CDK Global to Integrate Lyft Concierge into Fortellis Platform

CDK Global to Integrate Lyft Concierge into Fortellis Platform

August 12, 2018 — Sources have confirmed CDK Global will announce Monday morning it is partnering with ride hailing company Lyft to provide a transportation solution for dealership service departments to integrate into their loaner fleet programs. Lyft Business’ Concierge dispatch solution — already being used by approximately 300 dealerships — will be integrated into… Continue Reading

Reynolds, CDK File Counter-Suits in Antitrust Litigation

Reynolds, CDK File Counter-Suits in Antitrust Litigation

July 3, 2018 — Reynolds and Reynolds and CDK Global counter-sued Authenticom last week alleging the Wisconsin-based firm participated in cyber piracy, trade secret theft and fraud. The counter-suits are the latest in an ongoing legal battle in which as many as four vendors and 25 dealers have accused Reynolds and CDK of antitrust violations.…

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Carvana Adds 3D Augmented Reality with Acquisition of Car360

Carvana Adds 3D Augmented Reality with Acquisition of Car360

April 17, 2018 — Online used vehicle retailer Carvana announced this morning it has acquired Car360, an Atlanta-based start up that developed a mobile app with one the first commercially available uses of 3D computer vision, machine learning and augmented reality technology for the automotive industry. The acquisition adds 3D and augmented reality technology to the… Continue Reading

Cliff Banks - The Banks Report

Leucadia Becomes Second Large Investment Firm to Exit Dealership Business in 6 Months

April 10, 2018 — Leucadia National Corporation announced yesterday it is selling its equity and real estate interests in dealer group Garcardia to the Garff family, its partners in the joint venture that began in 2006. Leucadia, a publicly traded holding company (LUK – NYSE) holds a 75% interest in Garcadia, which includes 28 dealerships…

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TBR 2017 Report on Dealership Buy Sell Activity

TBR 2017 Report on Dealership Buy Sell Activity

March 6, 2018 — Despite industry perception that dealership consolidation is on the rise, buy-sell activity of U.S.-based stores declined in 2017 for the second consecutive year, based on data compiled by The Banks Report. Even with the downward trend the last two years, the buy-sell market has been vibrant since 2013 as the industry…

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GAC Motor in the US? History and Timing Not on Chinese Automaker’s Side

GAC Motor in the US? History and Timing Not on Chinese Automaker’s Side

February 5, 2018 — One of the splashier stories coming out of this year’s Detroit Auto Show is the prospect of the Guangzhou Automotive Co. Group (GAC) entering the U.S. market sometime in late 2019. And in a few weeks, representatives from GAC Motor will be in Las Vegas at the National Automobile Dealers Assn.…

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CDK, Reynolds Antitrust Lawsuits Transferred to Northern District Illinois as Part of MDL

CDK, Reynolds Antitrust Lawsuits Transferred to Northern District Illinois as Part of MDL

February 1, 2018 — A judicial panel in Miami ruled this morning that five of the antitrust cases in which Reynolds and Reynolds and CDK Global are defendants will be classified under the multi-district litigation and transferred to the Northern District Court in Illinois. The panel issued the ruling after listening to oral arguments from… Continue Reading