Cliff Banks - The Banks Report

Chinese Retailer Goes International

June 30, 2015 — Lei Shing Hong recently acquired 15 Mercedes Benz dealerships in Germany following its purchase of two Mercedes stores in Australia outbidding other groups including one from the U.S. looking to establish a presence there. The world’s largest Mercedes Benz dealer is Lei Shing Hong Ltd, a Chinese company with approximately 180 Mercedes dealerships… Continue Reading

Cliff Banks - The Banks Report

Cars.com’s New Owner Goes Public

June 29, 2015 — Over the next several months, we believe the automotive industry will see a more aggressive Cars.com at play in the acquisitions market as its parent company, the newly minted Tegna begins trading on the New York Stock Exchange under the symbol TGNA this morning. Gannett Co., the giant newspaper publishing and…

This content is for subscribers only.
Log In Subscribe
Tough Times Ahead for Fiat Chrysler Dealers

Tough Times Ahead for Fiat Chrysler Dealers

June 11, 2015 — Since October of 2014, when asked which automotive brands I like during the Q&A sessions following presentations I’ve given, my advice has been to “Sell your Chrysler store today.” Often the response is incredulous — “Sales are through the roof, and we’re making money, why would we sell?” is the question.…

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

Vendor Acquisitions on a Hot Pace

June 7, 2015 — There have been 13 automotive retail vendor acquisitions through the first week of June far outpacing 2014’s total of 19 transactions. The difference this year is that the transactions are much smaller. While last year’s acquisitions, mergers and IPOs involved more than $30 billion in equity in changing hands, according to…

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

Monster May for Dealership Buy-Sells

June 7, 2015 — May was a monster month for dealership acquisitions setting a monthly record for number of transactions since January 2013. Notable deals included Group 1 Automotive, Lithia Motors, Bill Jacobs, Tom Durant and Euro Motor Cars, Victory Automotive and AutoNation. At least 33 transactions accounted for 41 dealerships changing owners in May, according to…

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

FCA Australia Scandal Reaches U.S.

  June 6, 2015 — An erupting scandal involving former Fiat Chrysler  and Mercedes Benz executives in Australia snags website provider MotorTrak and potentially threatens its business globally while raising questions about its deal to provide websites to Mercedes Benz retailers in the U.S.  For the last week, media outlets in Australia and New Zealand have been… Continue Reading

Cliff Banks - The Banks Report

J.D. Power to Acquire NADA Used Car Guides

May 28, 2015 — The acquisitions in the automotive retail space keep coming. The latest is J.D. Power and Associates’ acquisition of NADA Used Car Guides, announced minutes ago. It’s a move that will shake up the used vehicle pricing guides space, which includes Hearst Corporation’s Black Book and Kelley Blue Book, which is owned by…

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

TrueCar’s Lawsuits – Just Noise or Something More?

May 27, 2015 — UPDATED: First it was non-dealer customers, then it was its dealer customers in California suing TrueCar — now its investors have filed a lawsuit against the online vehicle shopping site. Is it just noise or do the lawsuits indicate a deeper problem for TrueCar?   Following last week’s announcement that the California New Car…

This content is for subscribers only.
Log In Subscribe