Cliff Banks - The Banks Report

More Turmoil at Volkswagen

October 15, 2015 — The Volkswagen saga continues as its North American president and CEO Winfried Vahland resigned suddenly yesterday. Vahland, who had been Skoda’s CEO, was appointed to the newly created position in North America as part of the automaker’s scrambling to deal with its growing diesel engine scandal. Vahland’s move potentially places Michael Horn,… Continue Reading

Cliff Banks - The Banks Report

Private Equity Firm to Buy Large Midwest Group

October 15, 2015 — Fremont Private Holdings is acquiring Morrie Wagener’s 11 dealership-group in Minnesota. Partnering with Fremont  is Karl Schmidt, who has run Morrie’s Automotive Group since 2009 as its CEO. Fremont, which is the investment firm established by the family that owns construction company Bechtel Corp., has been rumored for about two years to… Continue Reading

Cliff Banks - The Banks Report

Data Access Battle Goes Nuclear

October 12, 2015 — A little more than a week ago, the simmering battle between DMS firms and other automotive retail vendors over data access and integration went nuclear. To be fair, the issue has plagued the automotive retail space for more than 20 years as certain DMS firms have sought to restrict or control third party…

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Cliff Banks - The Banks Report

The TBR Weekly Top 10 – October 10, 2015

October 10, 2015 — Volkswagen dealers screwed; Consumer Reports tests VW cars; Former rockstar dealer pleads guilty; Musk slams Apple; Land Rover driving Tata Motors stock; Criminal employees; Changing car ownership; Civic tries to regain its crown; FCA misfires on tier-two. The TBR Weekly Top 10 is our list of what we believe are the… Continue Reading

Cliff Banks - The Banks Report

Reynolds and Reynolds Acquires Vehicle Titling Product

October 10, 2015 — The Banks Report has learned Reynolds and Reynolds has acquired the Assurant Specialty Property’s Title Administration Services. This latest acquisition isn’t going to generate a lot of headlines or rate high on the sexy deal meter, but it adds a critical piece to the Reynolds portfolio of services which includes document management… Continue Reading

Ferrari Races Into IPO

Ferrari Races Into IPO

October 9, 2015 — Sergio Marchionne, showing confidence in Ferrari, decides to move forward with a planned IPO of the luxury brand despite a volatile stock market that has forced numerous companies to recently postpone going public. Ferrari N.V. filed amended IPO papers this morning with the Securities Exchange Commission expecting to generate anywhere from $48… Continue Reading

Management Changes at FCA

Management Changes at FCA

October 7, 2015 — Management changes at Fiat Chrysler Automobiles happen so often, they normally amount to nothing more than press release fodder. But three changes that were announced this week might provide a hint as to which executives are moving up the ladder and possibly be in the running for the top job when Sergio… Continue Reading

Cliff Banks - The Banks Report

TBR Weekly Top 10 — October 2, 2015

October 2, 2015 — 500 Car Pileup; Dealerships and car hacking; 30 minute car deals; Karma returns – sort of; Diesel scandal hurting car sales? Why are we still buying from dealers? Automakers driving car sharing; X marks the spot; GM’s vision of the future. The TBR Weekly Top 10 is our list of what… Continue Reading