June 10, 2016 — Cox Automotive is still working to properly align its pieces following the $4.1 billion acquisition of DealerTrack last fall. As of NADA, it appeared that the restructuring was complete, but today, executives are announcing internally a series of moves realigning some its most visible pieces. The big move Cox is making…
June 9, 2016 — (UPDATED June 18) — CDK Global activist investor Elliott Management followed up its letter from May 4 with a second letter yesterday urging the tech firm to move faster in implementing its capital return plan while being more transparent with shareholders. Five hours later, CDK announced it is accelerating its $1…
May 31, 2016 — With only 86 transactions through May of 2016, the dealership buy-sell market appears to be slowing down from the record-setting pace in 2015 in which The Banks Report recorded 107 transactions over the same period. The number of rooftops changing owners is also down significantly with 149 this year compared with 222…
May 30, 2016 — UPDATED — A swift kick in the butt from an activist investor followed by a company-wide restructuring has CDK Global’s stock price climbing while possibly signaling the technology firm could be sold within the next several months. This report analyzes the opportunities and challenges presented by the new restructuring and what it…
May 16, 2016 — FordDirect announced today that industry veteran Mike Jurecki will be its new CEO effective June 6. Jurecki previously served as CEO of RouteOne for 14 years where he led the formation of the joint venture of the financial services firm. He replaces Stacey Coopes who left FordDirect in early December (Big… Continue Reading
April 20, 2016 — Greg Miller, the former CEO of the Larry H. Miller Automotive Group, announced last week that he has acquired Bob Baker Toyota from the Bob Baker Automotive Group in San Diego. According to media reports, Miller’s new venture is separate from the Larry H. Miller Automotive Group, the mega dealer group, he… Continue Reading
Last week’s announcement that Holman Automotive is acquiring the Kuni Automotive Group is significant on numerous levels. The Banks Report, which broke the news of the deal, estimates that it is the biggest dealer acquisition since Warren Buffett’s purchase of the Van Tuyl Automotive Group in March of 2015. So what does the deal mean for…
April 11, 2016 — The Holman Automotive Group will announce tomorrow morning that it is acquiring Kuni Automotive, The Banks Report has learned. The acquisition brings together two storied automotive companies and creates one of the country’s largest privately held dealer groups with 33 dealerships located in eight states generating more than $3 billion in annual revenue.… Continue Reading
April 10, 2016 — On Wednesday, Ed Napleton, owner of one of the largest dealer groups in the country, filed a lawsuit against Volkswagen alleging the automaker engaged in criminal racketeering. Napleton owns three Volkswagen dealerships acquiring the Urbana, IL store three days before the diesel emissions scandal exploded in September. Napleton also claims the manufacturer… Continue Reading
Most dealerships today are configured to yesterday’s processes and experiences. The environment hasn’t kept up with the digital age. While most dealerships have effective websites and Internet processes, their store images often don’t reflect the new realities of today’s society – touch screen mobile devices; interactive and personalized digital signage and virtual reality (VR) applications. But… Continue Reading
