Cliff Banks - The Banks Report

Sonic Unveils Pre-owned Strategy

Sonic Automotive is announcing more details today of its pre-owned strategy, which will include a national chain of used-car only stores. The initiative’s name will be EchoPark and will be launched in Denver in October. Ultimately, Sonic plans to be in approximately 50 markets, employing a hub-type model, each with a main store that will…

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Cliff Banks - The Banks Report

California Superstores Sells Two More Stores

 California Superstores have sold two more dealerships in the last month in what appears to be a dismantling of the dealer group. The group, which began in late 2010,  once owned as many as 11 dealerships but is down to four.  The two most recent sales include Courtesy Chevrolet-Cadillac in San Jose and the Folsom Chrysler…

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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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