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
March 4, 2016 — After several weeks of uncertainty created by a tanking junk bond market, Vista Equity Partners completed its acquisition of Solera Holdings, a global firm that provides risk and asset management software for the automotive industry. Vista led an investment group comprised of Koch Equity Development and Goldman Sachs in the approximately $6.5… Continue Reading
March 3, 2016 — Cox Automotive made a series of executive changes this week as part of the continued integration resulting from last year’s $4 billion purchase of DealerTrack. The Atlanta-based firm also extended its global reach with the purchase of Dealer Solutions, a technology firm in Australia, in a move that could herald further acquisition activity in the area.… Continue Reading