Cliff Banks - The Banks Report

Chip Perry Retires as CEO of TrueCar

June 3, 2019 — After three and half years at the helm of TrueCar, Chip Perry is stepping down as CEO and president, the company announced today. TrueCar has not named a replacement for Perry, who will continue to consult with the company. Perry, one of the pioneers in the automotive Internet space, founded AutoTrader… Continue Reading

Cliff Banks - The Banks Report

Tesla Again Revamps Its Retail Strategy

March 11, 2019 — Tesla’s strategy of closing its retail network apparently is a work in progress. After shutting down 10% of its retail locations the last couple of weeks, Tesla announced on its blog last night that it has stopped the process and will evaluate another 20% of its sales locations in coming months.… Continue Reading

Cliff Banks - The Banks Report

Fair to Go Global with SoftBank Investment

December 20, 2018 — Fueled by a $385 million Series B investment led by SoftBank, vehicle subscription platform Fair is going global. After officially launching in August 2017, Fair is now in 26 U.S. markets with nearly 52,000 vehicles from 3,200 dealerships available on its mobile app. More than 20,000 consumers have used the platform… Continue Reading