Connected Car Over the Air Updates Not a Sure Thing

Connected Car Over the Air Updates Not a Sure Thing

November 28, 2016 — Is a potential battle looming between automakers and tech firms with the government over security issues with over-the-air updates made possible by connected car technology? Billions of dollars are at stake for automakers, technology firms and even dealers, but comments from various government officials over the last several months indicate OTAs… Continue Reading

Cliff Banks - The Banks Report

Lithia Acquires 18th Store This Year

October 6, 2016 — Lithia Motors announced this morning the acquisition of Audi Auto Gallery in Woodland Hills, CA, from co-founders Harrison Gray and Tony Schwartz. It is Lithia’s 18th dealership acquired this year. The additional $120 million in annual revenue created by the acquisition brings Lithia’s total to approximately $1 billion in acquired revenue this… Continue Reading

Fewer Dealers in the Forecast for Cadillac

Fewer Dealers in the Forecast for Cadillac

Various media reports last week confirm Cadillac is offering buyouts to 400 of its smallest dealerships. The news isn’t a surprise as we speculated numerous times since September 2014 that Cadillac Chief Johan de Nysschen would try to reduce the number of 925 Cadillac dealers down to 400 to 500 stores. The buyouts follow Cadillac’s…

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Lithia Acquires Ford Store

Lithia Acquires Ford Store

August 13, 2016 — Lithia Motors has acquired Kemp Ford in Thousand Oaks, CA, renaming it DCH Ford it’s fourth acquisition in 2016. The purchase should increase Lithia’s revenues by $65 million annually. The publicly traded dealer group, based in Medford, OR, acquired Riverside Subaru in Riverside, CA in January and Ira Toyota in Milford, MA… Continue Reading

CDK Grows Share of DMS Market as Margins Increase

CDK Grows Share of DMS Market as Margins Increase

August 12, 2016 — Perhaps the most striking data point from CDK Global’s recent earnings filing is that it is gaining share of the overall North American dealer management system market while also growing the average amount from those contracts. CDK also announced strong results for its 2016 fiscal year along with an agreement with activist investor Elliott Partners to increase the… Continue Reading

Cox Automotive Makes Big Play in Australia

Cox Automotive Makes Big Play in Australia

August 11, 2016 — Following its June acquisition of the Australian-based Dealer Solutions, Cox Automotive will acquire News Corp’s 50% stake in CarsGuide, an online automotive classifieds site, also in Australia. Once the acquisition closes sometime in the fourth quarter, Cox will combine CarsGuide with Dealer Solutions and Manheim’s Australian division which includes its buying service SellMyCar into… Continue Reading

How FCA’s Sales Scheme was Different Than Typical ‘Punching’ Practices

How FCA’s Sales Scheme was Different Than Typical ‘Punching’ Practices

July 19, 2016 — As news leaked yesteday that the FBI and SEC is investigating Fiat Chrysler Automobiles for possible sales fraud, a key question kept popping up in conversations — how is what FCA allegedly did any different than what other automakers do when it comes to reporting sales? For years — even decades —… Continue Reading

TBR 2016 Mid-Year Dealership Buy-Sell Report

TBR 2016 Mid-Year Dealership Buy-Sell Report

July 12, 2016 — Dealership acquisition activity is showing a slight slowdown according to data compiled for TBR’s 2016 Mid-Year Dealership Buy-Sell Report. (Subscribers to The Banks Report can download Excel files with buy-sell activity going back to January 2013).  Through June of 2016, there were 108 different transactions accounting for 177 rooftops changing hands. In…

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