Cliff Banks - The Banks Report

Reynolds and Reynolds Strengthens European Solution

September 17, 2015 — Reynolds and Reynolds announced today that its European operations has acquired Contact Advantage, a U.K.-based CRM provider with showroom, F&I and lead management solutions. The company just launched a group of several mobile applications designed to let the dealership manage the customer throughout the entire purchase process using an i-Pad. Contact Advantage… Continue Reading

Monster Deals Pending in Automotive Retail

Monster Deals Pending in Automotive Retail

August 22, 2015 — By the end of the year, it is conceivable the automotive retail industry may see at least three publicly traded vendors go private in deals ranging from $4.5 billion to $9-$10 billion. Dealertrack, CDK Global and Solera Holdings, all multi-billion dollar vendors, are either close to or are exploring sales to private…

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Cliff Banks - The Banks Report

Dealertrack to Sell Inventory Solution to Dealersocket

August 20, 2015 — Dealertrack informed its employees this morning (and announced in a press release) that it is selling its suite of Inventory+ solutions (formerly AAX) to Dealersocket for $55 million in cash. The announcement likely means Cox Automotive’s pending $4 billion acquisition of Dealertrack is nearing commpletion. In-depth analysis of vendor activity in… Continue Reading

Spireon’s Inilex Play Positions It for Future Acquisition

Spireon’s Inilex Play Positions It for Future Acquisition

August 3, 2015 — Two weeks ago, Spireon, backed by private equity firm Bertram Capital, announced the acquisition of privately-held Inilex, a leading GPS recovery solutions provider for an undisclosed sum. The Spireon name probably isn’t familiar to many in the automotive retail space, but it will be soon as the deal could be an intriguing play with significant…

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Can TrueCar Rebound from its Tough 2nd Quarter?

Can TrueCar Rebound from its Tough 2nd Quarter?

July 31, 2015 — The first six months of 2015 have not been kind to TrueCar. The stock price, which was just under $23 on December 31, is now trading below $7. The question is, can the company rebound? The challenges seem to be piling up — multiple lawsuits; a significant second quarter earnings miss;…

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Cliff Banks - The Banks Report

TrueCar Settles — Wins — Legal Dispute with Sonic Automotive

July 29, 2015 — One lawsuit down, several more to go. In what is some much needed good news for online car buying platform TrueCar,  it announces it has reached a settlement with Sonic Automotive in a trademark dispute dating back to August 2013. The Banks Report first reported the dispute in September 2013 (TrueCar… Continue Reading

Investor Sues to Stop Dealertrack Acquisition

Investor Sues to Stop Dealertrack Acquisition

July 7, 2015 — An investor in Dealertrack filed a lawsuit yesterday afternoon seeking to stop Cox Enterprise’s $4 billion acquisition of the Long Island, NY-based technology firm contending the deal prohibits investors from participating in Dealertrack’s projected growth while providing executives with golden parachutes. The suit claims the agreement is the “culmination of a…

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