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
Being able to interact with some of the leading minds in automotive retail is one of the perks of what I do that I probably value the most. About two weeks ago I wrote a column on LinkedIn about one of those people — Steve Anenen, the former CEO and President of CDK Global. He retired… Continue Reading
April 5, 2016 — Despite a relatively quiet first quarter, the hot merger and acquisition pace among automotive retail vendors the last couple of years should continue well into 2016. From January 2014 to December 2015, the industry saw 47 IPOs, acquisitions and investments totaling an estimated $37 billion in capital changing hands. (Read TBR’s recap…
April 1, 2016 — Despite most of its 236 dealers not in favor of offering no-haggle pricing, Lexus will begin piloting a one-price initiative at 11 stores within the next few weeks, says Jeff Bracken, general manager for the luxury automaker. Lexus has spent more than two years designing the program, called LexusPlus, along with… Continue Reading
March 31, 2016 — Fraser McCombs Capital (FMC) announced last night it is launching a second automotive-focused investment fund, FMC Fund II. The Banks Report will have more on this story in the next couple of days. Below is the press release the company issued last night. FMC was founded by Billy Joe “Red” McCombs and Chase… Continue Reading
March 31, 2016 — From January 2013 to December 2015, the six public dealer groups acquired 149 new car dealership rooftops, including 24 stores in Brazil, Spain and the United Kingdom, adding an approximate $8.7 billion in revenue over the three years. The acquisitions comprise 15% of the 1,002 total buy-sells tracked by The Banks Report the last three years.…
March 28, 2016 — When Chip Perry took the helm at TrueCar last December, his mission was clear — create a more dealer-friendly company while regaining the trust of investors. The first part of the mission is well on its way as the company announced last night the launch of a revamped business model designed… Continue Reading
March 10, 2016 — It’s back to the drawing board for Sergio Marchionne’s grand strategy for Fiat’s return to the U.S. Five years after the Italian brand began its comeback in the U.S., Marchionne’s retail strategy is floundering. Sales are down 15% through February this year, even with the recent launch of the much-awaited 500X, whose…
March 10, 2016 — The blows keep coming for Volkswagen dealers in the U.S., who lost a key ally yesterday with executive Michael Horn’s sudden departure. According to a statement from Volkswagen, Horn, who had been CEO Volkswagen Group of America for nearly two years, is leaving the company immediately to pursue other interests. His exit is… Continue Reading