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…
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…
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…
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
December 26, 2014 — As we enter the final days of 2014, the industry has experienced what is likely a record number of dealership buy-sells this year with more than 320 changing hands according to data compiled by The Banks Report. Although, unless there is a flurry of deals that close in the next few… Continue Reading
In a move The Banks Report predicted twice in the last six weeks, Sonic Automotive has traded a Cadillac dealership for one of John Elway’s two Chevrolet stores in the Denver market. (November Dealership Buy-Sell Update) The swap came about because Sonic needed real estate on which to build a new facility for the Murray… Continue Reading
David Maus has made his next move in automotive retail acquiring the Nissan dealership owned by the Ferman Automotive Group in New Port Richey, FL. Maus, who had been partnered with the Van Tuyl Automotive Group in four stores in the Orlando, FL area recently sold his stake back to Van Tuyl for a reported $20… Continue Reading
According to data compiled by The Banks Report, the Asbury Automotive Group’s acquisition of Sandy Springs Ford this week puts the industry at 300 dealership buy-sells for the year. As we reported in our November Dealership Buy-Sell Update, the industry finished November with 295 acquisitions, compared with 202 total deals for all of 2013. Since… Continue Reading
December 6, 2014 — UPDATED — Is Volvo worth a second look? The growing role of private equity; How long will the high multiples continue? Record setting year for number of acquisitions as the industry zeroes in on 300. Number of acquisitions by brand. Also, Van Tuyl sells a dealership; Sonic’s pending deals & the top… Continue Reading
November 24, 2014 — Teachers in Texas apparently like the financial prospects of franchised car dealerships. One of the country’s largest pension funds, the Teachers Retirement System of Texas is investing in Capital Automotive, a firm that provides sale-leaseback capital to car dealers, through an investment fund established by Capital’s parent Brookfield Property Partners. Brookfield…