Virtual Test Drives in the Dealership?

Virtual Test Drives in the Dealership?

October 7, 2014 — Lexus has built a virtual test drive simulator that will be in place at upcoming auto shows and customer events over the next several months, beginning with the Orange County International Auto Show, which was held last week. In March, we wrote a piece called The Coming Changes to Automotive Retail, in which we… Continue Reading

Mr. Buffett Doesn’t Want to Change Automotive Retail, He Likes the Model Too Much

Mr. Buffett Doesn’t Want to Change Automotive Retail, He Likes the Model Too Much

Our analysis of yesterday’s stunning announcement from Warren Buffett that he is acquiring the Van Tuyl Group: Welcome to the Industry, Mr. Buffett. I’ve had several conversations and have read numerous blogs that speculate Buffett will usher in a new world for automotive retail — improving the shopping and buying processes both online and offline. Some of… Continue Reading

Welcome to Automotive Retail, Mr. Buffett

Welcome to Automotive Retail, Mr. Buffett

October 2, 2014 – Warren Buffett’s announcement today that his Berkshire Hathaway Group is acquiring the Van Tuyl Group Group has the potential to change the market over the next year. Certainly, adding his iconic stature to an industry that already has business luminaries such as Roger Penske and MikeJackson only adds further validation that automotive retail is…

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Lithia Motors Completes DCH Purchase

Lithia Motors Completes DCH Purchase

Despite our earlier report this morning that a manufacturer may have been trying to block part of the deal, the Lithia Motors’ acquisition of the DCH Automotive Group was just signed this afternoon and includes all of DCH’s 27 dealerships. The purchase closely follows what Lithia laid out in its investor presentation in mid-June. The Medford, OR-based…

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Bye Bye ADP, Hello CDK

Bye Bye ADP, Hello CDK

September 30, 2014 — After the market’s close today, the ADP Dealer Services Group moniker will cease to exist. The group, a division of ADP, is being spun off today as a separate public company and will be called CDK Global. What does this mean for dealers? The Dealer Services Group was started in 1972…

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Cliff Banks - The Banks Report

AICPA Conference in Vegas

A little bit of bragging here — I’ve been asked to give the keynote presentation for the AICPA Auto Dealership Conference in October in Las Vegas. My friend John Davis who is a partner with Dixon Hughes Goodman’s Dealer Services Group and is on AICPA’s dealer conference committee helped facilitate the engagement.  The conference is for dealership… Continue Reading