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

Cliff Banks - The Banks Report

NADA Closing in on CFPB Victory? Not Quite, But Closer Than Ever

September 9, 2015 — In late July, following a sometimes bitter debate, the House Financial Services Committee cleared the way for legislation repealing the Consumer Financial Protection Bureau’s 2103 bulletin governing automotive lending. The move is a victory for The National Automobile Dealers Assn. which has lobbied vigorously the last two years to build bi-partisan… Continue Reading

Cliff Banks - The Banks Report

Urban Science Acquires AutoHook

September 10, 2015 — Urban Science has acquired AutoHook from HookLogic in a play to expand its online lead management services for automakers and dealers. Urban Science, long known for helping manufacturers plan their retail networks as they determine where to place dealerships, also acts as a traffic cop in the online lead space, gathering leads from automaker and third party… Continue Reading

Cliff Banks - The Banks Report

“Punching” Sales Practice Under Fire from Maserati Dealer

September 3, 2015 — Last Friday, Stuart Hayim, owner of Recovery Racing, a group that owns Maserati and other luxury franchises in New York, New Jersey and Florida, filed a $200 million lawsuit against Maserati North America alleging the automaker forced dealers to participate in discriminatory incentive and sales programs designed to prop up sales numbers… Continue Reading