November 15, 2016 — UPDATED: Word is getting out that Scott Painter is soon to be back in the auto industry. His newest initiative is being called, “Fair.” The project has come up in a few conversations that we’ve had the last several months — mainly just cocktail reception gossip. Then, a couple of weeks ago over… Continue Reading
October 31, 2016 — Want to know how the consumer is going to react in an autonomous world? It’s all about the horses. Not horsepower, mind you, but actual horses. And therein lies the key for why private ownership will not only “survive, but thrive” in a world of autonomous vehicles, according to Beau Boeckmann, president… Continue Reading
September 18, 2016 — Let me introduce you to Carla, who likely will be a critical member of your BDC and customer support team in the near future. “She” is also a chatbot billed as being the customer’s friend who knows cars. Carla was designed by California-based startup firm CarLabs to assist people with anything… Continue Reading
UPDATE: Click here to see more info on potential impact on dealers. July 2016 — While everybody’s attention is on the autonomous vehicle — which may or may not take over the roads in the next 10 years, society is five years away from being immersed in the connected car era. Sometimes, the two terms… Continue Reading
September 6, 2016 — Below is a new section for premium subscribers to The Banks Report. We would call it “Cliff Notes,” but that is copyrighted and I prefer not to tempt the lawyers. So we have opted for the title, “TBR Notes.” It will be our perspective of the bigger news stories and what they may mean…
While much of the media’s attention is on solutions and companies poised to take advantage of the pending “Connected Car” era, the investment community has made some big plays in automotive retail technology. Within the last 42 months, according to data compiled by The Banks Report nearly $50 billion in capital has changed hands through IPOs, mergers, investments… Continue Reading
July 19, 2016 — As news leaked yesteday that the FBI and SEC is investigating Fiat Chrysler Automobiles for possible sales fraud, a key question kept popping up in conversations — how is what FCA allegedly did any different than what other automakers do when it comes to reporting sales? For years — even decades —… Continue Reading
To steal a phrase, Silicon Valley appears to be gripped by an “irrational exuberance” for the future utopia promised by connected and autonomous vehicle technology. At the recent Connected & Charged conference presented by Prospect Silicon Valley held at the SAP campus in Palo Alto, CA, it was striking to see the attention given by panelists and speakers on… Continue Reading
June 16, 2016 — Dominating headlines over the last 10 days was Cadillac’s pending move to “encourage” approximately 400 of it smaller franchises to become virtual stores. It’s a story that demands attention — Cadillac moving to virtual reality dealerships. But the reality (not virtual) is, the move likely will have little effect except to ultimately force…
June 8, 2016 — I hear often from third party vendors that the “heavy-handed” data access or integration practices of Reynolds and Reynolds and CDK Global is a dynamic unique to the automotive industry. That’s not exactly the truth. An intriguing article in American Banker magazine this week highlights the struggles the banking industry is having… Continue Reading