GM’s Factory Pre-Owned Collection – Good for Dealers?

GM’s Factory Pre-Owned Collection – Good for Dealers?

January 16, 2016 — General Motors’ Factory Pre-owned Collection, announced last week during the North American International Auto Show, looks to be an intriguing opportunity for the automaker’s dealers, but it does raise questions. There are benefits, but numerous dealers have emailed TBR expressing concern that GM is trying to provide a solution to a problem that doesn’t…

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Pounding of Auto Retail Stocks Continues

Pounding of Auto Retail Stocks Continues

January 18, 2016 — When the stock market closed Friday, shares of the seven publicly traded automotive retail companies (including Carmax) had lost on average, 27% of their value since the market’s opening for the year two weeks earlier on January 4. Wall Street finished the week with its roughest two-week opening of any year…

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CDK & Cox Sign Integration Agreement

CDK & Cox Sign Integration Agreement

January 15, 2016 — Following several months of negotiations, Cox Automotive and CDK Global finally signed an agreement today securing Cox’s participation in CDK’s Third-Party Access (3PA) Program. The agreementt should eliminate any uncertainty in the market about whether Cox’s solutions would be able to integrate with CDK’s dealer management systems (DMS). The agreement also standardizes… Continue Reading

Cliff Banks - The Banks Report

Fiat Chrysler Says Dealer Allegations Are Baseless

January 15, 2016 — Fiat Chrysler Automobiles came out fighting late yesterday in a strongly worded release rejecting the allegations of falsifying sales made in a civil lawsuit filed this week by dealer Ed Napleton. In the statement, FCA called the lawsuit “nothing more than the product of two disgruntled dealers who have failed to perform… Continue Reading

Lawsuit Alleges Fiat Chrysler Violated Federal Racketeering Laws

Lawsuit Alleges Fiat Chrysler Violated Federal Racketeering Laws

January 14, 2016 — (UPDATED JAN. 15, 2016 7:10 AM — FCA’s Response Below) Hang on to your seats — the latest automotive scandal is beginning to erupt, and this one is going to rock the automotive industry. The news broke yesterday that the Napleton Automotive Group filed a lawsuit in a federal court in Illinois… Continue Reading

Two Luxury Dealership Buy-Sells Close Out 2015

Two Luxury Dealership Buy-Sells Close Out 2015

January 11, 2016 — Acquisitions of an Audi dealership in Austin, TX and a Mercedes Benz store in Freehold, NJ closed out 2015 in what was a record year for dealership buy-sells. Approximately 470 dealerships changed hands according to data compiled by The Banks Report which will be published in the TBR 2015 Dealership Buy-Sell Report…

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Brutal Morning for Dealer Group Shares

Brutal Morning for Dealer Group Shares

January 6, 2015 — Better check your portfolios if you are holding shares in any of the publicly traded dealer groups. stock prices have plunged for each of the seven automotive dealer groups following Monday’s overall market selloff (due to concerns about China),  yesterday’s report of softer than expected December sales along with remarks made…

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Volkswagen Lawsuit Fines Far More Than $18 Billion

Volkswagen Lawsuit Fines Far More Than $18 Billion

January 5, 2016 — Judging from the lawsuit filed by the Department of Justice on behalf of the Environmental Protection Agency against Volkswagen, Porsche and Audi yesterday, it could be several months before the German automaker begins digging out from the mess its cheating on emissions standards created. The lawsuit could be particularly bad for dealers…

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