Cliff Banks - The Banks Report

DealerTrack Launches New CRM, 2nd Quarter Numbers Strong

DealerTrack reported strong second quarter earnings yesterday evening beating estimates on revenue by more than $11 million and earning-per-share by $0.04 giving its stock price a small bump during after-hours trading. Revenue for the quarter came in at $224.8 million — 85% higher than second quarter 2013. DealerTrack executives revised year-end revenue projections from $814.0…

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July Dealership Buy-Sell Activity

July Dealership Buy-Sell Activity

The dealership buy-sell market remained hot in July with 27 confirmed acquisition bringing the total for 2014 to 151 rooftops and 225 brands changing hands. In 2013, 110 dealerships changed owners through July. To download an Excel file of this year’s acquisitions click TBR_July_Buy_Sell_Excel. Chevrolet held onto its lead for the year with 16 acquisitions.…

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Cliff Banks - The Banks Report

AutoTrader Developments – Updated

August 21, 2014 — UPDATED: Cox Enterprises announces Cox Automotive — as TBR predicted more than a week ago. Additionally, Manheim announced an acquisition in Brazil, adding to its global footprint. August 9, 2014 — Recently, there have been some intriguing developments in Atlanta at AutoTrader headquarters. Executive Leadership Earlier this week, AutoTrader.com announced it…

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Gannett’s Buy of Cars.com Pushes 2014 to Record Yr for Acquisitions in Automotive Retail

Gannett’s Buy of Cars.com Pushes 2014 to Record Yr for Acquisitions in Automotive Retail

Confirming rumors that have persisted since April, Gannett Co. announced this morning that it is paying $1.8 billion to its four partners to acquire the portion of Cars.com it does not already own. Cars.com is owned by Classified Ventures, which is a joint venture between Gannett, A.H Belo Corp., Graham Holdings Co., Tribune Media and McClatchy. Gannett…

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Cliff Banks - The Banks Report

David Maus Reportedly Sells Stake Back to Van Tuyl

A report in the Orlando Business Journal late yesterday (July 30) seems to confirm what we’ve been hearing the last couple of weeks about David Maus selling his stake in four dealerships back  to his majority partners Van Tuyl. The price is rumored to be about $20 million. The Orlando-area stores include David Maus Chevrolet, David Maus Toyota… Continue Reading

The Banks Report 2014 Mid-Year Dealership Buy-Sell Update

The Banks Report 2014 Mid-Year Dealership Buy-Sell Update

OVERVIEW Through the first six months of 2014, 125 dealerships changed ownership, up from 89 through the same period in 2013 according to data compiled by The Banks Report. Eighty-three different buyers accounted for the 125 acquisitions. Note: The 125 does not include the 27 stores Lithia Motors will gain when it closes on its…

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Cliff Banks - The Banks Report

BMW Inflating Sales Again?

TBR has talked to several BMW dealers the last two weeks who say that BMW has been exerting significant pressure on them to engage in a practice commonly known as “punching” sales. According to the dealers, BMW zone officials have been offering anywhere from $1,000 to $3,500 in some cases, to count vehicles as sold,…

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Cliff Banks - The Banks Report

Napleton vs. Jaguar – Another Right of First Refusal Lawsuit

Longtime Illinois dealer Ed Napleton is suing Florida attorney and New York dealer Manuel Kadre; Jaguar Land Rover North America; the Long Island Automotive Group, MMS-HM and their owners, the Marubeni America Corp. It’s another lawsuit resulting from a manufacturer’s exercise of the right of first refusal in which they nix one buyer and bring… Continue Reading