Big Money at NADA; Soros Rumors and Dinners…

Big Money at NADA; Soros Rumors and Dinners…

January 26, 2015 — Sitting in the San Francisco airport waiting for a flight (after missing my morning flight) and going through nearly 50 pages of notes from last week’s NADA convention and related conferences. I’m not a big theme guy, but on the last day of the convention, that seemed to be the question I heard the… Continue Reading

Why Are Activist Investors Targeting CDK?

Why Are Activist Investors Targeting CDK?

January 11, 2015 — CDK Global suddenly is attracting the attention of Wall Street investors and analysts following two prominent hedge funds taking activist positions in the company since its IPO and spinoff from ADP in early October. The early returns have been strong — a stock price that began trading in the mid-twenties hit…

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Cliff Banks - The Banks Report

DealerTrack Announces incadea Acquisition

December 18, 2014 — DealerTrack today announced it has acquired the international DMS firm incadea for $190.3 million (about $63 million more than incadea’s market cap) using cash on hand and cash from existing credit facilities. The company was once owned by Reynolds and Reynolds from 2003 to 2007. It’s an important deal — and…

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DealerTrack to go Global?

DealerTrack to go Global?

December 5, 2015 — DealerTrack apparently likes to make surprise announcements in December. Last year, it announced the acquisition of Dealer.com in what turned out to be a $987 million deal. Yesterday, the Long Island-based dealer technology firm confirmed it is in preliminary discussions to make another acquisition and will announce its decision by or on January 1,…

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Cliff Banks - The Banks Report

Activist Investor Targets CDK

October 28, 2014 — CDK’s share prices jump as Wall Street welcomes the news of a new investor in the dealership technology vendor. Only trading on NASDAQ just under a month following its spinoff from ADP, dealer technology provider CDK Global already is being targeted by an activist investment group seeking to discuss with management how to…

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Cliff Banks - The Banks Report

Cox Automotive Invests in AutoMD

October 9, 2014 — Cox Automotive’s investment in AutoMD is continued indication that interest in the dealership service repair sector is growing and represents huge potential for vendors over the next 10 years. Cox Automotive and Federal-Mogul Motorparts announced last night they have made a minority investment in AutoMD, Inc., previously a wholly-owned subsidiary of U.S. Auto Parts Network,…

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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…

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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

DealerTrack Acquires Dealer.com — What the Deal Means

Editor’s note: We updated a couple of sections below — the updates are in italics. We stated that Dealer.com was number one in marketshare for websites. The Cobalt Group has an estimated 9,000 franchise dealer websites in North America, Dealer.com has 7,000.  We have several thoughts regarding DealerTrack’s acquisition of Dealer.com which was announced late…

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