McLarty Automotive Buys Stores, has Investment from Family Offices

McLarty Automotive Buys Stores, has Investment from Family Offices

October 28, 2015 — The Banks Report has confirmed the McLarty Automotive Group has acquired seven stores selling 16 franchises of the Joe Machens dealership group in Columbia, MO, from owners Gary and Rusty Drewing. Charles Oglesby, the former chairman and CEO of the Asbury Automotive Group, has been named the CEO of the group. The… Continue Reading

Cliff Banks - The Banks Report

AutoNation to Acquire Large Group in Texas

October 24, 2015 — AutoNation is on a buying spree this year. It is set to announce early this next week that is acquiring the Allen Samuels Group in Texas. The acquisition follows its August purchase of 16 stores — 13 from Carl Gregory in Georgia and three in Maryland owned by Charles Fenwick. (TBR has…

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Cliff Banks - The Banks Report

More Turmoil at Volkswagen

October 15, 2015 — The Volkswagen saga continues as its North American president and CEO Winfried Vahland resigned suddenly yesterday. Vahland, who had been Skoda’s CEO, was appointed to the newly created position in North America as part of the automaker’s scrambling to deal with its growing diesel engine scandal. Vahland’s move potentially places Michael Horn,… Continue Reading

Cliff Banks - The Banks Report

Private Equity Firm to Buy Large Midwest Group

October 15, 2015 — Fremont Private Holdings is acquiring Morrie Wagener’s 11 dealership-group in Minnesota. Partnering with Fremont  is Karl Schmidt, who has run Morrie’s Automotive Group since 2009 as its CEO. Fremont, which is the investment firm established by the family that owns construction company Bechtel Corp., has been rumored for about two years to… Continue Reading

Cliff Banks - The Banks Report

Data Access Battle Goes Nuclear

October 12, 2015 — A little more than a week ago, the simmering battle between DMS firms and other automotive retail vendors over data access and integration went nuclear. To be fair, the issue has plagued the automotive retail space for more than 20 years as certain DMS firms have sought to restrict or control third party…

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Ferrari Races Into IPO

Ferrari Races Into IPO

October 9, 2015 — Sergio Marchionne, showing confidence in Ferrari, decides to move forward with a planned IPO of the luxury brand despite a volatile stock market that has forced numerous companies to recently postpone going public. Ferrari N.V. filed amended IPO papers this morning with the Securities Exchange Commission expecting to generate anywhere from $48… Continue Reading

Cliff Banks - The Banks Report

UAW Rejects FCA Deal — Now What?

October 1, 2015 — More bad news for Fiat Chrysler Automobiles as the United Auto Workers Union rejects the proposed new labor contract this week raising significant questions about future production costs for the automaker. Meanwhile, significant problems on the recall side lurk beneath the surface and indicate deeper systemic issues.  United Auto Worker leaders flew…

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Cliff Banks - The Banks Report

Cox Completes Dealertrack Acquisition

October 1, 2015 — After four extensions and other delays resulting from stipulations from the Department of Justice, Cox Automotive completed the $4 billion acquisition of Dealertrack this morning. Cox is paying $63.25 per share of Dealertrack common stock which ceases trading today on the NASDAQ Global Market. It is the biggest vendor acquisition in the… Continue Reading