Cliff Banks - The Banks Report

Reynolds and Reynolds Adds 4th Company in 2023

July 20, 2023 — On a blistering acquisition pace this year, The Reynolds and Reynolds Company announced its fourth purchase since January, picking up Xzilon, an Oregon-based vehicle protection and appearance solution provider. Xzilon, founded in 2003, offers F&I products that protect and enhance the exteriors and interiors of vehicles, boats, RVs, and motorcycles. Kevin… Continue Reading

JM Family Leads Capital Raise in Skaivision

JM Family Leads Capital Raise in Skaivision

July 18, 2023 — JM Family Enterprises Inc. is taking the lead in a new growth funding round for Skaivision, a computer vision artificial intelligence solutions provider for automotive dealerships.  Mark Queen, Skaivision founder and CEO, unveiled the concept at the AUTOVATE conference in December 2021. Since then, he raised a seed round, including investment from dealers, developed the software,… Continue Reading

Get Ready to Rumble — UAW Negotiations with the Detroit 3 Begin This Week

Get Ready to Rumble — UAW Negotiations with the Detroit 3 Begin This Week

July 10, 2023 — Dealers selling one or more of the Big Three domestic automotive brands may want to mark September 14, 2023, on their calendars.  At midnight on September 14, the current contracts between the United Auto Workers Union and Ford Motor Co., General Motors, and Stellantis will expire, resulting in what likely will… Continue Reading

Cliff Banks - The Banks Report

Relative Unknown Makes Big Play in UK

June 25, 2023 — A surprise announcement last week as The Alpha Auto Group (a Canadian-based with stores in the US) has made a bid to acquire the UK-based Lookers group for $596 million (£465mn). A few months ago, we heard that a Canadian group was looking at the British market but assumed it was… Continue Reading

Knight Rider Era Begins?

Knight Rider Era Begins?

June 20, 2023 — Remember Knight Rider? Nearly 41 years ago, the talking and intelligent 1982 Pontiac Firebird Trans Am (AKA known as KITT) first appeared on NBC, tickling our imaginations about what it would be like to have a conversation with our cars. Nothing more than fantasy land. Talking to a car has been… Continue Reading

STELLA, an Automotive AI Firm, Completes Seed Raise

STELLA, an Automotive AI Firm, Completes Seed Raise

May 10, 2023 — STELLA Automotive AI, a provider of high-end conversational AI technology, announced yesterday it has closed a seed round of financing. The round included multiple well-known dealer groups such as Maroone USA, the Pohanka Automotive Group, and Czubay Family Enterprises. Terms of the financing of the seed were not disclosed. However, investors… Continue Reading