STELLA, an Automotive AI Firm, Completes Seed Raise

STELLA, an Automotive AI Firm, Completes Seed Raise

May 10, 2023 — STELLA Automotive AI, a provider of high-end conversational AI technology, announced yesterday it has closed a seed round of financing. The round included multiple well-known dealer groups such as Maroone USA, the Pohanka Automotive Group, and Czubay Family Enterprises. Terms of the financing of the seed were not disclosed. However, investors… Continue Reading

A $100 Million Series D Raise for UVeye

A $100 Million Series D Raise for UVeye

May 9, 2023 — UVeye, the developer of automated vehicle-inspection systems for the auto industry, raised $100 million in a Series D funding round to support new sales and manufacturing initiatives in North America. Hanaco VC, a New York and Tel Aviv venture capital firm, led the investment with participation from existing investors General Motors… Continue Reading

Damon Lester – Mission Accomplished After 20 Years at NAMAD

Damon Lester – Mission Accomplished After 20 Years at NAMAD

October 11, 2022 — Last week, after 16 years at the helm of the National Association of Minority Automobile Dealers (NAMAD), Damon Lester retired, handing the reins to Hugene T. Fields. In July 2008, I wrote a cover story for Ward’s Dealer Business magazine (Now WardsAuto) about Lester’s efforts at shoring up the association’s declining membership.… Continue Reading

TD Bank to Acquire Cowen

TD Bank to Acquire Cowen

August 2, 2022 — Canada’s TD Bank Group (Toronto Dominion) confirmed this morning the month-long speculation that it will acquire U.S.-based investment bank Cowen Inc. The deal, which is expected to close in the first quarter of 2023, is for $39 a share — a 62% premium more than what it was trading for in… Continue Reading

AutoWeb to be Acquired by One Planet Group Subsidiary

AutoWeb to be Acquired by One Planet Group Subsidiary

July 25, 2022 — AutoWeb, formerly known as Autobytel, announced this morning that a subsidiary of One Planet Group is acquiring it for $0.39 a share. The transaction, valued at nearly $5.5 million, is expected to close in September this year. Payam Zamani, founder and CEO of One Planet, will replace Jared Rowe as CEO… Continue Reading

9th Circuit Appeals Court Denies CDK & Reynolds and Reynolds Preliminary Injunction Request in Arizona Dealer Law Dispute

9th Circuit Appeals Court Denies CDK & Reynolds and Reynolds Preliminary Injunction Request in Arizona Dealer Law Dispute

October 25, 2021 — This morning, the United States Court of Appeals for the Ninth Circuit affirmed Arizona’s District Court’s decision denying Reynolds and Reynolds’ and CDK Global’s motion requesting a preliminary injunction to prevent enforcement of Arizona’s Dealer Data Security Law, signed into law in 2019. The legislation gives dealerships greater control over the… Continue Reading

Layoffs at DealerSocket, Omnitracs Further Evidence Vista Equity is Preparing an IPO for Solera

Layoffs at DealerSocket, Omnitracs Further Evidence Vista Equity is Preparing an IPO for Solera

July 21, 2021 — Following a scuttled SPAC attempt earlier this year for portfolio company Solera Holdings, Vista Equity Partners now is planning for an initial public offering later this year or early next year. The original strategy called for partnering with special purpose acquisition company Apollo Growth Strategic Capital, which had raised $817 million…

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CDK Global, Authenticom Settle Data Access Lawsuits

CDK Global, Authenticom Settle Data Access Lawsuits

October 30, 2020 — Earlier this week, CDK Global and Authenticom settled their lawsuits that were part of several data access-related lawsuits that were consolidated into a multi-district litigation (MDL) in federal court in Illinois’ Northern District. From February 2017 to February 2019 as many as seven vendors and 25 dealerships filed lawsuits against either…

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