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
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…
January 4, 2016 — General Motors is jumping into the ride sharing world investing $500 million in three-year old start up Lyft, reports Bloomberg Business. Meanwhile, GM’s president Dan Ammann will be on the company’s board. The investment is part of a $1 billion fund raising effort from Lyft which raises the company’s valuation to $5.5… Continue Reading
December 22, 2015 — Lithia Motors announced its sixth acquisition of 2015 yesterday — the Barton Chrysler Dodge Jeep Ram Alfa Romeo Fiat dealership in Spokane, WA. The purchase adds to Lithia’s presence in Spokane where it already owns stores selling the BMW, Chevrolet Cadillac, Mercedes-Benz Sprinter, and Subaru brands. Lithia expects the purchase to add approximately… Continue Reading
December 21, 2015 — Mercedes Benz today announced that Dietmar Exler will replace Steve Cannon as president and CEO of MBUSA and NAFTA on January 1. Cannon, who has served as MBUSA chief since December 2011, is leaving to head business operations for the AMB Group, Arthur Blanks’ companies including the Atlanta Falcons and the… Continue Reading
December 17, 2015 — It was an intense first two weeks in the dealership buy-sell world as transactions involving 38 stores were either closed or announced through December 15. December is shaping up to be a huge month which could put the industry near 500 rooftops exchanging hands in 2015. It’s the biggest two week stretch since The Banks Report…
December 16, 2015 — Ending several weeks of speculation, The Banks Report has learned that FordDirect’s CEO Stacey Coopes is leaving the company as soon as today following a recent vote by the company’s board of directors. Insiders tell TBR the move raises questions about FordDirect’s future over the next several months. Differences in philosophy… Continue Reading
December 16, 2015 — McLarty Automotive acquired four dealerships this week from the Asbury Automotive Group in Little Rock, AR. The purchase gives the McLarty group 13 dealerships — 11 that have been acquired since the end of October. The four dealerships are North Point Nissan (McLarty Nissan of Little Rock); North Little Rock Nissan (McLarty… Continue Reading
December 11, 2015 — The Renault Nissan Alliance and the French government reportedly have agreed to terms that will restore balance of power between the two sides. The agreement, which still has to be voted on by the board, will allow Nissan to protect itself from increasing influence from the French government. The dispute (read more here)… Continue Reading
December 11, 2015 — CDK Global announced today that CEO and President Steve Anenen will retire by the end of the company’s fiscal year on June 30, 2016. Brian MacDonald, who was named to the board of directors in June, will become president on January 1 and will take over the CEO position once Anenen… Continue Reading