Cliff Banks - The Banks Report

Group 1 Buying and Selling

February 6, 2016 — Group 1 Automotive continues to trim its presence in the Northeast divesting of three dealerships there within the last several weeks. Meanwhile, the nation’s third largest dealer group announced this week it has completed the acquisition of the 12-store Spire Automotive Group located in metro London in the United Kingdom. At the end of… Continue Reading

Westlake Financial Prevails in Patent Dispute with Credit Acceptance Corp.

Westlake Financial Prevails in Patent Dispute with Credit Acceptance Corp.

January 28, 2016 — The nearly three-year patent dispute between Westlake Financial and the Credit Acceptance Corporation is finally over. And the news wasn’t good for CAC as the Patent Trial and Review Board ruled this week that several claims it makes regarding the disputed patent fall under the Cover Business Method (CBM) classification, essentially…

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Cliff Banks - The Banks Report

Industry Specific Domains Selling Quickly

January 20, 2016 — The domains are going quick — more than 700 auto-specific domains have purchased from Cars Registry, a joint venture between XYZ and Uniregistry, since the “sunrise” period began on December 9 of last year. Today marks the beginning of public availability of urls with the .Car, .Cars and .Auto extensions. Several dealership… Continue Reading

CDK & Cox Sign Integration Agreement

CDK & Cox Sign Integration Agreement

January 15, 2016 — Following several months of negotiations, Cox Automotive and CDK Global finally signed an agreement today securing Cox’s participation in CDK’s Third-Party Access (3PA) Program. The agreementt should eliminate any uncertainty in the market about whether Cox’s solutions would be able to integrate with CDK’s dealer management systems (DMS). The agreement also standardizes… Continue Reading

Cliff Banks - The Banks Report

Fiat Chrysler Says Dealer Allegations Are Baseless

January 15, 2016 — Fiat Chrysler Automobiles came out fighting late yesterday in a strongly worded release rejecting the allegations of falsifying sales made in a civil lawsuit filed this week by dealer Ed Napleton. In the statement, FCA called the lawsuit “nothing more than the product of two disgruntled dealers who have failed to perform… Continue Reading

Penske Automotive Makes Investment Play in Japan

Penske Automotive Makes Investment Play in Japan

January 8, 2016 — The Penske Automotive Group announced yesterday that it has made an investment in the Japanese dealer market. It’s not an outright acquisition, but the dealer group has taken a 49% equity position in the Nicole Group, a four-store luxury group selling BMW, MINI, Rolls Royce and Ferrari brands in Tokyo and Kanagawa. The… Continue Reading

Brutal Morning for Dealer Group Shares

Brutal Morning for Dealer Group Shares

January 6, 2015 — Better check your portfolios if you are holding shares in any of the publicly traded dealer groups. stock prices have plunged for each of the seven automotive dealer groups following Monday’s overall market selloff (due to concerns about China),  yesterday’s report of softer than expected December sales along with remarks made…

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