Cliff Banks - The Banks Report

DealerTrack Announces incadea Acquisition

December 18, 2014 — DealerTrack today announced it has acquired the international DMS firm incadea for $190.3 million (about $63 million more than incadea’s market cap) using cash on hand and cash from existing credit facilities. The company was once owned by Reynolds and Reynolds from 2003 to 2007. It’s an important deal — and…

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Dealership of the Future Already Here

Dealership of the Future Already Here

November 1, 2014 — A dealership in Great Britain is going to try to sell cars without any salespeople. You read that right — no sales people. The dealership provides iPads located throughout the store for customers to use to complete the entire transaction online, including the financing. The dealership does have “product angels” available… Continue Reading

Virtual Test Drives in the Dealership?

Virtual Test Drives in the Dealership?

October 7, 2014 — Lexus has built a virtual test drive simulator that will be in place at upcoming auto shows and customer events over the next several months, beginning with the Orange County International Auto Show, which was held last week. In March, we wrote a piece called The Coming Changes to Automotive Retail, in which we… Continue Reading