Bye Bye ADP, Hello CDK

Bye Bye ADP, Hello CDK

September 30, 2014 — After the market’s close today, the ADP Dealer Services Group moniker will cease to exist. The group, a division of ADP, is being spun off today as a separate public company and will be called CDK Global. What does this mean for dealers? The Dealer Services Group was started in 1972…

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Cliff Banks - The Banks Report

AICPA Conference in Vegas

A little bit of bragging here — I’ve been asked to give the keynote presentation for the AICPA Auto Dealership Conference in October in Las Vegas. My friend John Davis who is a partner with Dixon Hughes Goodman’s Dealer Services Group and is on AICPA’s dealer conference committee helped facilitate the engagement.  The conference is for dealership… Continue Reading

Cliff Banks - The Banks Report

Short Term Overview of the Automotive Retail Space

The automotive retail sector is on the cusp of true transformational change.  Since 1995, when Seattle dealer Marty Rood sold the first vehicle online – a gold Volvo 760 – through a service called DealerNet, the Internet and its surrounding technology has pushed customers, dealers, vendors and automakers closer to an era where real digital…

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A New Breed of Investor in Automotive Dealerships

A New Breed of Investor in Automotive Dealerships

September 22, 2014 — A new type of investor in dealerships may provide the comfort level manufacturers require and the flexibility dealers need.    Recently a new breed of investor has been drawn to the business of franchised retail auto dealerships. Included are hedge funds, private-equity funds and family offices. First, what attracts them to automotive…

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Cliff Banks - The Banks Report

Digital Dealer Conference

September 21, 2014 — We’re heading to Las Vegas this week for the 17th Digital Dealer Conference. Outside of the NADA convention, it’s probably the biggest dealer-focused conference in the country, and has been for several years. There always seems to be news coming from the conference. During the conference last April (Dealer Communications holds two… Continue Reading

Cliff Banks - The Banks Report

CDK Global Clients to Get New Financing Partner

September 17, 2014 — ADP announces details and the date of the spin off of its Dealer Services Group (now called CDK Global) along with information about a new financing partner for its dealers. ADP Dealer Services U.S. and Canadian clients who have financed with ADP Commercial Leasing will be moved to a new co-branded financing…

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Cliff Banks - The Banks Report

Mid-Size Sedan Market Feeling the Pressure

September 15, 2014 — Automotive sales in August far exceeded everyone’s expectations leading to concern that automakers were again relying on aggressive incentives rather than true demand juice showroom traffic. The truth lies somewhere in the middle — but could have far reaching implications for the short term future of  certain market segments, and even,…

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