California Superstores have sold two more dealerships in the last month in what appears to be a dismantling of the dealer group. The group, which began in late 2010, once owned as many as 11 dealerships but is down to four. The two most recent sales include Courtesy Chevrolet-Cadillac in San Jose and the Folsom Chrysler…
DealerTrack reported strong second quarter earnings yesterday evening beating estimates on revenue by more than $11 million and earning-per-share by $0.04 giving its stock price a small bump during after-hours trading. Revenue for the quarter came in at $224.8 million — 85% higher than second quarter 2013. DealerTrack executives revised year-end revenue projections from $814.0…
The dealership buy-sell market remained hot in July with 27 confirmed acquisition bringing the total for 2014 to 151 rooftops and 225 brands changing hands. In 2013, 110 dealerships changed owners through July. To download an Excel file of this year’s acquisitions click TBR_July_Buy_Sell_Excel. Chevrolet held onto its lead for the year with 16 acquisitions.…
August 21, 2014 — UPDATED: Cox Enterprises announces Cox Automotive — as TBR predicted more than a week ago. Additionally, Manheim announced an acquisition in Brazil, adding to its global footprint. August 9, 2014 — Recently, there have been some intriguing developments in Atlanta at AutoTrader headquarters. Executive Leadership Earlier this week, AutoTrader.com announced it…
UPDATED — Maus calls off deal to join Peacock and First Team. In the last few months, at least three intriguing dealer groups that are potential big players in the buy/sell market have been created. First Team – Peacock & Maus As fast as we publish, sometimes the news changes — David Maus decided not to join…
Internet Brands, the parent company to CarsDirect.com and AutoData Solutions, was acquired today by the private equity group KKR for $1.1 billion. JMI Equity and Hellman & Friedman have owned Internet Brands since 2010 when they paid $640 million to take the company private. CEO Bob Brisco, who has run the company since the fall…
The story regarding DealerSocket and Vista Equity Partners’ investment in the CRM firm is a bit clearer today but still raises several questions. TBR first broke the story while at the Digital Dealer conference in Atlantic City on May 6th on Twitter reporting that Vista Equity had acquired a majority interest in DealerSocket. A private…
January 27, 2014 — Compliance officer sounds so Big Brother-ish or something that dates back to the Soviet era, but it’s quickly becoming a must-have for car dealers – and perhaps even the advertising agencies that service dealers. Here’s why: the Federal Trade Commission, the Consumer Financial Protection Bureau and the attorneys general from numerous… Continue Reading
December 2, 2013 — There was a time a few years ago, I thought Autobytel was a dead company. Its stock was trading under $1 (at one time it had traded above $200 a share); it was in danger of being delisted and then had to fend off a hostile takeover attempt by Trilogy in…
September 4, 2013 — We’re still working on the details but we do know in August TrueCar filed a lawsuit against the SonicAutomotive Group alleging trademark infringement. Sonic has been implementing a one-price, no haggle program for all of its stores. Earlier this year, Sonic came up with True Price as the name for the… Continue Reading