Updated: 5-yr growth plan and new online brand unveiled. July 22, 2020 — Lithia Motors’ share price is at its all-time high trading above $195 in early trading this morning — which is up from $62.98 on March 18. The Oregon-based dealer group reported its highest ever second-quarter net income this morning generating $3.72 per… Continue Reading
July 9, 2020 — After a short COVID-19-induced respite in April and May, the dealership buy-sell market is back in business in a big way finishing the first half on par with 2019 activity. All signs are pointing to a sizzling third quarter continuing a pace set in June that saw 22 transactions involving 31…
May 1, 2020 — SiriusXM-owned Automatic Labs announced on its website it is shutting down operations on May 28, 2020, due to COVID-19. In a statement on its website, the company says, “With fewer consumers purchasing and leasing vehicles and drivers on the road, we unfortunately do not see a path forward for our business.… Continue Reading
April 22, 2020 — Ansira Partners this morning announced it has finalized the purchase of CDK Global Digital Marketing Business and is renaming it Sincro. including all advertising solutions and website services. The deal positions Ansira to expand its automotive business, specifically with General Motors, one of CDK’s top OEM clients. Ansira has had a… Continue Reading
April 14, 2020 — Online used-vehicle retailer Carvana share price jumped nearly 23% yesterday to $75.28 and is up nearly another $7 in early trading this morning. That’s a 228.6% increase from just over three weeks ago when its stock price hit its 52-week low of $22.91. Each of the eight public dealer group stocks…
April 7, 2020 — Add collision repair to the list of businesses that will be decimated by the COVID-19 virus over the next couple of months. Even though vehicle service and repair shops are deemed “essential businesses” in each state, the collision business likely will plummet as vehicles are staying parked in driveways due to… Continue Reading
March 19, 2020 — Earlier this week, the Asbury Automotive Group (ABG) filed an 8-K document with the SEC informing investors it “intends to continue to evaluate alternatives,” regarding its pending acquisition of 10 dealerships from the Park Place group in Texas. The announcement is not a surprise given what the entire country — and…
January 8, 2020 — Vista Equity Partners-backed DealerSocket announced this week it has agreed to acquire dealer management software vendor Auto/Mate. The deal (which as of yet, does not have a timeline) provides insight into Vista’s automotive plans, but there are questions still to be answered. Vista Equity is one of the bigger investors in…
September 16, 2019 — CDK Global’s 15-year run as being the exclusive vendor for General Motors’ dealership websites came to an official end last week as the automaker announced an additional three providers to its website program. The move likely will reshape the dealership website landscape over the next couple of years. The new vendors…
July 25, 2019 — Public dealer stocks have jumped an average of more than $5 over the last two days fueled by stronger-than-expected second-quarter earnings from AutoNation and Lithia Motors. The run began with AutoNation’s second-quarter earnings release on Tuesday in which it reported a record $1.12 earnings-per-share exceeding analysts expectations. The nation’s largest dealer…