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
December 5, 2015 — After launching AutoNation Express a year ago the nation’s dealer group is taking the next step adding the ability for customers to secure an online appraisal for a trade along with determining financing. The new components launched earlier this month according to a report in the Sun Sentinel. The initial program has… Continue Reading
December 1, 2015 — Industry-specific domain extensions are coming to the automotive industry next week and could create a digital land grab reminiscent of the Oklahoma land rush in 1889. Cars Registry Ltd, a joint venture between XYZ and Uniregistry, which owns and operates the new extensions, is making the domains, .cars, .car and .auto available for purchase… Continue Reading