September 14, 2014 — Drew AutoCenter in La Mesa, CA announced on Friday to its employees that it is being acquired by Roger Penske Jr.’s group, SoCal Penske Dealer Group, according to multiple sources familiar with the deal. The auto center includes Drew Ford and Drew Hyundai along with a used vehicle super store. The industry…
September 13, 2014 — Edmunds.com is rolling out new initiatives over the next several months that will integrate into its Price Promise program launched in 2013. The goal is to improve the buying experience for consumers. More than 8,000 of Edmunds’ approximate 10,000 dealership clients are participating in Price Promise, in which they provide a…
September 11, 2014 — The Sonic Automotive Group is acquiring Hunt Nissan in Chattanooga to add to its BMW and Honda dealerships in that market, according to a Chattanooga newspaper story. Hunt Nissan is owned by Ken Hunt, who came to Chattanooga in 2002 when he acquired the Nissan store from the Penske (United at the… Continue Reading
UPDATED: AutoNation just sent a press release announcing the acquisition of Barrier Motors, which we reported earlier this morning. Industry sources are telling us that a sale of Barrier Motors Group in Bellevue, WA is imminent and that the likely buyer is a public dealer group. Based on the rumors, the market and the brands, it’s…
September 8, 2014 — An industry-wide problem of damaged vehicles with doctored titles seems to be growing. Are there companies that could enter the space and compete with CarFax? Nearly 800.000 vehicles that are on the road have had their titles “washed” in an attempt to hide significant damage, according to CarFax. The…
September 7, 2014 — There have been 175 dealership-buy sells through the first eight months of the year in 2013 — up from 115 through the same period in 2013. The increase came despite a slowing of the buy-sell pace in August which saw 15 dealership acquisitions — down from July’s total of 30 buy-sells…
August 28, 2014 — Capital Automotive LP, a power broker in the dealership acquisition market, announced today it has been sold to Brookfield Property Partners for $4.283 billion. Based in McLean, VA, Capital Automotive has more than $3.5 billion invested in more than 450 dealerships spread across 37 states. The company provides financing to dealerships looking to…
August 27, 2014 — It had a rocky welcome to Wall Street, but TrueCar’s stock price has more than doubled since its IPO earlier this summer. About three weeks ago, we reported on TrueCar’s strong second quarter numbers — it’s first quarter as a public company. At the time, the stock price was just under…
August 23, 2014 — The automotive retail industry should see a third consecutive year of record breaking throughput — the number of sales per dealership — in 2014 according to the mid-year Automotive Franchise Activity Report released by Urban Science last week. Based on LMC Automotive’s forecast of 16.2 million new car sales by the… Continue Reading
August 22, 2014 Earlier this week, Search Optics announced it had acquired dealership website firm DigiGo from KPA. DigiGo formerly was called TK CarSites until a name change last January. TK CarSites had 650 dealership clients in late 2011 when it was acquired by KPA. It was never a really a good fit as the…