Women in remarketing: Janet Federowich of Mannheim/Cox Automotive
Automatic remarketing recognizes the 2022 Women in Remarketing winners in the May issue of the magazineand post Q&As with each of these outstanding leaders on the website.
Next up is Janet Fedorowich, assistant vice president of national dealer and commercial accounts at Manheim/Cox Automotive.
Automotive Remarketing: What is the biggest trend you are seeing in automotive remarketing/wholesale this year?
Janet Fedorowich: The supply of new vehicles remains close to historic lows with no relief in sight. Rising gas prices, chip shortages, and inflation threatening supply chains are giving us tons of uncertainty in the auto industry. One of the main trends discussed is that dealers are finding new opportunities to buy mainstream cars to increase vehicle supply. Another key trend is the adoption of electric vehicles and theories about who will dominate the electric car market. Tesla mostly dominated; however, other OEMs are moving in quickly. Assessing battery life and the impact on resale values will be a huge priority as these vehicles enter the market.
AR: What impact has technology/innovation had the most on your specific area of remarketing/wholesale?
Fedorowich: Technology and innovation have allowed a hybrid sales model to become more acceptable. Buyers are more comfortable buying digitally with insurance programs that offer guarantees to the buyer. However, there remains a segment of vehicles where buyers prefer on-lane offerings so they can touch and inspect vehicles. Innovative startups have disrupted the auction industry by creating platforms, without the cost of physical locations, that simplify the remarketing process, making things very competitive.
AR: What career advice would you give to someone new to the industry?
Federowich: This amazing industry presents opportunities across all industries and, more than ever, we encourage diversity to drive this business forward. The automotive industry is constantly changing, and innovation and courage are needed to remain a dominant player. Be prepared to embrace change and take risks while soaking up as much industry knowledge as possible. Always network and promote an inclusive environment to capitalize on the differences that will allow you to be a better contributor.
AR: What is your proudest moment/achievement, career-wise?
Federowich: My proudest moment is the depth of the relationships I have built over the past 30 years of working for Cox Automotive. I had the privilege of working with our National Commercial and Dealer Accounts. By working with unique perspectives and strategies, I have been exposed to many challenges that have allowed me to be a trusted resource and help implement change.
I have been fortunate to have held various positions while learning from some of the top leaders in the industry. In addition, my leadership journey has allowed me to develop some of the best talents and I am extremely proud to see them flourish both personally and professionally.