Cliff Banks - The Banks Report

Dealer Files Class Action Lawsuit Against DMS Vendors

October 20, 2017 — Teterboro Chrysler Dodge Jeep Ram filed a class action lawsuit yesterday against Reynolds and Reynolds and CDK Global alleging various antitrust violations. The case was filed in United States District Court in the New Jersey District. Teterboro, who is a Reynolds and Reynolds client, alleges the two companies during the period… Continue Reading

Cliff Banks - The Banks Report

Hyundai Launches New Shopper Assurance Program

October 13, 2017 — Hyundai Motor America last week unveiled its Shopper Assurance program – what the company calls an industry-first nationwide program that streamlines and modernizes the car-buying experience. The key elements of Shopper Assurance are intended to align with auto consumers’ major pain points: transparent pricing; flexible test drives; streamlined purchases; and a three-day… Continue Reading

J.D. Power CEO Finbarr O’Neill to Retire

J.D. Power CEO Finbarr O’Neill to Retire

October 12, 2017 — J.D. Power announced yesterday that Chief Executive Officer and President Finbarr O’Neill will retire from the company, effective March 2018. The search for his successor is underway. O’Neill, 65, will act as a Senior Advisor to the company following the transition to the new CEO. O’Neill led the firm for 10 years,… Continue Reading

TBR 3rd Quarter 2017 Auto Retail Vendor M&A Report

TBR 3rd Quarter 2017 Auto Retail Vendor M&A Report

October 9, 2017 — IHS Markit’s acquisition of Automotive Mastermind, one of the year’s biggest U.S.-based deals, brought an active third quarter to a close last week. The other big story of the quarter — and perhaps the year — is the nearly $200 million invested in six startups specializing in online automotive transaction solutions.…

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Cliff Banks - The Banks Report

Top Dealer Files Explosive Lawsuits Against BMW, Audi

September 7, 2017 —  Several dealerships owned by the Braman Automotive Group filed three lawsuits this week against Audi and BMW in federal court alleging their business practices drive down dealership profit margins while coercing them to give up control of their businesses. Two of the lawsuits also include Terry Rhodes, Florida’s Executive Director of…

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Cliff Banks - The Banks Report

Antitrust Lawsuit Update — Reynolds and Reynolds Hit with Third Lawsuit

September 5, 2017 — The lawsuits are piling up and more are on the way. Late last month, Superior Integrated Solutions (SIS), owner of Darwin Automotive, became the third dealership vendor to file a lawsuit against Reynolds and Reynolds since February alleging anti-competitive practices. At issue are the policies and practices Reynolds and CDK Global…

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Cliff Banks - The Banks Report

Jonathan Ord Steps Down as CEO of DealerSocket

August 29, 2017 — Jonathan Ord, CEO of CRM vendor DealerSocket, is stepping down as CEO of the company he founded with Brad Perry in 2001. Replacing Ord is Sejal Pietrzak, who is leaving her position as Chief Administration Officer at Active Network. Under Ord’s leadership, DealerSocket grew into one of the top CRM companies… Continue Reading