September 4, 2015 – Confirming what The Banks Report reported on May 27, TrueCar announced earlier this week it is partnering with Sam’s Club in the creation of a new car buying program. At least 12 automakers will participate in the Auto Buying Program, giving specific incentives to Sam’s Club members. Customers buying used vehicles through the… Continue Reading
September 3, 2015 — Last Friday, Stuart Hayim, owner of Recovery Racing, a group that owns Maserati and other luxury franchises in New York, New Jersey and Florida, filed a $200 million lawsuit against Maserati North America alleging the automaker forced dealers to participate in discriminatory incentive and sales programs designed to prop up sales numbers… Continue Reading
August 26, 2015 — An unexpected strong second quarter and big dealer party this week in Las Vegas to show off more than a dozen new vehicles along with promising nearly 30 newly redesigned or brand new vehicles over the next 24 months have Fiat Chrysler dealers celebrating. But there is trouble under the hood. Call…
August 22, 2015 — By the end of the year, it is conceivable the automotive retail industry may see at least three publicly traded vendors go private in deals ranging from $4.5 billion to $9-$10 billion. Dealertrack, CDK Global and Solera Holdings, all multi-billion dollar vendors, are either close to or are exploring sales to private…
August 18, 2015 — AutoNation announced this morning its biggest acquisition by revenue since 2001. The nation’s largest dealer group is acquiring 16 dealerships — 13 from Carl Gregory Enterprises and three stores owned by the Valley Motors Auto Group. Combined, the stores generated more than $600 million in revenue in 2014 on nearly 20,000 new and used…
August 3, 2015 — HGGC, co-founded by former San Francisco 49ers and NFL Hall of Fame quarterback Steve Young, has a portfolio of 19 investments, including two in the automotive retail space. Following up on its investment in Auto Alert in April 2014, HGGC announced its second play with an automotive retail vendor last week… Continue Reading
August 2, 2015 — Looking for the next big idea in automotive retail? Or do you want to get your idea in front of potential investors? AutoVentures, a new and unique conference launching in October, seeks to bring entrepreneurs, investors and dealers together for an automotive “Shark Tank” experience. It’s a concept that’s a first… Continue Reading
July 31, 2015 — The first six months of 2015 have not been kind to TrueCar. The stock price, which was just under $23 on December 31, is now trading below $7. The question is, can the company rebound? The challenges seem to be piling up — multiple lawsuits; a significant second quarter earnings miss;…
July 29, 2015 — One lawsuit down, several more to go. In what is some much needed good news for online car buying platform TrueCar, it announces it has reached a settlement with Sonic Automotive in a trademark dispute dating back to August 2013. The Banks Report first reported the dispute in September 2013 (TrueCar… Continue Reading
The news last week that two researchers were able to remotely hack into a Jeep from several miles away and shut off its engine has significant implications for the automotive retail space. Make no mistake, we are now in the hackable vehicle era. As Charlie Vogelheim, an automotive consultant and host of MotorTrend’s Audio Podcast… Continue Reading