Cliff Banks - The Banks Report

TrueCar Settles — Wins — Legal Dispute with Sonic Automotive

July 29, 2015 — One lawsuit down, several more to go. In what is some much needed good news for online car buying platform TrueCar,  it announces it has reached a settlement with Sonic Automotive in a trademark dispute dating back to August 2013. The Banks Report first reported the dispute in September 2013 (TrueCar… Continue Reading

Cliff Banks - The Banks Report

Chip Perry’s New Gig

July 13, 2015 — One of the questions I’ve been asked the most the last few months is what is Chip Perry doing? Now we have an answer — and it’s not automotive-related. Today, RentPath LLC announced it has named Perry President and CEO. The firm is the parent company to sites Apartment Guide, Rent.com, Rentals.com… Continue Reading

Cliff Banks - The Banks Report

Asbury Sells BMW Store to Holman

July 13, 2015 — The Holman Automotive Group acquired Princeton BMW MINI in New Jersey today from the Asbury Automotive Group.  It is Holman’s second acquisition in the last several weeks as it acquired Audi of Willow Grove outside of Philadelphia in June. Holman operates approximately 22 franchises located in Pennsylvania, New Jersey and Florida. The… Continue Reading

Cliff Banks - The Banks Report

Chinese Retailer Goes International

June 30, 2015 — Lei Shing Hong recently acquired 15 Mercedes Benz dealerships in Germany following its purchase of two Mercedes stores in Australia outbidding other groups including one from the U.S. looking to establish a presence there. The world’s largest Mercedes Benz dealer is Lei Shing Hong Ltd, a Chinese company with approximately 180 Mercedes dealerships… Continue Reading

Cliff Banks - The Banks Report

FCA Australia Scandal Reaches U.S.

  June 6, 2015 — An erupting scandal involving former Fiat Chrysler  and Mercedes Benz executives in Australia snags website provider MotorTrak and potentially threatens its business globally while raising questions about its deal to provide websites to Mercedes Benz retailers in the U.S.  For the last week, media outlets in Australia and New Zealand have been… Continue Reading