Cliff Banks - The Banks Report

Sage Sells Four Dealerships in Southern CA

UPDATED — October, 21, 2017 — Last month, the Trophy Automotive Group completed the purchase of four dealerships that were part of the eight-store Sage Automotive Group in the Los Angeles, CA area. Trophy, which was started by Nasser Watar in 2014 with the acquisition of Mercedes Benz of Encino, acquired West Covina Nissan, Universal… Continue Reading

Cliff Banks - The Banks Report

Hyundai Launches New Shopper Assurance Program

October 13, 2017 — Hyundai Motor America last week unveiled its Shopper Assurance program – what the company calls an industry-first nationwide program that streamlines and modernizes the car-buying experience. The key elements of Shopper Assurance are intended to align with auto consumers’ major pain points: transparent pricing; flexible test drives; streamlined purchases; and a three-day… Continue Reading

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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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