Cliff Banks - The Banks Report

AutoNation to Acquire Large Group in Texas

October 24, 2015 — AutoNation is on a buying spree this year. It is set to announce early this next week that is acquiring the Allen Samuels Group in Texas. The acquisition follows its August purchase of 16 stores — 13 from Carl Gregory in Georgia and three in Maryland owned by Charles Fenwick. (TBR has…

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Cliff Banks - The Banks Report

Private Equity Firm to Buy Large Midwest Group

October 15, 2015 — Fremont Private Holdings is acquiring Morrie Wagener’s 11 dealership-group in Minnesota. Partnering with Fremont  is Karl Schmidt, who has run Morrie’s Automotive Group since 2009 as its CEO. Fremont, which is the investment firm established by the family that owns construction company Bechtel Corp., has been rumored for about two years to… Continue Reading

July-August Dealership Buy-Sells Sizzling Pace

July-August Dealership Buy-Sells Sizzling Pace

September 9, 2015 — A torrid July and August in the dealership buy-sell market saw 81 rooftops change hands bringing the 2015 total to 322 through the first eight months of the year — just two shy of all of 2014’s total. Averaging about 40.25 buy-sells a month this year, the industry is on pace to…

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AutoNation Acquires 16 Stores

AutoNation Acquires 16 Stores

August 18, 2015 — AutoNation announced this morning its biggest acquisition by revenue since 2001. The nation’s largest dealer group is acquiring 16 dealerships — 13 from Carl Gregory Enterprises and three stores owned by the Valley Motors Auto Group. Combined, the stores generated more than $600 million in revenue in 2014 on nearly 20,000 new and used…

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Cliff Banks - The Banks Report

Asbury Sells BMW Store to Holman

July 13, 2015 — The Holman Automotive Group acquired Princeton BMW MINI in New Jersey today from the Asbury Automotive Group.  It is Holman’s second acquisition in the last several weeks as it acquired Audi of Willow Grove outside of Philadelphia in June. Holman operates approximately 22 franchises located in Pennsylvania, New Jersey and Florida. The… Continue Reading

Cliff Banks - The Banks Report

Private Equity & Automotive Retail – More Hype than Reality?

July 11, 2015 — Headlines in the trade press in January hyped the increasing involvement private equity would play in automotive retail — specifically in the acquisition of dealerships. On the heels of Warren Buffett’s announcement of that Berkshire Hathaway was buying the 81-store Van Tuyl automotive group (a deal that ended up being for… Continue Reading

2015 Mid-Year Dealership Buy-Sell Report

2015 Mid-Year Dealership Buy-Sell Report

July 5, 2015 — Through June, dealership buy-sells continues to be vibrant and is on a record pace fueled by a strong May and June coupled with Berkshire Hathaway’s purchase of the Van Tuyl Group in March. Meanwhile, automakers continue to leverage the Right of First Refusal to scuttle deals.  The industry hit the mid-point…

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Cliff Banks - The Banks Report

Chinese Retailer Goes International

June 30, 2015 — Lei Shing Hong recently acquired 15 Mercedes Benz dealerships in Germany following its purchase of two Mercedes stores in Australia outbidding other groups including one from the U.S. looking to establish a presence there. The world’s largest Mercedes Benz dealer is Lei Shing Hong Ltd, a Chinese company with approximately 180 Mercedes dealerships… Continue Reading