automotive has equipped our teams with an array of tools to ensure we stay connected to our partners and clients.

Cox Automotive is committed to sharing our latest insights in this fast changing environment. We will also be sharing best practices and strategies around operating optimally in a virtual sales and service environment on our website.

Your partnership with Cox Automotive and commitment to your employees, communities, and our industry is greatly appreciated, now and always.

Tim McKinley
Chief Sales & Marketing Officer

Keith Jezek
President, Retail Solutions

A message to our clients

As we all navigate this unprecedented time, we are here to partner with you on a personalized plan that drives results for your business. With our 500+ sales team members across the country and in your local area, we are committed to working side-by-side with you on a solution that helps you through this time.

Your local sales representative will reach out shortly to review the tools and services we are providing to support you, if you haven’t already started those discussions. In addition, our product team is actively working on new ideas to help support dealers and consumers in a new virtual world.

Please view this brief video for more details, as well as some quick tips for connecting with car buyers.

You and all those impacted by COVID-19 are in our hearts and minds. Cox Automotive is committed to the safety and well-being of our employees and customers – so we are prepared to fully support you from afar.

Sincerely,

Jessica Stafford

SVP & General Manager, Autotrader

Click here for the latest Manheim COVID-19 Details

In my initial letter to you, I shared that NextGear Capital was working on a relief package which would be circulated as soon as it was finalized. My leadership team and I understand that we have the unique opportunity to assist with some of the issues our clients may currently be facing.

I want to reiterate that I truly believe the best way to get through the current crisis is by coming together as an automotive community. We are here to support you during this period and in the future when it’s time to get back to business as usual. To that end, effective Monday, March 23, and for a period of 30 days thereafter, for all NextGear Capital dealers in good standing we are taking the following steps:

• Base Rate Reduction by 50 Basis Points
• Deferred Curtailment & Extension payments for Eligible Floorplan Advances
• No Late Fees
• No Collateral Audit Reconciliation Fees
• No First Extension Fees
• No Full or Partial Waiver Fee tied to Curtailments or Extensions
• No Collateral Audit Fees

Given the current economic environment, NextGear Capital anticipates a slow-down in business. The temporary measures set forth above will hopefully alleviate some of that pain. Rest assured that NextGear Capital is prepared to continue providing our dealers with the ability to finance their transactions. However, in an effort to create an optimal future state for when this crisis passes, please be advised that it will be within the context of new credit availability guidelines.

Additionally, NextGear Capital must and will continue to conduct inventory audits but we will be making adjustments to the process to reduce any undue burden and disruption to your business during this critical time. Your Portfolio Manager will be available to assist with your questions and support you on needs that may arise. It is our anticipation that this period will be short lived, and we can all return to business as usual very soon.

It is my genuine hope that the actions we are taking can provide some relief and assistance to your business and eliminate at least a marginal amount of stress. My leadership team and I will continue monitoring the economic impact as we look for ways to provide aid and support for our dealers during this unprecedented time.

Please continue reaching out to your Portfolio Manager with any needs or questions you may have and know that the entire NextGear Capital family has you all in our thoughts.

Sincerely,

Scott Maybee
President, NextGear Capital

A message to our dealership friends

These are uncertain times, but we’re in this together. We remain committed to your fixed operations business needs and are here to partner with you on a safe solution. There’s never been a better time to support your customers with a white glove service experience that is safe and convenient.

In response to the COVID-19 situation, Clutch Technologies is offering Service Pickup & Delivery software at no cost through July 2020 to enable you to continue to drive service revenue and pick up customer vehicles for service. Our team is committed to providing a fully remote, simple implementation in three business days to get you up and running quickly. Learn more about Service Pickup & Delivery and how you can sign up.

Whether you’re an existing Clutch partner or not, we’re here to help. You are in our thoughts and you have our support.

Best,

Alan Powell
SVP Sales, Clutch Technologies

Vince Zappa
President, Clutch Technologies

A message to our clients and partners:

We hope that you, your families and your team members are safe and well. At RideKleen, we’ve been hard at work responding to COVID-19 – adjusting our solutions and operations so that we can continue to deliver safe and exceptional vehicle care for our customers and team members.

As a result, we’re excited to announce RideKleen Vehicle Surface Disinfection & Air Cleanse Services in response to COVID-19.

• We’re now able to disinfect vehicles with an EPA-approved, hospital-grade disinfectant designed to kill up to 99.9% of bacteria and viruses, including coronavirus.

• We will begin treating in-vehicle air with a hygienic vapor to help remove contaminants, odor and pollutants and reach places that sprays and wipes cannot, including vehicle ventilation systems.

• In partnership with Clutch Technologies, we’re expanding our solution to enable dealers to deliver treated vehicles to their customers. Dealers using the Clutch Technologies platform for Retail Delivery & Service Pickup and Delivery will have access to our disinfecting & cleansing solutions – beginning in Atlanta and rapidly expanding to other markets.

• With employee safety as a priority, RideKleen will follow a rigorous operational process and provide safety training for its team members consistent with the guidance for cleaning and disinfection provided by the Centers of Disease Control and Prevention (CDC).

Whether you are a fleet owner, dealer, rideshare driver or first responder, our goal is to make these services available to you so that you can provide safe, clean vehicle experiences for your customers. While the situation we face today accelerated the launch of our Surface Disinfection & Air Cleanse Services, they will become a regular part of our daily operations moving forward – staying true to our commitment to safe and exceptional vehicle care. Visit our website to learn more.

Thank you for your partnership and support as we navigate this challenge together. We’ve no doubt that we’ll all be stronger and better than ever before on the other side.

Pratik Patel
President & Founder, RideKleen