February 25, 2016 — CDK Global made it official yesterday announcing it has acquired the product portfolios of NewCar IQ and Red Bumper from Pearl Technology Holdings LLC. NewCar IQ is a new vehicle inventory management system while Red Bumper helps dealers manage their used vehicle inventories. CDK will combine the two products to create a solution…
February 23, 2016 — Reynolds and Reynolds will announce today that it has acquired ReverseRisk, a web-based analytics reporting platform for automotive dealers. It will become part of Reynold’s Retail Management System. Additionally, NCM Associates’s agreement to resell the platform under the NCM axcessa name will continue following the acquisition. David Spisak, co-founder and president of… Continue Reading
February 18, 2016 — Chip Perry’s first priority as the new CEO of TrueCar is to help the company regain dealer trust. A close second is managing investor expectations of what’s realistic for the public company this year as it makes several investments to position itself for long term growth. Perry laid out his vision…
January 28, 2016 — The nearly three-year patent dispute between Westlake Financial and the Credit Acceptance Corporation is finally over. And the news wasn’t good for CAC as the Patent Trial and Review Board ruled this week that several claims it makes regarding the disputed patent fall under the Cover Business Method (CBM) classification, essentially…
January 15, 2016 — Following several months of negotiations, Cox Automotive and CDK Global finally signed an agreement today securing Cox’s participation in CDK’s Third-Party Access (3PA) Program. The agreementt should eliminate any uncertainty in the market about whether Cox’s solutions would be able to integrate with CDK’s dealer management systems (DMS). The agreement also standardizes… Continue Reading
January 14, 2016 — Vendor acquisition activity in 2015 was brisk with 30 transactions getting across the finish line. But even though the number of acquisitions doubled what the industry saw in 2014, the total dollar figure was significantly less in 2015. More than $30 billion in equity changed hands in 2014 as several deals…
December 16, 2015 — Ending several weeks of speculation, The Banks Report has learned that FordDirect’s CEO Stacey Coopes is leaving the company as soon as today following a recent vote by the company’s board of directors. Insiders tell TBR the move raises questions about FordDirect’s future over the next several months. Differences in philosophy… Continue Reading
December 11, 2015 — CDK Global announced today that CEO and President Steve Anenen will retire by the end of the company’s fiscal year on June 30, 2016. Brian MacDonald, who was named to the board of directors in June, will become president on January 1 and will take over the CEO position once Anenen… Continue Reading
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
November 30, 2015 — The Banks Report has learned that private investment firm HGGC has just completed an acquisition of a third company in the automotive retail industry. The announcement should come in the next couple of days. HGGC, owned by Steve Young, a former NFL quarterback who was elected to the Hall of Fame, currently manages…