To steal a phrase, Silicon Valley appears to be gripped by an “irrational exuberance” for the future utopia promised by connected and autonomous vehicle technology. At the recent Connected & Charged conference presented by Prospect Silicon Valley held at the SAP campus in Palo Alto, CA, it was striking to see the attention given by panelists and speakers on… Continue Reading
July 7, 2016 — AutoNation announced this morning it is acquiring four luxury dealerships in the Westchester County, New York market. AutoNation is buying BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection. It also is adding White Plains Jaguar from DiSimone Imports The new stores are… Continue Reading
July 5, 2016 — The four day rally is over. Automotive retail stocks are getting slaughtered today along with the rest of the stock market today. A steep drop in crude oil prices along with Brexit fears which reignited as Great Britain’s Conservative party began the first round of selecting its new leader today are… Continue Reading
July 4, 2016 — Private equity firm Thoma Bravo announced Friday that it is acquiring Trader Corp. from Apax Partners for $1.57 billion. Trader Corp. is the parent of autoTRADER.ca (no affiliation with Autotrader in the U.S. or the U.K.). The deal is expected to close in the fourth quarter. Several companies — including possible… Continue Reading
June 30, 2016 — Today, the National Highway Traffic Safety Administration took the unusual step of warning the public not to drive certain 2001 – 2003 Honda and Acura vehicles, due to the high likelihood of their Takata-made airbag inflators exploding in a crash. The agency says that within laboratory settings, the inflators have a 50% chance… Continue Reading
June 27, 2016 — Web services firm ReachLocal announced this evening that it is being acquired by Gannett for approximately $4.60 a share in an enterprise deal totaling $156 million. ReachLocal provides website and digital marketing services to nearly 16,000 local businesses including car dealerships. Gannett, which recently failed in its bid to acquire competitor Tribune Publishing,… Continue Reading
June 27, 2016 — Automotive stocks did not escape the carnage Friday as a reported $2.1 trillion was wiped off the books across the world’s stock exchanges following Thursday’s stunning vote by Great Britain to exit the European Union. In the U.S., the Dow Jones plunged 611 points. The selloff in automotive was across the… Continue Reading
June 22, 2016 — Normally the announcement of a new board appointment isn’t big news, but yesterday’s news that CDK Global’s board has elected Lithium CEO Robert “Rob” Tarkoff to its board is another sign of the company’s ongoing overhaul. CDK has come under pressure from investors to speed up its transformation plan which includes a massive restructuring… Continue Reading
June 17, 2016 — Those Canadian tech companies suddenly are hot. A sale of Trader Corp., the parent of autoTRADER.ca, could be announced in the next few weeks, sources close to the deal confirm to TBR. Potential buyers, including large private equity firms along with strategic buyers based in the U.S., are nearing the final… Continue Reading
June 14, 2016 — (UPDATED June 16) Of the nine dealership acquisitions through the first two weeks of June, four occurred in the Denver market. In two separate transactions last week, the Larry H. Miller Group acquired three stores from Doug Moreland — Cherry Creek Dodge in Denver, Fiat of Denver and Colorado Chrysler Jeep of Aurora… Continue Reading