Cliff Banks - The Banks Report

Cox Completes Dealertrack Acquisition

October 1, 2015 — After four extensions and other delays resulting from stipulations from the Department of Justice, Cox Automotive completed the $4 billion acquisition of Dealertrack this morning. Cox is paying $63.25 per share of Dealertrack common stock which ceases trading today on the NASDAQ Global Market. It is the biggest vendor acquisition in the… Continue Reading

DOJ Approves Cox’s Purchase of Dealertrack

DOJ Approves Cox’s Purchase of Dealertrack

September 30, 2015 — The Department of Justice yesterday approved Cox Automotive’s acquisition of Dealertrack provided Dealertrack completes the sale of its Inventory+ solution. The DOJ is requiring the divestiture of Inventory+ because it believes allowing Cox to own both vAuto and Inventory+ would provide Cox with too much of that market , and hence, limit… Continue Reading

IHS – Strong Quarter; Denies Pursuing Solera

IHS – Strong Quarter; Denies Pursuing Solera

September 29, 2015 — The Solera saga takes an interesting turn today as IHS used its quarterly earnings call with analysts to deny media reports that is pursuing an acquisition of Solera. We speculated a couple of weeks ago that Solera would be a good fit for IHS. Both Reuters and Bloomberg reported last week that…

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Cox, Dealertrack Acquisition to Close in October

Cox, Dealertrack Acquisition to Close in October

September 24, 2015 — Despite four extensions of Cox Automotive’s all cash tender offer for Dealertrack, the companies announced today that the deal is now expected to close in October. Executives originally projected the $4.2 billion acquisition would close by the end of the third quarter, but a sale of Dealertrack’s Inventory+ to Dealersocket last month… Continue Reading

Two Big Deals Fuel September Buy-Sell Pace

Two Big Deals Fuel September Buy-Sell Pace

September 18, 2015 — In the first 18 days of September, there have been at least 20 dealerships that have changed hands, bringing the annual total to 342, far surpassing 2014’s 324 total. September’s hot pace has been fueled by two deals this week — Napleton Automotive Group’s purchase of a six store-group in Illinois and… Continue Reading

TBR Weekly Top 10 – Sept. 18

TBR Weekly Top 10 – Sept. 18

September 18, 2015 — Why you need corporate security; Changes in car buying; Preparing for normalization; Why you’ll never buy a driverless vehicle; OEMs slack approach to cyber security; Co-op money – what’s it good for? Hyundai’s future dealership. The TBR Weekly Top 10 is our list of what we believe are the week’s must-read stories… Continue Reading

Cliff Banks - The Banks Report

Reynolds and Reynolds Strengthens European Solution

September 17, 2015 — Reynolds and Reynolds announced today that its European operations has acquired Contact Advantage, a U.K.-based CRM provider with showroom, F&I and lead management solutions. The company just launched a group of several mobile applications designed to let the dealership manage the customer throughout the entire purchase process using an i-Pad. Contact Advantage… Continue Reading

Vista Equity to Acquire Solera

Vista Equity to Acquire Solera

September 14, 2015 — Late last night, private equity firm Vista Equity Partners agreed to acquire Solera Holdings in a $6.5 billion deal including $3.74 billion cash along with Solera’s leveraged debt. The move is automotive retail’s largest acquisition for now. Rumors continue to persist on Wall Street that CDK Global will be acquired in… Continue Reading

Krafcik Leaves TrueCar for Google

Krafcik Leaves TrueCar for Google

September 14, 2015 — (We updated this story on September 18). It was a busy late Sunday evening/Monday morning as news broke last night that TrueCar President John Krafcik has left the company to lead Google’s autonomous vehicle efforts. Krafcik is the biggest name hired by either Google or Apple for their autonomous vehicle programs. He… Continue Reading