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

DealerOn Adds Investment Partner

January 6, 2020 — DealerOn, Inc. is announcing this morning a strategic partnership with private equity firm NexPhase Capital. Brothers Ali and Amir Amirrezvani, who founded the website and digital marketing company in 2004, began talking with NexPhase in early 2019 and closed the deal in November. Over its 15 years, DealerOn has grown into… Continue Reading

DealerTire to Acquire Dent Wizard

January 6, 2020 — Dealer Tire announced this morning it is acquiring Dent Wizard in what is the first big M&A announcement this year. Dealer Tire, which was acquired by Bain Capital in 2018 in a deal rumored to be in the $2.5 billion range, says in a press release the acquisition of Dent Wizard… Continue Reading

TBR 2019 3rd Quarter Vendor M&A Report

New Era Taking Shape in Auto Retail Vendor M&A Activity November 1, 2019 — Pivotal. That’s probably the best word to describe vendor mergers and acquisitions and investments among automotive retail vendors in 2019. Aggressive roll-up plays, new directions, and evolving industries forming now will reshape the industry over the next five years. In TBR’s… Continue Reading

AUTOVATE 2019

On December 2nd and 3rd, The Banks Report will hold its third annual AUTOVATE conference in Austin, TX at the Kimpton Van Zandt Hotel. We’ve designed the summit to be a boutique, one-of-a-kind event to help dealer executives, investors, entrepreneurs, and automakers cut through the typical conference hype. We take a unique approach in that… Continue Reading

Two Marketing Tech Firms to Announce Merger

July 17, 2019 — New York-based private equity firm CIP Capital is continuing the roll-up strategy it started in 2016 when it acquired four marketing firms — OneCommand, Peak Performance, TimeHighway and DPS (Dealer Product Services) — combining them into a new entity called Affinitiv. CIP Capital is acquiring Clearwater, FL-based AutoLoop and will merge… Continue Reading

Cox Automotive, CDK Settle Antitrust & Data Lawsuit

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