August 5, 2024 — The world’s economy looks much different than it did last Wednesday. Overnight, Japan’s Nikkei 225 stock index plunged more than 4,400 points – 12.5% – the biggest drop since 1987, forcing a suspension of trading. The Nikkei’s Monday decline follows a series of troubling economic news in the U.S. at the… Continue Reading
June 27, 2024 — Late Thursday afternoon, CDK Global began rebooting the systems for a test group of dealers, following a two-pronged cyber attack more than a week ago. (UPDATED July 11 — According to a CNN report, CDK likely paid a ransom of $25 million to the hackers on June 21 — in numerous… Continue Reading
September 26, 2023 — Wow. A shootout erupted between Lithia Motors and the Penske Automotive Group last week as both companies announced competing bids for the right to acquire Pendragon, one of the United Kingdom’s largest dealer groups. And now, AutoNation jumped in tonight with a bid of approximately $542 million (£447 million). Lithia Motors… Continue Reading
September 8, 2023 — Asbury Automotive is acquiring the Jim Koons automotive dealership group for $1.2 billion. The transaction is expected to close late this year or in early 2024. (Read TBR’s analysis of the deal and the pricing – written September 7th). The deal, which will be the third largest in history, includes $740… Continue Reading
September 7, 2023 — This week, the Asbury Automotive Group filed an 8-K with the SEC, alerting the market it is talking to the Jim Koons Automotive Companies about purchasing its 21 dealerships. (UPDATE: Asbury announced it is acquiring Koons — Read more Here.) The filing most likely was precipitated by the news leaking out… Continue Reading
July 10, 2023 — In June, 16 dealership buy-sell transactions involving 39 rooftops were announced. We’ll likely hear of more June deals in the coming weeks, as there often is a lag between a transaction’s completion and its announcement. July is off to a slow start with only two transactions being announced through the first… Continue Reading
June 27, 2023 — The Morgan Automotive Group finally announced its long-rumored acquisition of Al Hendrickson Toyota in Coconut Creek, FL, last week. The transaction is one of five dealership buy-sells involving eight rooftops announced in the U.S. the last few days. Founded in 1989 by Al Hendrickson Sr. and his son, Al Hendrickson Jr,… Continue Reading
June 9, 2023 — Dealership M&A activity continues a brisk pace in 2023 as six transactions involving 20 different rooftops were announced the first week of June. Meanwhile, word on the street is that a record-breaking transaction for a single-point store is close to getting across the finish line and could be days from being… Continue Reading
Updated: 5-yr growth plan and new online brand unveiled. July 22, 2020 — Lithia Motors’ share price is at its all-time high trading above $195 in early trading this morning — which is up from $62.98 on March 18. The Oregon-based dealer group reported its highest ever second-quarter net income this morning generating $3.72 per… Continue Reading
July 9, 2020 — After a short COVID-19-induced respite in April and May, the dealership buy-sell market is back in business in a big way, finishing the first half on par with 2019 activity. All signs point to a sizzling third quarter, continuing the pace set in June, which saw 22 transactions involving 31 rooftops.… Continue Reading