May 3, 2017 — TEGNA’s board today approved of the spin-off of Cars.com slated to be completed on May 31. Trading is set to begin on June 1 on the New York Stock Exchange with the ticker symbol CARS. TEGNA stockholders of record at the close of business on May 18 will receive one share… Continue Reading
April 21, 2016 — Berkshire Hathaway Automotive finds itself the victim of the law of unintended consequences in Texas’ fight to keep electric vehicle manufacturer Tesla from selling direct to consumers. The problem is that Texas’ legislation prohibiting manufacturers from selling vehicles directly to customers in the state was written so broadly that it includes… Continue Reading
April 18, 2017 – Get ready to jam to some tunes at the next Cox Automotive economic briefing…Seriously. The company announced this morning that DJ Smokey Smoke, also known as Jonathan Smoke, is succeeding long time automotive analyst Tom Webb as its chief economist. If you haven’t heard of him, you will. Smoke, who moonlights… Continue Reading
March 18, 2017 — Although 2016 saw a slight downturn in the number of transactions from 2015, dealership buy-sell activity the last three years has stayed fairly consistent, according to data compiled by The Banks Report. And 2017 is shaping up to be on par with the previous three years. From 2015 to 2016, the…
March 3, 2017 — The Morgan Auto Group in Tampa announced yesterday it has acquired Naples Mazda and Naples Chrysler Dodge Jeep Ram from Jon and Tom Myers. The acquisitions brings Morgan’s total number of stores to 23. Since January 2016, Morgan has added 11 stores, including acquisitions of Sun Toyota, Rountree-Moore Motors and Mercedes… Continue Reading
March 2, 2017 — Ron Lamb, the president of Reynolds and Reynolds, has decided to leave the automotive retail technology giant to pursue opportunities in private equity, according to a statement provided to associates earlier today. He was named president of Reynolds and Reynolds in October 2010. He began his career with Reynolds in 1991 and… Continue Reading
February 3, 2017 — CDK Global’s stock price hit its all time high yesterday of $65.03 following a strong second quarter fiscal 2017 report. It settled back down to close at just over $64. The stock has been on an upward trajectory the last six months and was trading at just under $54 a share in… Continue Reading
February 3, 2017 — Holman Automotive is expected to name longtime BMW executive Peter Witt as its Platform Vice President for the Northeast today, The Banks Report has learned. Witt will lead Holman’s 10 dealerships in New Jersey and Pennsylvania and will report to Gene Welsh, the group’s executive vice president. Holman is one of… Continue Reading
January 15, 2017 — Two words best describe this year’s Detroit Auto Show — Trump and autonomy. The vehicles? They were nearly an afterthought during press days at the North American International Auto Show (the show’s official moniker). Despite coming on the heels of a second consecutive record breaking year for sales, the mood on… Continue Reading
January 12, 2017 — The Environmental Protection Agency (EPA) today accused Fiat Chrysler of violating the Clean Air Act by using software to hide excess diesel emissions in 104,000 vehicles. Following the news, FCA stocks dropped more than 16% forcing the halt share trading for the automaker. The EPA claims FCA installed and failed to… Continue Reading