McLarty Automotive Buys Stores, has Investment from Family Offices

McLarty Automotive Buys Stores, has Investment from Family Offices

October 28, 2015 — The Banks Report has confirmed the McLarty Automotive Group has acquired seven stores selling 16 franchises of the Joe Machens dealership group in Columbia, MO, from owners Gary and Rusty Drewing. Charles Oglesby, the former chairman and CEO of the Asbury Automotive Group, has been named the CEO of the group. The… Continue Reading

Cliff Banks - The Banks Report

AutoNation to Acquire Large Group in Texas

October 24, 2015 — AutoNation is on a buying spree this year. It is set to announce early this next week that is acquiring the Allen Samuels Group in Texas. The acquisition follows its August purchase of 16 stores — 13 from Carl Gregory in Georgia and three in Maryland owned by Charles Fenwick. (TBR has…

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18 Million Car Sales in 2017? IHS Says Yes

18 Million Car Sales in 2017? IHS Says Yes

October 18, 2015 — Record automotive sales the next two years? If IHS Automotive analysts are right, there will be. They do have a track record of sorts — a few years ago, as the industry was on the back end of the recession, most, if not all analysts were predicting a prolonged period of depressed auto… Continue Reading

Cliff Banks - The Banks Report

TBR Weekly Top 10 – October 16, 2015

October 17, 2015 — Dealer sues Autotrader; Adam’s an idiot; Viper no more? Lexus’ F-bomb; Can U.S. automakers compete? Getting mean over green in CA; Ford’s push toward mobility; Preventing cyber attacks; Picky lenders; Mobile sites still have work to do. The TBR Weekly Top 10 is our list of what we believe are the… Continue Reading

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