Inflation Data Not Yet Cooperating for Interest Rate Cuts This Year – But That May Change

Inflation Data Not Yet Cooperating for Interest Rate Cuts This Year – But That May Change

March 12, 2024 — At the start of 2024, conventional wisdom held that Federal Reserve Chairman Jay Powell would initiate a series of interest rate cuts throughout the year as inflation began to slow. Some optimistic economists even predicted up to six cuts in total for this year. However, the financial narrative took an unexpected… Continue Reading

The Coming China Automotive Godzilla – A threat or Opportunity for Dealers? The Answer is Yes

The Coming China Automotive Godzilla – A threat or Opportunity for Dealers? The Answer is Yes

A modern-day automotive Godzilla, the likes of which we have not seen before, is how China expert Michael Dunne described China’s automotive juggernaut last week in a presentation at the Canadian Automobile Dealers Association Summit.  Chinese automakers “could be the single biggest disruptor this decade” in the auto industry, Dunne said.  The question is whether… Continue Reading

Ford Dealers Win in Illinois

Ford Dealers Win in Illinois

November 14, 2023 — According to a bulletin from the Illinois Automobile Dealers Association today, the state’s Motor Vehicle Review Board confirmed the October 24th proposed decision by Hearing Officer Mark Kuchler finding for the 26 Ford dealers who filed a protest against Ford’s Model e certification program.  Today’s announcement was a formality as Ford had indicated it would… Continue Reading

Tentative UAW Contracts a Win-Win for All Parties, but Some Workers are Saying, No Deal

Tentative UAW Contracts a Win-Win for All Parties, but Some Workers are Saying, No Deal

Photo courtesy of Shutterstock & Luigi Morris October 30, 2023 (With November 14th updates) — The dust is still settling from the recent tentative settlements between the United Auto Workers union and the Detroit Three automakers. Still, initial details reflect agreements that may be a win-win for both sides following a 40+ day strike costing… Continue Reading

Cliff Banks - The Banks Report

Dealership Compliance a Hot Space as KPA Acquires ComplyNet

October 23, 2023 — KPA, a compliance services provider, announced last week it is acquiring ComplyNet, a Columbus, OH-based firm providing end-to-end compliance software for automotive dealerships. Phil Troy founded ComplyNet in 1994 in Chicago and sold it in 2018 to an investment group led by Alexis Jacobs, owner of Columbus Fair Auto Auction, and,… Continue Reading

Get Ready to Rumble — UAW Negotiations with the Detroit 3 Begin This Week

Get Ready to Rumble — UAW Negotiations with the Detroit 3 Begin This Week

July 10, 2023 — Dealers selling one or more of the Big Three domestic automotive brands may want to mark September 14, 2023, on their calendars.  At midnight on September 14, the current contracts between the United Auto Workers Union and Ford Motor Co., General Motors, and Stellantis will expire, resulting in what likely will… Continue Reading

Cliff Banks - The Banks Report

Direct-to-Consumer Model “A Disaster Waiting to Happen” for Automakers

April 17, 2022 — A direct-to-consumer sales model appears to be a non-starter for Toyota as sales chief Bob Carter calls it “a disaster waiting to happen.” Carter provided his perspective on a wide range of topics during an on-stage interview with Jason Stein, president of Motormindz, at the NADA/J.D. Power Automotive Forum in New… Continue Reading

9th Circuit Appeals Court Denies CDK & Reynolds and Reynolds Preliminary Injunction Request in Arizona Dealer Law Dispute

9th Circuit Appeals Court Denies CDK & Reynolds and Reynolds Preliminary Injunction Request in Arizona Dealer Law Dispute

October 25, 2021 — This morning, the United States Court of Appeals for the Ninth Circuit affirmed Arizona’s District Court’s decision denying Reynolds and Reynolds’ and CDK Global’s motion requesting a preliminary injunction to prevent enforcement of Arizona’s Dealer Data Security Law, signed into law in 2019. The legislation gives dealerships greater control over the… Continue Reading