Cliff Banks - The Banks Report

Brian Skutta Named as CEO of Auto Alert

Auto Alert announced Brian Skutta as its new CEO this morning. Skutta most recently ran Cox Automotive’s Vin Solutions. Also announced was the appointment of Akshaya Mehta as CTO. Mehta had been with Vintek, a company acquired by DealerTrack last year. Meanwhile, Founder and CEO of Auto Alert Boyd Warner has been named as co-chairman…

This content is for subscribers only.
Log In Subscribe
Capital Automotive Sells for $4.3 Billion

Capital Automotive Sells for $4.3 Billion

August 28, 2014 — Capital Automotive LP, a power broker in the dealership acquisition market, announced today it has been sold to Brookfield Property Partners for $4.283 billion. Based in McLean, VA, Capital Automotive has more than $3.5 billion invested in more than 450 dealerships spread across 37 states. The company provides financing to dealerships looking to…

This content is for subscribers only.
Log In Subscribe
Cliff Banks - The Banks Report

TrueCar — Welcome to Wall Street

August 27, 2014 — It had a rocky welcome to Wall Street, but TrueCar’s stock price has more than doubled since its IPO earlier this summer. About three weeks ago, we reported on TrueCar’s strong second quarter numbers — it’s first quarter as a public company. At the time, the stock price was just under…

This content is for subscribers only.
Log In Subscribe
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…

This content is for subscribers only.
Log In Subscribe
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…

This content is for subscribers only.
Log In Subscribe
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…

This content is for subscribers only.
Log In Subscribe
Dean Evans to LotLinx

Dean Evans to LotLinx

Now we know where Dean Evans has landed – LotLinx. We wrote about LotLinx (last fall) and it’s an intriguing product that is trying to capitalize on the current dissatisfaction with the third-party lead model by pushing shoppers directly to the dealership’s vehicle display page. We’ll have a lot more to write about on this…

This content is for subscribers only.
Log In Subscribe