Cliff Banks - The Banks Report

Private Car Ownership — A dirty Word in Silicon Valley?

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

Cliff Banks - The Banks Report

ReachLocal to be Acquired by Gannett

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

CDK Adds Software Expert to Board

CDK Adds Software Expert to Board

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

autoTRADER.ca to be Sold

autoTRADER.ca to be Sold

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

Cliff Banks - The Banks Report

Slow Dealer Buy-Sell Pace Continues First Two Weeks of June

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