Cliff Banks - The Banks Report

Berkshire Hathaway Automotive Makes its First Purchase

The newly minted Berkshire Hathaway Automotive wasted little time making its first acquisition buying Frank Kent Honda in Fort Worth, TX last week. The dealership was owned by Corrie Watson and her brother Will Churchill who decided to sell following the unexpected death of Watson’s husband, Tim. Churchill and Watson are great grandchildren of Frank Kent… Continue Reading

Cliff Banks - The Banks Report

2015 NADA Report – Section 1: Vendor Acquisition Activity

Vendor acquisition activity in the automotive retail space this year will not come close to the mind-blowing $30 billion in equity that changed hands in 2014. So far, through the first week of March, there have been four deals announced ranging from $5 million to more than $190 million.  This is Section One of our post…

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Wilson and GM Cut a Deal

Wilson and GM Cut a Deal

March 8, 2015 —  The Wall Street Journal is reporting that General Motors will lay out Monday its plans to return billions to shareholders in a more aggressive timetable than originally planned. The move is part of an agreement with activist investor Harry Wilson who has agreed to not pursue a board seat. The amount GM intends to… Continue Reading

Cliff Banks - The Banks Report

TBR Daily Update — Ports Slowdown Affecting Automakers; Berkshire Hathaway Acquisition of Van Tuyl to Close this Week? Mass Action Lawsuit Against TrueCar?

February 16, 2015 — Ports Slowdown Affecting Automakers; Berkshire Hathaway Acquisition of Van Tuyl to Close this Week? Mass Action Lawsuit Against TrueCar? Ports Slowdown Affecting Automakers Several automakers are taking steps to offset a looming parts shortage caused by a contract dispute between dockworkers and shipping companies at 29 West Coast ports. Following nine months…

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Cliff Banks - The Banks Report

Activist Investors Target Automotive — Is that Good News?

February 15, 2015 — Activist investors suddenly have taken a keen interest in automotive-related companies. Is that good news for the targeted firms? It depends on who you ask. CDK Global, Autobytel, and now, General Motors, are the recent targets of activist investors. It’s a relatively new phenomenon in automotive retail. Automotive manufacturing suppliers have… Continue Reading

Cliff Banks - The Banks Report

Hyundai and Subaru in Lawsuits Against Dealers

February 13, 2015 — In a lawsuit you don’t see every day, Hyundai is suing a Chevrolet store for importing parts and selling them to its dealers in the U.S. Meanwhile, Subaru filed a lawsuit against one of its California dealers for falsifying customer service surveys. Wonder how long before that store is on the…

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Cliff Banks - The Banks Report

Does Wilson Have Other Plans for GM?

February 12, 2014 — Right now, it’s a simple share buyback plan that would be-activist investor Harry Wilson is trying to foist upon General Motors. But does the former architect of President Obama’s automotive bailout plan have other plans in mind also? If so, it could be bad news for General Motors dealers. This week, Harry…

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Cliff Banks - The Banks Report

TBR Daily Update — February 4

February 4, 2015 — Felix Sabates Closes Bentley Store; Number of Stores & Average Sales Up in 2014; Mike Sullivan, Barry Switzer Acquire Primeaux Kia in Tulsa Felix Sabates Closes Bentley Store Felix Sabates, has closed the Bentley dealership in Charlotte that he opened in November 2013. Sabates is a partner in several stores with Terry Taylor and…

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