Despite our earlier report this morning that a manufacturer may have been trying to block part of the deal, the Lithia Motors’ acquisition of the DCH Automotive Group was just signed this afternoon and includes all of DCH’s 27 dealerships. The purchase closely follows what Lithia laid out in its investor presentation in mid-June. The Medford, OR-based…
September 30, 2014 — After the market’s close today, the ADP Dealer Services Group moniker will cease to exist. The group, a division of ADP, is being spun off today as a separate public company and will be called CDK Global. What does this mean for dealers? The Dealer Services Group was started in 1972…
September 29, 2014 — The Sonic Automotive Group’s stock price has jumped $2 today from just over $23 to more than $25 today. The stock has been hovering below the mid-$20’s for most of the year after hitting its 52 week high of $27.87 in July. Meanwhile, shares of the other public dealer groups have…
September 17, 2014 — ADP announces details and the date of the spin off of its Dealer Services Group (now called CDK Global) along with information about a new financing partner for its dealers. ADP Dealer Services U.S. and Canadian clients who have financed with ADP Commercial Leasing will be moved to a new co-branded financing…
September 15, 2014 — In the words of Kenny Rogers — “You’ve got to know when to hold ’em; know when to fold ’em; know when to walk away; know when to run.” And Group 1 Automotive’s Chairman and CEO Earl Hesterberg is showing he’s not afraid to follow that advice and cut his losses.…
September 14, 2014 — Drew AutoCenter in La Mesa, CA announced on Friday to its employees that it is being acquired by Roger Penske Jr.’s group, SoCal Penske Dealer Group, according to multiple sources familiar with the deal. The auto center includes Drew Ford and Drew Hyundai along with a used vehicle super store. The industry…
September 13, 2014 — Edmunds.com is rolling out new initiatives over the next several months that will integrate into its Price Promise program launched in 2013. The goal is to improve the buying experience for consumers. More than 8,000 of Edmunds’ approximate 10,000 dealership clients are participating in Price Promise, in which they provide a…
September 11, 2014 — The Sonic Automotive Group is acquiring Hunt Nissan in Chattanooga to add to its BMW and Honda dealerships in that market, according to a Chattanooga newspaper story. Hunt Nissan is owned by Ken Hunt, who came to Chattanooga in 2002 when he acquired the Nissan store from the Penske (United at the… Continue Reading
UPDATED: AutoNation just sent a press release announcing the acquisition of Barrier Motors, which we reported earlier this morning. Industry sources are telling us that a sale of Barrier Motors Group in Bellevue, WA is imminent and that the likely buyer is a public dealer group. Based on the rumors, the market and the brands, it’s…
Auto Alert announced Brian Skutta as its new CEO this morning. Skutta most recently ran Cox Automotive’s Vin Solutions. Also announced was the appointment of Akshaya Mehta as CTO. Mehta had been with Vintek, a company acquired by DealerTrack last year. Meanwhile, Founder and CEO of Auto Alert Boyd Warner has been named as co-chairman…