Observations About Fair’s Recent $1 Billion Capital Raise

Observations About Fair’s Recent $1 Billion Capital Raise

October 21, 2017 – On Friday, Scott Painter’s newest venture, an online used car leasing app called Fair, announced it has secured offers for nearly $1 billion in combined capital from two separate groups of investors. The $1 billion is in addition to a soon to-be-completed round of financing from a group that includes BMW i…

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Cliff Banks - The Banks Report

Dealer Files Class Action Lawsuit Against DMS Vendors

October 20, 2017 — Teterboro Chrysler Dodge Jeep Ram filed a class action lawsuit yesterday against Reynolds and Reynolds and CDK Global alleging various antitrust violations. The case was filed in United States District Court in the New Jersey District. Teterboro, who is a Reynolds and Reynolds client, alleges the two companies during the period… Continue Reading

J.D. Power CEO Finbarr O’Neill to Retire

J.D. Power CEO Finbarr O’Neill to Retire

October 12, 2017 — J.D. Power announced yesterday that Chief Executive Officer and President Finbarr O’Neill will retire from the company, effective March 2018. The search for his successor is underway. O’Neill, 65, will act as a Senior Advisor to the company following the transition to the new CEO. O’Neill led the firm for 10 years,… Continue Reading

TBR 3rd Quarter 2017 Auto Retail Vendor M&A Report

TBR 3rd Quarter 2017 Auto Retail Vendor M&A Report

October 9, 2017 — IHS Markit’s acquisition of Automotive Mastermind, one of the year’s biggest U.S.-based deals, brought an active third quarter to a close last week. The other big story of the quarter — and perhaps the year — is the nearly $200 million invested in six startups specializing in online automotive transaction solutions.…

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Cliff Banks - The Banks Report

Antitrust Lawsuit Update — Reynolds and Reynolds Hit with Third Lawsuit

September 5, 2017 — The lawsuits are piling up and more are on the way. Late last month, Superior Integrated Solutions (SIS), owner of Darwin Automotive, became the third dealership vendor to file a lawsuit against Reynolds and Reynolds since February alleging anti-competitive practices. At issue are the policies and practices Reynolds and CDK Global…

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Cliff Banks - The Banks Report

Jonathan Ord Steps Down as CEO of DealerSocket

August 29, 2017 — Jonathan Ord, CEO of CRM vendor DealerSocket, is stepping down as CEO of the company he founded with Brad Perry in 2001. Replacing Ord is Sejal Pietrzak, who is leaving her position as Chief Administration Officer at Active Network. Under Ord’s leadership, DealerSocket grew into one of the top CRM companies… Continue Reading

VC Firms Like Online Transaction Apps in Auto Retail

VC Firms Like Online Transaction Apps in Auto Retail

August 24, 2017 —  (Originally published on LinkedIn) Since July, venture capital firms have invested $159.2 million into the automotive retail industry. And all of the capital is going into five companies whose solutions focus on online transactions. Overall, there have been 20 total deals since January in the industry — eight investments, 10 acquisitions… Continue Reading