Cliff Banks - The Banks Report

NY Court Rules GM’s Sales Formula Not Legal

May 10, 2016 –In an intriguing decision last week, the New York’s Court of Appeals determined in a 5 – 1 decision that General Motors’ use of its Retail Sales Index to evaluate its dealers’ sales performance violates state law. The ruling could force manufacturers to change how they measure their dealers’ retail performance. GM used the RSI In 2011 in… Continue Reading

Cliff Banks - The Banks Report

Napleton Files 3rd Lawsuit — This One Against Volkswagen

April 10, 2016 — On Wednesday, Ed Napleton, owner of one of the largest dealer groups in the country, filed a lawsuit against Volkswagen alleging the automaker engaged in criminal racketeering. Napleton owns three Volkswagen dealerships acquiring the Urbana, IL store three days before the diesel emissions scandal exploded in September. Napleton also claims the manufacturer… Continue Reading

Vista Equity Completes Acquisition of Solera Holdings

Vista Equity Completes Acquisition of Solera Holdings

March 4, 2016 — After several weeks of uncertainty created by a tanking junk bond market, Vista Equity Partners completed its acquisition of Solera Holdings, a global firm that provides risk and asset management software for the automotive industry. Vista led an investment group comprised of Koch Equity Development and Goldman Sachs in the approximately $6.5… Continue Reading

Cox Automotive Makes Executive Changes; Acquisition in Australia

Cox Automotive Makes Executive Changes; Acquisition in Australia

March 3, 2016 — Cox Automotive made a series of executive changes this week as part of the continued integration resulting from last year’s $4 billion purchase of DealerTrack. The Atlanta-based firm also extended its global reach with the purchase of Dealer Solutions, a technology firm in Australia, in a move that could herald further acquisition activity in the area.… Continue Reading

Tesla Wins Reprieve in Indiana

Tesla Wins Reprieve in Indiana

February 26, 2016 — Tesla has won its latest battle fighting state franchise law designed to keep it from selling vehicles to consumers. at least for a few months. The Indiana Senate Commerce and Technology Committee decided yesterday to send a controversial bill banning manufacturer-direct automotive sales to customers to an interim study committee later this year. House… Continue Reading

CDK Completes Acquisition of Red Bumper, NewCar IQ

CDK Completes Acquisition of Red Bumper, NewCar IQ

February 25, 2016 — CDK Global made it official yesterday announcing it has acquired the product portfolios of NewCar IQ and Red Bumper from Pearl Technology Holdings  LLC. NewCar IQ is a new vehicle inventory management system while Red Bumper helps dealers manage their used vehicle inventories. CDK will combine the two products to create a solution…

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