AutoNation Moves Car Buying into the Future

AutoNation Moves Car Buying into the Future

November 13, 2014 — Next month, AutoNation will take a big step in making true online transactions in the car buying process a reality when it begins the roll out of its SmartChoice Express initiative. It’s one of its biggest initiatives to date and could move the automotive retail space into the next phase of car…

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Cliff Banks - The Banks Report

Cox Automotive Acquires Xtime

It continues to be a sizzling year for acquisitions in the automotive retail space. The Banks Report has learned the latest company to be acquired is Xtime, a firm that provides technology solutions to dealership service departments. Cox Automotive is announcing this afternoon that it has acquired the Redwood City, CA-based firm for $325 million…

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Monster October for Dealership Buy-Sells

Monster October for Dealership Buy-Sells

The automotive retail space is within striking distance of 300 dealership acquisitions for all of 2014 following a monster October that saw 49 rooftops change hands. Meanwhile, prices for deals start to climb in wake of Buffett’s announcement. Fueled by Lithia Motors’ acquisition of the DCH Automotive Group, the 49 rooftops that changed owners in…

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3rd Quarter Dealership Buy-Sell Update

3rd Quarter Dealership Buy-Sell Update

November 3, 2014 –The dealership buy-sell market remains hot through for the year with 200 acquisitions through the third quarter. While Warren Buffett’s announcement brought a renewed sense of energy to the market, it ultimately may dampen potential acquisitions for the next couple of quarters as buyers are content to wait out what is proving to…

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Dealership of the Future Already Here

Dealership of the Future Already Here

November 1, 2014 — A dealership in Great Britain is going to try to sell cars without any salespeople. You read that right — no sales people. The dealership provides iPads located throughout the store for customers to use to complete the entire transaction online, including the financing. The dealership does have “product angels” available… Continue Reading

Cliff Banks - The Banks Report

Cox Automotive Invests in AutoMD

October 9, 2014 — Cox Automotive’s investment in AutoMD is continued indication that interest in the dealership service repair sector is growing and represents huge potential for vendors over the next 10 years. Cox Automotive and Federal-Mogul Motorparts announced last night they have made a minority investment in AutoMD, Inc., previously a wholly-owned subsidiary of U.S. Auto Parts Network,…

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Lawsuit Shows BMW Punches Sales

Lawsuit Shows BMW Punches Sales

October 8, 2014 — A federal judge in New Jersey Monday approved the settlement of a class action lawsuit resulting from BMW’s long standing practice of forcing dealers to help inflate its monthly sales numbers in what is commonly known as “punching” sales. The lawsuit alleged BMW cheated customers by reducing the length of its four-year Ultimate…

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Virtual Test Drives in the Dealership?

Virtual Test Drives in the Dealership?

October 7, 2014 — Lexus has built a virtual test drive simulator that will be in place at upcoming auto shows and customer events over the next several months, beginning with the Orange County International Auto Show, which was held last week. In March, we wrote a piece called The Coming Changes to Automotive Retail, in which we… Continue Reading

Mr. Buffett Doesn’t Want to Change Automotive Retail, He Likes the Model Too Much

Mr. Buffett Doesn’t Want to Change Automotive Retail, He Likes the Model Too Much

Our analysis of yesterday’s stunning announcement from Warren Buffett that he is acquiring the Van Tuyl Group: Welcome to the Industry, Mr. Buffett. I’ve had several conversations and have read numerous blogs that speculate Buffett will usher in a new world for automotive retail — improving the shopping and buying processes both online and offline. Some of… Continue Reading

Welcome to Automotive Retail, Mr. Buffett

Welcome to Automotive Retail, Mr. Buffett

October 2, 2014 – Warren Buffett’s announcement today that his Berkshire Hathaway Group is acquiring the Van Tuyl Group Group has the potential to change the market over the next year. Certainly, adding his iconic stature to an industry that already has business luminaries such as Roger Penske and MikeJackson only adds further validation that automotive retail is…

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