Cliff Banks - The Banks Report

Top Dealer Files Explosive Lawsuits Against BMW, Audi

September 7, 2017 —  Several dealerships owned by the Braman Automotive Group filed three lawsuits this week against Audi and BMW in federal court alleging their business practices drive down dealership profit margins while coercing them to give up control of their businesses. Two of the lawsuits also include Terry Rhodes, Florida’s Executive Director of…

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Stunning Downfall of a Manhattan Automotive Empire

Stunning Downfall of a Manhattan Automotive Empire

August 7, 2017 — Less than a year ago, Gary Flom was building an automotive empire consisting of eight dealerships in the heart of New York City with plans to sell more than $600 million worth of vehicles this year. Today, that empire is in tatters, due to a frenetic growth pace railroaded by a bitter…

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CDK’s Acquisition of AutoMate – Bold Move for Investors; for Dealers, Jury is Still Out

CDK’s Acquisition of AutoMate – Bold Move for Investors; for Dealers, Jury is Still Out

June 4, 2017 — CDK Global’s pending acquisition of competitor Auto/Mate is a brilliant deal that should make investors happy. With only 1,300 or so dealerships in play and a price tag that won’t dent the bottom line (although Auto/Mate will get a nice multiple) it isn’t that big of a deal on the surface.…

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Toyota’s Vision of How Blockchain Will Change the Auto Industry

Toyota’s Vision of How Blockchain Will Change the Auto Industry

May 22, 2017 — Imagine a world where automotive vehicles are no longer depreciating assets, but are profit generating machines. That world may be here much sooner than we think. Automakers are beginning to explore blockchain, a new and disruptive technology that may prove to be critical to the creation of a mobile ecosystem where autonomous… Continue Reading

Tesla’s Retail Model May Be Its Biggest Challenge

Tesla’s Retail Model May Be Its Biggest Challenge

May 9, 2017 — Tesla’s moment of truth is nearly here. This year’s introduction of its Model 3 may be the auto industry’s most critical vehicle launch since Ford’s Model T took over America’s roads more than a century ago. Whether the fledgling company becomes the ultimate disruptor and a truly viable automaker will be determined by the…

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Berkshire Automotive Caught in Law of Unintended Consequences

Berkshire Automotive Caught in Law of Unintended Consequences

April 21, 2016 — Berkshire Hathaway Automotive finds itself the victim of the law of unintended consequences in Texas’ fight to keep electric vehicle manufacturer Tesla from selling direct to consumers. The problem is that Texas’ legislation  prohibiting manufacturers from selling vehicles directly to customers in the state was written so broadly that it includes… Continue Reading

BMW Exec to Join Holman Automotive

BMW Exec to Join Holman Automotive

February 3, 2017 — Holman Automotive is expected to name longtime BMW executive Peter Witt as its Platform Vice President for the Northeast today, The Banks Report has learned. Witt will lead Holman’s 10 dealerships in New Jersey and Pennsylvania and will report to Gene Welsh, the group’s executive vice president. Holman is one of… Continue Reading

NADA’s 2017 Will Be Challenging

NADA’s 2017 Will Be Challenging

February 2, 2017 —  As the National Automobile Dealers Assn. celebrated its 100 year anniversary at its annual convention in New Orleans last week, it capped an nine year period that might have been its toughest, yet finest hour. But 2017 brings a new set of daunting challenges. Playing Defense For the last nine years, the association…

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