Brockman Steps Down as Chairman & CEO as Swiss Prosecutors Freeze More than $ Billion in Assets

November 6, 2020 — Reynolds and Reynolds announced today Bob Brockman has stepped down as chairman and CEO.

Tommy Barras is adding the CEO role to his responsibilities. He was named president and COO in early June.

A new chairman has not been named according to a Reynolds spokesperson.

Brockman earlier this month was indicted on 39 counts of tax evasion, money laundering, and wire fraud in a 20-year conspiracy to defraud investors while hiding approximately $2 billion in numerous offshore accounts and companies in the Caribbean and Switzerland.

Earlier this week, prosecutors in Switzerland froze more than $1 billion of Brockman’s money according to Gotham City, a Swiss blog covering court cases in the European country.

Brockman’s next court date is scheduled for November 12 according to transcripts from his initial hearing in mid-October. During the hearing, Brockman’s lawyer revealed the 79-year old tech giant has Parkinson’s disease, is suffering from a heart ailment, and has had two recent fights with cancer.

CDK Global, Authenticom Settle Data Access Lawsuits

CDK Global, Authenticom Settle Data Access Lawsuits

October 30, 2020 — Earlier this week, CDK Global and Authenticom settled their lawsuits that were part of several data access-related lawsuits that were consolidated into a multi-district litigation (MDL) in federal court in Illinois’ Northern District. From February 2017 to February 2019 as many as seven vendors and 25 dealerships filed lawsuits against either…

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$150 Million Investment Gets Automotive DMS Startup Tekion a $1.1 Billion Valuation

$150 Million Investment Gets Automotive DMS Startup Tekion a $1.1 Billion Valuation

October 22, 2020 — Dealership technology vendor Tekion Corp. announced this morning it has raised $150 million in a recently completed Series C round led by Advent International. Other investors in the latest round are Index Ventures, Exor (the holding company of Fiat Chrysler Automobiles and Ferrari), Airbus Ventures, and FM Capital, which includes a… Continue Reading

Thoma Bravo Adds Two New Firms to the Growing J.D. Power Empire

Thoma Bravo Adds Two New Firms to the Growing J.D. Power Empire

August 7, 2020 — Since May 2019, Private equity firm Thoma Bravo has engaged in an acquisition spree in the automotive space compiling a group of five companies providing data and software services to automakers and dealers. In the last 15 months, Thoma Bravo has acquired Autodata Solutions (ChromeData), J.D. Power and Associates, Trilogy Automotive,…

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Legal and Legislative Update on the Ongoing War for DMS Data Access

Legal and Legislative Update on the Ongoing War for DMS Data Access

August 5, 2020 — A recent judicial ruling may be the most promising sign yet that third-party technology vendors will soon be free of alleged expensive and restrictive data access policies enacted by CDK Global and Reynolds and Reynolds. On July 24, a judge in Arizona’s District Court ruled against a motion filed by Reynolds…

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Lithia Motors Strong 2nd Qtr; Armed for Aggressive Acquisition Strategy

Lithia Motors Strong 2nd Qtr; Armed for Aggressive Acquisition Strategy

Updated: 5-yr growth plan and new online brand unveiled. July 22, 2020 — Lithia Motors’ share price is at its all-time high trading above $195 in early trading this morning — which is up from $62.98 on March 18. The Oregon-based dealer group reported its highest ever second-quarter net income this morning generating $3.72 per… Continue Reading

Dealership Buy-Sell June Recovery Points to Sizzling 2nd Half

Dealership Buy-Sell June Recovery Points to Sizzling 2nd Half

July 9, 2020 — After a short COVID-19-induced respite in April and May, the dealership buy-sell market is back in business in a big way finishing the first half on par with 2019 activity. All signs are pointing to a sizzling third quarter continuing a pace set in June that saw 22 transactions involving 31…

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Why a Cash-for-Clunkers Replay Likely Won’t Happen

Why a Cash-for-Clunkers Replay Likely Won’t Happen

May 15, 2020 — Despite recent speculation the government will enact a “Cash-for-Clunkers” type deal to help spur car sales as it did in 2009, there are several reasons why a similar play this year likely will not happen. The “Cash-for-Clunkers” program — its official name was the Car Allowance Rebate System (CARS) — was…

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Cox Automotive to Furlough More Than 12,500

May 7, 2020 — In an internal email this morning, Cox Automotive President and CEO Sandy Schwartz announced the company is implementing a series of cost-cutting moves that include furloughing more than 12,500 employees beginning May 17 due to the financial impact created by COVID-19. The furloughs will impact about 36% of Cox Automotive’s entire… Continue Reading

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