McLarty Automotive Buys Stores, has Investment from Family Offices

McLarty Automotive Buys Stores, has Investment from Family Offices

October 28, 2015 — The Banks Report has confirmed the McLarty Automotive Group has acquired seven stores selling 16 franchises of the Joe Machens dealership group in Columbia, MO, from owners Gary and Rusty Drewing. Charles Oglesby, the former chairman and CEO of the Asbury Automotive Group, has been named the CEO of the group. The… Continue Reading

Cliff Banks - The Banks Report

AutoNation to Acquire Large Group in Texas

October 24, 2015 — AutoNation is on a buying spree this year. It is set to announce early this next week that is acquiring the Allen Samuels Group in Texas. The acquisition follows its August purchase of 16 stores — 13 from Carl Gregory in Georgia and three in Maryland owned by Charles Fenwick. (TBR has…

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July-August Dealership Buy-Sells Sizzling Pace

July-August Dealership Buy-Sells Sizzling Pace

September 9, 2015 — A torrid July and August in the dealership buy-sell market saw 81 rooftops change hands bringing the 2015 total to 322 through the first eight months of the year — just two shy of all of 2014’s total. Averaging about 40.25 buy-sells a month this year, the industry is on pace to…

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AutoNation Acquires 16 Stores

AutoNation Acquires 16 Stores

August 18, 2015 — AutoNation announced this morning its biggest acquisition by revenue since 2001. The nation’s largest dealer group is acquiring 16 dealerships — 13 from Carl Gregory Enterprises and three stores owned by the Valley Motors Auto Group. Combined, the stores generated more than $600 million in revenue in 2014 on nearly 20,000 new and used…

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Can TrueCar Rebound from its Tough 2nd Quarter?

Can TrueCar Rebound from its Tough 2nd Quarter?

July 31, 2015 — The first six months of 2015 have not been kind to TrueCar. The stock price, which was just under $23 on December 31, is now trading below $7. The question is, can the company rebound? The challenges seem to be piling up — multiple lawsuits; a significant second quarter earnings miss;…

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Cliff Banks - The Banks Report

TrueCar Settles — Wins — Legal Dispute with Sonic Automotive

July 29, 2015 — One lawsuit down, several more to go. In what is some much needed good news for online car buying platform TrueCar,  it announces it has reached a settlement with Sonic Automotive in a trademark dispute dating back to August 2013. The Banks Report first reported the dispute in September 2013 (TrueCar… Continue Reading

Cliff Banks - The Banks Report

Asbury Sells BMW Store to Holman

July 13, 2015 — The Holman Automotive Group acquired Princeton BMW MINI in New Jersey today from the Asbury Automotive Group.  It is Holman’s second acquisition in the last several weeks as it acquired Audi of Willow Grove outside of Philadelphia in June. Holman operates approximately 22 franchises located in Pennsylvania, New Jersey and Florida. The… Continue Reading