December 17, 2015 — It was an intense first two weeks in the dealership buy-sell world as transactions involving 38 stores were either closed or announced through December 15. December is shaping up to be a huge month which could put the industry near 500 rooftops exchanging hands in 2015. It’s the biggest two week stretch since The Banks Report…
December 16, 2015 — Ending several weeks of speculation, The Banks Report has learned that FordDirect’s CEO Stacey Coopes is leaving the company as soon as today following a recent vote by the company’s board of directors. Insiders tell TBR the move raises questions about FordDirect’s future over the next several months. Differences in philosophy… Continue Reading
December 16, 2015 — McLarty Automotive acquired four dealerships this week from the Asbury Automotive Group in Little Rock, AR. The purchase gives the McLarty group 13 dealerships — 11 that have been acquired since the end of October. The four dealerships are North Point Nissan (McLarty Nissan of Little Rock); North Little Rock Nissan (McLarty… Continue Reading
December 10, 2015 — Volkswagen executives today presented a far more favorable picture of the automaker this morning during an early press conference than could have been envisioned a few weeks ago. But the situation in the U.S. remains more murky as Volkswagen waits for guidance from U.S regulatory officials on whether its proposed fixes…
December 5, 2015 — After launching AutoNation Express a year ago the nation’s dealer group is taking the next step adding the ability for customers to secure an online appraisal for a trade along with determining financing. The new components launched earlier this month according to a report in the Sun Sentinel. The initial program has… Continue Reading
December 1, 2015 — Industry-specific domain extensions are coming to the automotive industry next week and could create a digital land grab reminiscent of the Oklahoma land rush in 1889. Cars Registry Ltd, a joint venture between XYZ and Uniregistry, which owns and operates the new extensions, is making the domains, .cars, .car and .auto available for purchase… Continue Reading
November 23, 2015 — The Banks Report has learned that TrueCar today is naming Chip Perry as its new chief executive officer. Perry has been president and CEO of RentPath since July of this year. RentPath is the parent company of Rent.com, Apartment Guide, Rentals.com and Lovely. He takes over the leadership of TrueCar on December 15.… Continue Reading
October 28, 2015 — The Banks Report has confirmed the McLarty Automotive Group has acquired seven stores selling 16 franchises of the Joe Machens dealership group in Columbia, MO, from owners Gary and Rusty Drewing. Charles Oglesby, the former chairman and CEO of the Asbury Automotive Group, has been named the CEO of the group. The… Continue Reading
October 24, 2015 — AutoNation is on a buying spree this year. It is set to announce early this next week that is acquiring the Allen Samuels Group in Texas. The acquisition follows its August purchase of 16 stores — 13 from Carl Gregory in Georgia and three in Maryland owned by Charles Fenwick. (TBR has…
October 24, 2015 — Ferrari’s IPO on Wednesday was a success generating nearly $1 billion in much needed cash for Fiat Chrysler. Marchionne hopes the euphoria continues as he plans to sell more shares next year to either raise more cash or use its stake to attract a partner. But some analysts think the automaker’s…