Autobytel Posts Strong 3rd Quarter

Autobytel Posts Strong 3rd Quarter

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…

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Contact at Once Acquired

Contact at Once Acquired

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

Autobytel’s Uncertain Future

Autobytel’s Uncertain Future

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…

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Cliff Banks - The Banks Report

Activist Investor Targets CDK

October 28, 2014 — CDK’s share prices jump as Wall Street welcomes the news of a new investor in the dealership technology vendor. Only trading on NASDAQ just under a month following its spinoff from ADP, dealer technology provider CDK Global already is being targeted by an activist investment group seeking to discuss with management how to…

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Cliff Banks - The Banks Report

Cox Automotive Invests in AutoMD

October 9, 2014 — Cox Automotive’s investment in AutoMD is continued indication that interest in the dealership service repair sector is growing and represents huge potential for vendors over the next 10 years. Cox Automotive and Federal-Mogul Motorparts announced last night they have made a minority investment in AutoMD, Inc., previously a wholly-owned subsidiary of U.S. Auto Parts Network,…

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Bye Bye ADP, Hello CDK

Bye Bye ADP, Hello CDK

September 30, 2014 — After the market’s close today, the ADP Dealer Services Group moniker will cease to exist. The group, a division of ADP, is being spun off today as a separate public company and will be called CDK Global. What does this mean for dealers? The Dealer Services Group was started in 1972…

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Cliff Banks - The Banks Report

Short Term Overview of the Automotive Retail Space

The automotive retail sector is on the cusp of true transformational change.  Since 1995, when Seattle dealer Marty Rood sold the first vehicle online – a gold Volvo 760 – through a service called DealerNet, the Internet and its surrounding technology has pushed customers, dealers, vendors and automakers closer to an era where real digital…

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Cliff Banks - The Banks Report

CDK Global Clients to Get New Financing Partner

September 17, 2014 — ADP announces details and the date of the spin off of its Dealer Services Group (now called CDK Global) along with information about a new financing partner for its dealers. ADP Dealer Services U.S. and Canadian clients who have financed with ADP Commercial Leasing will be moved to a new co-branded financing…

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Cliff Banks - The Banks Report

Group 1 Automotive Doubles Down in Brazil; Exits Long Island

September 15, 2014 — In the words of Kenny Rogers — “You’ve got to know when to hold ’em; know when to fold ’em; know when to walk away; know when to run.” And Group 1 Automotive’s Chairman and CEO Earl Hesterberg is showing he’s not afraid to follow that advice and cut his losses.…

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