Volkswagen News Mixed for U.S. Dealers

Volkswagen News Mixed for U.S. Dealers

December 10, 2015 — Volkswagen executives today presented a far more favorable picture of the automaker this morning during an early press conference than could have been envisioned a few weeks ago. But the situation in the U.S. remains more murky as Volkswagen waits for guidance from U.S regulatory officials on whether its proposed fixes…

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Cliff Banks - The Banks Report

A New Digital Land Grab Coming to Automotive

December 1, 2015 — Industry-specific domain extensions are coming to the automotive industry next week and could create a digital land grab reminiscent of the Oklahoma land rush in 1889. Cars Registry Ltd, a joint venture between XYZ and Uniregistry,  which owns and operates the new extensions, is making the domains, .cars, .car and .auto available for purchase… Continue Reading

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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Cliff Banks - The Banks Report

Private Equity Firm to Buy Large Midwest Group

October 15, 2015 — Fremont Private Holdings is acquiring Morrie Wagener’s 11 dealership-group in Minnesota. Partnering with Fremont  is Karl Schmidt, who has run Morrie’s Automotive Group since 2009 as its CEO. Fremont, which is the investment firm established by the family that owns construction company Bechtel Corp., has been rumored for about two years to… Continue Reading

Cliff Banks - The Banks Report

Data Access Battle Goes Nuclear

October 12, 2015 — A little more than a week ago, the simmering battle between DMS firms and other automotive retail vendors over data access and integration went nuclear. To be fair, the issue has plagued the automotive retail space for more than 20 years as certain DMS firms have sought to restrict or control third party…

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