January 11, 2016 — Acquisitions of an Audi dealership in Austin, TX and a Mercedes Benz store in Freehold, NJ closed out 2015 in what was a record year for dealership buy-sells. Approximately 470 dealerships changed hands according to data compiled by The Banks Report which will be published in the TBR 2015 Dealership Buy-Sell Report…
January 10, 2016 — Cadillac announced late Friday that it has hired Dan Creed to replace Jim Bunnell as its vice president of sales operations in the U.S. Creed spent 12 years at BMW and most recently oversaw the German automaker’s 96 dealers in its Eastern Region. The move comes as the North American International Auto… Continue Reading
January 8, 2016 — The Penske Automotive Group announced yesterday that it has made an investment in the Japanese dealer market. It’s not an outright acquisition, but the dealer group has taken a 49% equity position in the Nicole Group, a four-store luxury group selling BMW, MINI, Rolls Royce and Ferrari brands in Tokyo and Kanagawa. The… Continue Reading
January 6, 2015 — Better check your portfolios if you are holding shares in any of the publicly traded dealer groups. stock prices have plunged for each of the seven automotive dealer groups following Monday’s overall market selloff (due to concerns about China), yesterday’s report of softer than expected December sales along with remarks made…
January 6, 2015 — Automaker shares took a hit yesterday as December’s auto sales were much softer than analysts projected. Predictions of a December SAAR (Seasonally Adjusted Annual Rate) being the fourth straight month exceeding 18 million missed by nearly a million units. But this is where you have to dig into the numbers. The softer… Continue Reading
January 5, 2016 — Judging from the lawsuit filed by the Department of Justice on behalf of the Environmental Protection Agency against Volkswagen, Porsche and Audi yesterday, it could be several months before the German automaker begins digging out from the mess its cheating on emissions standards created. The lawsuit could be particularly bad for dealers…
January 4, 2016 — General Motors is jumping into the ride sharing world investing $500 million in three-year old start up Lyft, reports Bloomberg Business. Meanwhile, GM’s president Dan Ammann will be on the company’s board. The investment is part of a $1 billion fund raising effort from Lyft which raises the company’s valuation to $5.5… Continue Reading
Faraday envisions a future where vehicles are autonomous and personal ownership becomes a relic of a bygone era. It’s coming out party is tonight at the Consumer Electronics Show — we’ll see if it brings anything new to the conversation. January 4, 2016 — Over the next few days, headlines will trumpet announcements from the…
December 22, 2015 — Lithia Motors announced its sixth acquisition of 2015 yesterday — the Barton Chrysler Dodge Jeep Ram Alfa Romeo Fiat dealership in Spokane, WA. The purchase adds to Lithia’s presence in Spokane where it already owns stores selling the BMW, Chevrolet Cadillac, Mercedes-Benz Sprinter, and Subaru brands. Lithia expects the purchase to add approximately… Continue Reading
December 21, 2015 — Mercedes Benz today announced that Dietmar Exler will replace Steve Cannon as president and CEO of MBUSA and NAFTA on January 1. Cannon, who has served as MBUSA chief since December 2011, is leaving to head business operations for the AMB Group, Arthur Blanks’ companies including the Atlanta Falcons and the… Continue Reading