Cliff Banks - The Banks Report

Brian Skutta Named as CEO of Auto Alert

Auto Alert announced Brian Skutta as its new CEO this morning. Skutta most recently ran Cox Automotive’s Vin Solutions. Also announced was the appointment of Akshaya Mehta as CTO. Mehta had been with Vintek, a company acquired by DealerTrack last year. Meanwhile, Founder and CEO of Auto Alert Boyd Warner has been named as co-chairman…

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Cliff Banks - The Banks Report

Palmer Leaves Nissan

September 2, 2014 — The management shuffle continues at Renault-Nissan as product chief and executive vice president Andy Palmer leaves to take the CEO position at Aston Martin. Replacing Palmer is Philippe Klein, executive vice president with Renault SA, who starts in his new position on September 15. Palmer is the fourth senior executive to leave…

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Capital Automotive Sells for $4.3 Billion

Capital Automotive Sells for $4.3 Billion

August 28, 2014 — Capital Automotive LP, a power broker in the dealership acquisition market, announced today it has been sold to Brookfield Property Partners for $4.283 billion. Based in McLean, VA, Capital Automotive has more than $3.5 billion invested in more than 450 dealerships spread across 37 states. The company provides financing to dealerships looking to…

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Cliff Banks - The Banks Report

TrueCar — Welcome to Wall Street

August 27, 2014 — It had a rocky welcome to Wall Street, but TrueCar’s stock price has more than doubled since its IPO earlier this summer. About three weeks ago, we reported on TrueCar’s strong second quarter numbers — it’s first quarter as a public company. At the time, the stock price was just under…

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Cliff Banks - The Banks Report

Group 1 Acquires Texas Mercedes Store

Group 1 Automotive continues its aggressive pace of acquisitions buying Mercedes Benz of Boerne, Texas from Ronald Heller and Bill Bird. The deal includes a Sprinter franchise and should generate about $135 million in annual revenue. The store is Group 1’s seventh Mercedes Benz dealership. Group 1 has acquired 41 dealerships dating back to January 2013… Continue Reading

Cliff Banks - The Banks Report

Buyers & Sellers Both Hurt by Right of First Refusal

UPDATED — At least ten (updated from eight) cases of manufacturers using the Right of First Refusal since January 2013, including at least three lawsuits, shows dealers wanting to sell their stores and the dealers hoping to acquire need to do their homework up front to know whether it will be an issue. Since we first reported…

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