CDK Global, Authenticom Settle Data Access Lawsuits

CDK Global, Authenticom Settle Data Access Lawsuits

October 30, 2020 — Earlier this week, CDK Global and Authenticom settled their lawsuits that were part of several data access-related lawsuits that were consolidated into a multi-district litigation (MDL) in federal court in Illinois’ Northern District. From February 2017 to February 2019 as many as seven vendors and 25 dealerships filed lawsuits against either…

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Lithia Motors Strong 2nd Qtr; Armed for Aggressive Acquisition Strategy

Lithia Motors Strong 2nd Qtr; Armed for Aggressive Acquisition Strategy

Updated: 5-yr growth plan and new online brand unveiled. July 22, 2020 — Lithia Motors’ share price is at its all-time high trading above $195 in early trading this morning — which is up from $62.98 on March 18. The Oregon-based dealer group reported its highest ever second-quarter net income this morning generating $3.72 per… Continue Reading

Cliff Banks - The Banks Report

Cox Automotive to Furlough More Than 12,500

May 7, 2020 — In an internal email this morning, Cox Automotive President and CEO Sandy Schwartz announced the company is implementing a series of cost-cutting moves that include furloughing more than 12,500 employees beginning May 17 due to the financial impact created by COVID-19. The furloughs will impact about 36% of Cox Automotive’s entire… Continue Reading

Cliff Banks - The Banks Report

DealerOn Adds Investment Partner

January 6, 2020 — DealerOn, Inc. is announcing this morning a strategic partnership with private equity firm NexPhase Capital. Brothers Ali and Amir Amirrezvani, who founded the website and digital marketing company in 2004, began talking with NexPhase in early 2019 and closed the deal in November. Over its 15 years, DealerOn has grown into… Continue Reading

Cliff Banks - The Banks Report

TBR 2019 3rd Quarter Vendor M&A Report

New Era Taking Shape in Auto Retail Vendor M&A Activity November 1, 2019 — Pivotal. That’s probably the best word to describe vendor mergers and acquisitions and investments among automotive retail vendors in 2019. Aggressive roll-up plays, new directions, and evolving industries forming now will reshape the industry over the next five years. In TBR’s… Continue Reading

Cliff Banks - The Banks Report

AUTOVATE 2019

On December 2nd and 3rd, The Banks Report will hold its third annual AUTOVATE conference in Austin, TX at the Kimpton Van Zandt Hotel. We’ve designed the summit to be a boutique, one-of-a-kind event to help dealer executives, investors, entrepreneurs, and automakers cut through the typical conference hype. We take a unique approach in that… Continue Reading