December 26, 2014 — As we enter the final days of 2014, the industry has experienced what is likely a record number of dealership buy-sells this year with more than 320 changing hands according to data compiled by The Banks Report. Although, unless there is a flurry of deals that close in the next few… Continue Reading
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…
In a move The Banks Report predicted twice in the last six weeks, Sonic Automotive has traded a Cadillac dealership for one of John Elway’s two Chevrolet stores in the Denver market. (November Dealership Buy-Sell Update) The swap came about because Sonic needed real estate on which to build a new facility for the Murray… Continue Reading
David Maus has made his next move in automotive retail acquiring the Nissan dealership owned by the Ferman Automotive Group in New Port Richey, FL. Maus, who had been partnered with the Van Tuyl Automotive Group in four stores in the Orlando, FL area recently sold his stake back to Van Tuyl for a reported $20… Continue Reading
According to data compiled by The Banks Report, the Asbury Automotive Group’s acquisition of Sandy Springs Ford this week puts the industry at 300 dealership buy-sells for the year. As we reported in our November Dealership Buy-Sell Update, the industry finished November with 295 acquisitions, compared with 202 total deals for all of 2013. Since… Continue Reading
December 7, 2014 — The return of the midsize truck market is officially in play with two big announcements last week. Late last week, Toyota Senior Vice President of Operations Bob Carter announced during the automaker’s annual media Christmas luncheon in Detroit that it will show a newly revamped Toyota Tacoma at the 2015 North American… Continue Reading
November 8, 2014 — An interesting legal decision this past week in California affecting the pharmaceutical industry may have a bearing on the future of CDK Global, Autobytel and other automotive retail vendors that are dealing with activist investors. A judge ruled on Tuesday that activist investor Bill Ackman can vote all of his shares at… Continue Reading
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
Mitch Golub announced his retirement as president of Cars.com earlier today in a letter that was sent to employees a few minutes ago. The Gannett Co.’s acquisition of Cars.com was completed a couple of weeks ago at which time Dan Jauernig was named as CEO of Cars.com. Jauernig had been CEO of Classified Ventures, the parent company of Cars.com… Continue Reading
The Hendrick Automotive Group today closed on the acquisition of Sandy Springs Toyota Scion in Atlanta, GA. Barry, Mike and Brad Jackson ran the 35 year old dealership for the family. It’s Hendrick’s 94th dealership — the group just closed two weeks ago on Ted Linhart’s Dominion Chevrolet Buick GMC in Short Pump,, VA. So far… Continue Reading