September 8, 2023 — Asbury Automotive is acquiring the Jim Koons automotive dealership group for $1.2 billion. The transaction is expected to close late this year or in early 2024. (Read TBR’s analysis of the deal and the pricing – written September 7th). The deal, which will be the third largest in history, includes $740… Continue Reading
September 7, 2023 — This week, the Asbury Automotive Group filed an 8-K with the SEC, alerting the market it is talking to the Jim Koons Automotive Companies about purchasing its 21 dealerships. (UPDATE: Asbury announced it is acquiring Koons — Read more Here.) The filing most likely was precipitated by the news leaking out… Continue Reading
July 10, 2023 — Dealers selling one or more of the Big Three domestic automotive brands may want to mark September 14, 2023, on their calendars. At midnight on September 14, the current contracts between the United Auto Workers Union and Ford Motor Co., General Motors, and Stellantis will expire, resulting in what likely will… Continue Reading
June 9, 2023 — Dealership M&A activity continues a brisk pace in 2023 as six transactions involving 20 different rooftops were announced the first week of June. Meanwhile, word on the street is that a record-breaking transaction for a single-point store is close to getting across the finish line and could be days from being… Continue Reading
October 11, 2022 — Last week, after 16 years at the helm of the National Association of Minority Automobile Dealers (NAMAD), Damon Lester retired, handing the reins to Hugene T. Fields. In July 2008, I wrote a cover story for Ward’s Dealer Business magazine (Now WardsAuto) about Lester’s efforts at shoring up the association’s declining membership.… Continue Reading
September 5, 2022 – General Motors’ strategy to buy out Buick dealers not wanting to transition to an all-electric future is good news for the brand and its dealers. The automaker introduced its plans to Buick dealers on Friday (kudos to Mike Colias of the Wall Street Journal for breaking the news). The move follows Buick’s announcement… Continue Reading
April 17, 2022 — A direct-to-consumer sales model appears to be a non-starter for Toyota as sales chief Bob Carter calls it “a disaster waiting to happen.” Carter provided his perspective on a wide range of topics during an on-stage interview with Jason Stein, president of Motormindz, at the NADA/J.D. Power Automotive Forum in New… Continue Reading
February 8, 2022 — Cars.com announced this morning it is acquiring the assets of Accu-Trade, Galves Market Data, and MADE Logistics from founder Robert Hollenshead. Terms of the transaction, which should close within the next month, include an initial cash payment of $65 million with another expected $63 million earnout payment based on certain financial… Continue Reading
(Photo Source: Shutterstock, Photographer: Jaguar PS) July 28, 2021 — Hollywood actor and noted comedian Kevin Hart sees the upside in automotive digital retailing and has decided to ride along with a group of investors putting $18 million into Rodo, a mobile app that lets customers lease, purchase, or sell a vehicle online. Hart’s investment… Continue Reading
July 21, 2021 — Following a scuttled SPAC attempt earlier this year for portfolio company Solera Holdings, Vista Equity Partners now is planning for an initial public offering later this year or early next year. The original strategy called for partnering with special purpose acquisition company Apollo Growth Strategic Capital, which had raised $817 million…