July 16, 2019 — Late last week, CDK Global and Cox Automotive and its subsidiaries informed the federal court in Illinois they have settled their lawsuits resulting from a long-standing dispute over access to data and how that data is used. The settlement does not impact other parties involved in the multi-district litigation (MDL) that… Continue Reading
June 3, 2019 — After three and half years at the helm of TrueCar, Chip Perry is stepping down as CEO and president, the company announced today. TrueCar has not named a replacement for Perry, who will continue to consult with the company. Perry, one of the pioneers in the automotive Internet space, founded AutoTrader… Continue Reading
May 6, 2019 — Following a three and a half-year stint with Raycom Media, PureCars has been sold to private equity firm Diversis Capital and Stage 1 Ventures, its original investor. Raycom Media acquired the automotive marketing technology firm in October 2015 for more than $125 million. But as part of its January sale to… Continue Reading
May 3, 2019 — British dealer group Pendragon PLC (LON: PDG) announced yesterday it is selling two California Jaguar Land Rover dealerships as part of its plan to exit the U.S. market. Pendragon is selling its Jaguar Land Rover dealership in Newport Beach to U.S. Auto Trust for $40.3 million (£31 million). U.S. Auto Trust… Continue Reading
May 1, 2019 — Yesterday’s announcement that PE firm Thoma Bravo is acquiring Autodata Solutions from Internet Brands could be Act Two in what may be an ambitious play in automotive. The pending transaction also portends an M&A market that is heating up after a slow first quarter that saw only 11 deals completed, down…
March 25, 2019 — Although sources confirmed to us two weeks ago an acquisition of Cars.com was close, we’re still waiting. But signs are a deal should be announced in the next several days. According to a press release this morning, the process is ongoing and involves “multiple parties.” The biggest indication, though, is that… Continue Reading
March 11, 2019 — Tesla’s strategy of closing its retail network apparently is a work in progress. After shutting down 10% of its retail locations the last couple of weeks, Tesla announced on its blog last night that it has stopped the process and will evaluate another 20% of its sales locations in coming months.… Continue Reading
March 10, 2019 — An announcement regarding who Cars.com’s new owner will be could be made as early as this week. The company is an attractive play for numerous players — both from a strategic and an investment perspective. Cars announced in January the board had voted at the end of September to retain J.P.…
February 20, 2019 — The Prime Automotive Group added six dealerships last week when it acquired the Marubeni America Corporation’s Auto Gallery in Norwood, MA. The fast-growing Prime, backed by GPB Capital, now has 68 dealerships with revenues approaching $3.5 billion. The transaction is the third large dealership buy-sell of the year and continues the… Continue Reading
February 6, 2019 — This week, General Motors began the difficult task of laying off more than 4,000 salaried employees as part of a massive restructuring this year that includes the idling of five North American plants, eliminating vehicles and an overall workforce reduction of 14,700 employees. The moves are designed to save the automaker… Continue Reading