July 3, 2018 — Reynolds and Reynolds and CDK Global counter-sued Authenticom last week alleging the Wisconsin-based firm participated in cyber piracy, trade secret theft and fraud. The counter-suits are the latest in an ongoing legal battle in which as many as four vendors and 25 dealers have accused Reynolds and CDK of antitrust violations.…
June 22, 2018 — Carmax shares are up nearly 10% and more than $6.60 in pre-market trading this morning after being down $1.72 yesterday. The jump this morning is being fueled by a strong first (fiscal) quarter in which Carmax’s earnings per share of $1.33 beat expectations by $0.09 and overall revenue of $4.79 billion… Continue Reading
April 17, 2018 — Online used vehicle retailer Carvana announced this morning it has acquired Car360, an Atlanta-based start up that developed a mobile app with one the first commercially available uses of 3D computer vision, machine learning and augmented reality technology for the automotive industry. The acquisition adds 3D and augmented reality technology to the… Continue Reading
April 10, 2018 — Leucadia National Corporation announced yesterday it is selling its equity and real estate interests in dealer group Garcardia to the Garff family, its partners in the joint venture that began in 2006. Leucadia, a publicly traded holding company (LUK – NYSE) holds a 75% interest in Garcadia, which includes 28 dealerships…
March 8, 2018 — CDK Global is launching a flexible pricing dealer management system aimed at dealer groups consisting of one or two stores. The new DMS, being called DriveFlex, will be built from the ground up on the Amazon Web Services Cloud platform and will come with a new user-interface while providing for a… Continue Reading
March 6, 2018 — Despite industry perception that dealership consolidation is on the rise, buy-sell activity of U.S.-based stores declined in 2017 for the second consecutive year, based on data compiled by The Banks Report. Even with the downward trend the last two years, the buy-sell market has been vibrant since 2013 as the industry… Continue Reading
February 5, 2018 — One of the splashier stories coming out of this year’s Detroit Auto Show is the prospect of the Guangzhou Automotive Co. Group (GAC) entering the U.S. market sometime in late 2019. And in a few weeks, representatives from GAC Motor will be in Las Vegas at the National Automobile Dealers Assn.… Continue Reading
February 1, 2018 — A judicial panel in Miami ruled this morning that five of the antitrust cases in which Reynolds and Reynolds and CDK Global are defendants will be classified under the multi-district litigation and transferred to the Northern District Court in Illinois. The panel issued the ruling after listening to oral arguments from… Continue Reading
January 30, 2018 — Fair announced this morning a strategic partnership with Uber along with the acquisition of the lease portfolio of the ride-hailing firm’s XChange Leasing program. As part of the agreement, Fair will become Uber’s exclusive U.S.leasing partner for drivers leasing vehicles for a month or longer. Financial terms of the acquisition were… Continue Reading
January 25, 2018 — The Banks Report research has found 21 companies that offer some type of online vehicle transaction solution. In the last four years, companies offering such solutions have exploded onto the scene attracting more than $1 billion in investment money — more than $200 million since July (Not including Fair’s $1 billion… Continue Reading