Cliff Banks - The Banks Report

Monster May for Dealership Buy-Sells

June 7, 2015 — May was a monster month for dealership acquisitions setting a monthly record for number of transactions since January 2013. Notable deals included Group 1 Automotive, Lithia Motors, Bill Jacobs, Tom Durant and Euro Motor Cars, Victory Automotive and AutoNation. At least 33 transactions accounted for 41 dealerships changing owners in May, according to…

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Cliff Banks - The Banks Report

New Country Makes Big Acquisition

May 17, 2015 — New Country Motor Cars Inc. recently added six top-line franchises to bring its total number of locations to 30. It’s only the seventh transaction since January 2013 that included six or more dealerships and is the second biggest acquisition of the year.  Michael Cantanucci’s New Country Automotive Group in Hartford, CT is turning into…

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Cliff Banks - The Banks Report

Public Group Buy-Sell Activity Slow in 2015

May 8, 2015 — The public dealer groups are off to a slow start in 2015 on the acquisition front. Asbury Automotive Group announced its first purchase of the year last night, acquiring Capitol City Nissan in the Atlanta area. The transaction is only the ninth this year completed by the six public groups according to data…

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Cliff Banks - The Banks Report

Dealership Buy-Sells Remain Steady, But Few Big Deals

May 7, 2015 — With all the chatter of private equity and names like Warren Buffett getting into the automotive retail space, there have been few large deals completed. Only two transactions for more than eight stores and only six that have been for five or more have been signed since January 2013, according to data compiled… Continue Reading

Cliff Banks - The Banks Report

Berkshire Hathaway Automotive Makes its First Purchase

The newly minted Berkshire Hathaway Automotive wasted little time making its first acquisition buying Frank Kent Honda in Fort Worth, TX last week. The dealership was owned by Corrie Watson and her brother Will Churchill who decided to sell following the unexpected death of Watson’s husband, Tim. Churchill and Watson are great grandchildren of Frank Kent… Continue Reading

Cliff Banks - The Banks Report

TBR Daily Update — Ports Slowdown Affecting Automakers; Berkshire Hathaway Acquisition of Van Tuyl to Close this Week? Mass Action Lawsuit Against TrueCar?

February 16, 2015 — Ports Slowdown Affecting Automakers; Berkshire Hathaway Acquisition of Van Tuyl to Close this Week? Mass Action Lawsuit Against TrueCar? Ports Slowdown Affecting Automakers Several automakers are taking steps to offset a looming parts shortage caused by a contract dispute between dockworkers and shipping companies at 29 West Coast ports. Following nine months…

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Cliff Banks - The Banks Report

TBR Daily Update — January 29, 2015

January 29, 2015 — Group 1 & Prestige Reach Settlement; FCA’s Impressive 2014; W.P. Carey expands into U.K. with $350 Million Deal; Jim Ellis Sells VW Store/ Group 1 Automotive and Prestige Imports Reach Settlement Group 1 Automotive’s pending acquisition of the nation’s top selling Audi dealership took a step closer to completion yesterday following…

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Cliff Banks - The Banks Report

TBR Daily Update — January 28

January 28, 2015 — Fort Walton Beach Stores Sold for $80 Million; Penske Buys Land Rover Dealership; Texans Find Ohio to be Tough; Oregon Dealer Dies; It’s Huge — and Not in a Good Way; Mac Haik Acquires Nissan Store Fort Walton Beach Stores Sold for $80 Million In a deal we reported on two weeks ago, Texas-based…

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Big Money at NADA; Soros Rumors and Dinners…

Big Money at NADA; Soros Rumors and Dinners…

January 26, 2015 — Sitting in the San Francisco airport waiting for a flight (after missing my morning flight) and going through nearly 50 pages of notes from last week’s NADA convention and related conferences. I’m not a big theme guy, but on the last day of the convention, that seemed to be the question I heard the… Continue Reading