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…
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…
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…
November 8, 2014 — An interesting legal decision this past week in California affecting the pharmaceutical industry may have a bearing on the future of CDK Global, Autobytel and other automotive retail vendors that are dealing with activist investors. A judge ruled on Tuesday that activist investor Bill Ackman can vote all of his shares at… Continue Reading
November 7, 2014 — Autobytel’s shares jumped 7.59% yesterday closing at $10.06 following a strong third quarter in which the Internet pioneer in automotive retail posted revenue increase of more than 26% from 2013 to $27.4 million — its highest quarterly revenue since 2007. Revenue for the first three quarters was $80.2 million, up 39% from…
November 5, 2014 — UPDATED WITH NEW REVENUE INFORMATION — Dealership website chat service firm Contact at Once! has been acquired by LivePerson Inc. (NASDAQ: LPSN) for approximately $65 million. Contact at Once! provides text and chat services for dealership websites in the automotive retail space. It acquired the chat solution of OutSell earlier this year.… Continue Reading
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…
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
October 30, 2014 — Sadly, the automotive industry lost one of its shining lights this week when Joe Herman passed away early in the morning on Wednesday October 29. His career spanned more than 40 years, beginning with selling cars at Shrewsbury Volkswagen in New Jersey and ending on the other coast in Vancouver, WA… Continue Reading
October 29, 2014 — Autobytel’s next earnings call with analysts, slated for November 5th, could get interesting. A scathing letter last week from activist investor Ancora Advisors LLC reveals intense dissatisfaction with the current management team and likely will force a sale of Autobytel. The question is, who would buy it? The last month has…