Cliff Banks - The Banks Report

UAW Rejects FCA Deal — Now What?

October 1, 2015 — More bad news for Fiat Chrysler Automobiles as the United Auto Workers Union rejects the proposed new labor contract this week raising significant questions about future production costs for the automaker. Meanwhile, significant problems on the recall side lurk beneath the surface and indicate deeper systemic issues.  United Auto Worker leaders flew…

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Cliff Banks - The Banks Report

UAW Says No to FCA

October 1, 2015 — United Auto Worker leaders flew into Detroit this morning to discuss options following the union’s rejection of the proposed new labor contract with Fiat Chrysler Automobiles. The rejection heightens the possibility that the UAW will strike within the next few days. Leaders are still meeting in Warren, MI this evening. Basically, the… Continue Reading

Cliff Banks - The Banks Report

NADA Closing in on CFPB Victory? Not Quite, But Closer Than Ever

September 9, 2015 — In late July, following a sometimes bitter debate, the House Financial Services Committee cleared the way for legislation repealing the Consumer Financial Protection Bureau’s 2103 bulletin governing automotive lending. The move is a victory for The National Automobile Dealers Assn. which has lobbied vigorously the last two years to build bi-partisan… Continue Reading

Cliff Banks - The Banks Report

“Punching” Sales Practice Under Fire from Maserati Dealer

September 3, 2015 — Last Friday, Stuart Hayim, owner of Recovery Racing, a group that owns Maserati and other luxury franchises in New York, New Jersey and Florida, filed a $200 million lawsuit against Maserati North America alleging the automaker forced dealers to participate in discriminatory incentive and sales programs designed to prop up sales numbers… Continue Reading

Can TrueCar Rebound from its Tough 2nd Quarter?

Can TrueCar Rebound from its Tough 2nd Quarter?

July 31, 2015 — The first six months of 2015 have not been kind to TrueCar. The stock price, which was just under $23 on December 31, is now trading below $7. The question is, can the company rebound? The challenges seem to be piling up — multiple lawsuits; a significant second quarter earnings miss;…

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Cliff Banks - The Banks Report

TrueCar Settles — Wins — Legal Dispute with Sonic Automotive

July 29, 2015 — One lawsuit down, several more to go. In what is some much needed good news for online car buying platform TrueCar,  it announces it has reached a settlement with Sonic Automotive in a trademark dispute dating back to August 2013. The Banks Report first reported the dispute in September 2013 (TrueCar… Continue Reading

Investor Sues to Stop Dealertrack Acquisition

Investor Sues to Stop Dealertrack Acquisition

July 7, 2015 — An investor in Dealertrack filed a lawsuit yesterday afternoon seeking to stop Cox Enterprise’s $4 billion acquisition of the Long Island, NY-based technology firm contending the deal prohibits investors from participating in Dealertrack’s projected growth while providing executives with golden parachutes. The suit claims the agreement is the “culmination of a…

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Cliff Banks - The Banks Report

FCA Australia Scandal Reaches U.S.

  June 6, 2015 — An erupting scandal involving former Fiat Chrysler  and Mercedes Benz executives in Australia snags website provider MotorTrak and potentially threatens its business globally while raising questions about its deal to provide websites to Mercedes Benz retailers in the U.S.  For the last week, media outlets in Australia and New Zealand have been… Continue Reading