DealerSocket, Auto/Mate Parent Solera Files for IPO

DealerSocket, Auto/Mate Parent Solera Files for IPO

June 30, 2024 — As expected, automotive software vendor Solera filed publicly Friday for an initial public offering with the US Securities and Exchange Commission. The Vista Equity-owned company filed confidentially in May indicating a likely IPO later this summer. Friday’s paperwork did not disclose the price or number of shares Vista plans to sell… Continue Reading

The Impact of the CDK Hack Will Take Years to Play Out

The Impact of the CDK Hack Will Take Years to Play Out

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

M&A Action in Automotive Retail Heats Up as 3 Monster Deals Take Shape

M&A Action in Automotive Retail Heats Up as 3 Monster Deals Take Shape

May 6, 2024 — A flurry of transactions in April indicates that investment and acquisition activity among tech players in the automotive retail space is starting to heat up after a slow 2023 and early 2024.  Anchoring the activity are three pending monster deals that, if completed, could raise multiples for other companies looking for… Continue Reading

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

DealerOn Acquires Competitor

DealerOn Acquires Competitor

November 14, 2023 — Dealership website provider DealerOn acquired competitor fusionZONE Automotive last week. Financial details of the transaction were not disclosed. Dealership executive Brett Sutherlin and his wife founded fusionZONE in 2009. Primus Capital acquired a majority investment in 2017. Sutherlin sold a second company, LeadRevenue, to Primus in 2021. Sutherlin now is the… Continue Reading

CarGurus to Acquire Remaining Minority Interest in CarOffer, Following a Somewhat Choppy Ride

CarGurus to Acquire Remaining Minority Interest in CarOffer, Following a Somewhat Choppy Ride

November 13, 2023 — CarOffer founder and serial entrepreneur Bruce Thompson is walking away with another $75 million in cash as CarGurus announced last week it is acquiring the final 49% of the Texas-based online used-vehicle trading platform. Zach Hallowell, whom CarGurus recently snatched from Cox Automotive’s Manheim division, will lead CarOffer following Thompson’s resignation.… Continue Reading

Cars.com Expands Into Canadian Market With Acquisition of D2C Media

Cars.com Expands Into Canadian Market With Acquisition of D2C Media

November 2, 2023 — Cars Commerce (Cars.com) announced this morning it has acquired the Montreal-based D2C Media Inc., an automotive technology and digital solutions provider for the Canadian market. The acquisition expands Cars’ footprint adding 1,000 Canadian dealerships to the 250 it currently has. Cars paid USD $76 million in cash ($105 million CAD) at… 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