Cliff Banks - The Banks Report

Why Private Equity Likes Automotive Retail

While much of the media’s attention is on solutions and companies poised to take advantage of the pending “Connected Car” era, the investment community has made some big plays in automotive retail technology. Within the last 42 months, according to data compiled by The Banks Report nearly $50 billion in capital has changed hands through IPOs, mergers, investments… Continue Reading

TBR’s 2016 Mid-Year Automotive Retail M&A Report

TBR’s 2016 Mid-Year Automotive Retail M&A Report

July 18, 2016 — TBR’s mid-year report on automotive retail vendor M&A activity recaps the 14 acquisitions that occurred the first six months of the year. The report also provides TBR’s outlook for the rest of the year on who the buyers and sellers are, and what deals may be in play. RECAP With 14 acquisitions this year,…

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Cliff Banks - The Banks Report

CDK Finishes Fiscal Year Strong

July 18, 2016 — Brian MacDonald’s turn around plan for CDK Global appears to be off to a good start, according to preliminary results for its fourth quarter fiscal year earnings (ending June 30, 2016). MacDonald, who was appointed president and CEO of CDK earlier this year, stepped up the company’s transformation plan that was… Continue Reading

Salesforce and Automotive Retail — Is There a Play?

Salesforce and Automotive Retail — Is There a Play?

July 7, 2016 — The automotive retail technology world is dominated by three players today — Cox Automotive, CDK Global, and Reynolds and Reynolds. On the CRM side, the major players are DealerSocket and ELead1One. Meanwhile, Salesforce is hovering around the industry. The question is, will this power structure continue over the next two to… Continue Reading

Cliff Banks - The Banks Report

ReachLocal to be Acquired by Gannett

June 27, 2016 — Web services firm ReachLocal announced this evening that it is being acquired by Gannett for approximately $4.60 a share in an enterprise deal totaling $156 million. ReachLocal provides website and digital marketing services to nearly 16,000 local businesses including car dealerships. Gannett, which recently failed in its bid to acquire competitor Tribune Publishing,… Continue Reading

CDK Adds Software Expert to Board

CDK Adds Software Expert to Board

June 22, 2016 — Normally the announcement of a new board appointment isn’t big news, but yesterday’s news that CDK Global’s board has elected Lithium CEO Robert “Rob” Tarkoff to its board is another sign of the company’s ongoing overhaul. CDK has come under pressure from investors to speed up its transformation plan which includes a massive restructuring… Continue Reading

Cliff Banks - The Banks Report

Cox Automotive Continues Restructuring

June 10, 2016 — Cox Automotive is still working to properly align its pieces following the $4.1 billion acquisition of DealerTrack last fall. As of NADA, it appeared that the restructuring was complete, but today, executives are announcing internally a series of moves realigning some its most visible pieces. The big move Cox is making…

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CDK Investors Keep Pressure on the Tech Leader

CDK Investors Keep Pressure on the Tech Leader

June 9, 2016 — (UPDATED June 18) — CDK Global activist investor Elliott Management followed up its letter from May 4 with a second letter yesterday urging the tech firm to move faster in implementing its capital return plan while being more transparent with shareholders. Five hours later, CDK announced it is accelerating its $1…

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