STELLA, an Automotive AI Firm, Completes Seed Raise

STELLA, an Automotive AI Firm, Completes Seed Raise

May 10, 2023 — STELLA Automotive AI, a provider of high-end conversational AI technology, announced yesterday it has closed a seed round of financing. The round included multiple well-known dealer groups such as Maroone USA, the Pohanka Automotive Group, and Czubay Family Enterprises. Terms of the financing of the seed were not disclosed. However, investors… Continue Reading

Cliff Banks - The Banks Report

Hot Start for M&A Activity in Auto Retail Tech in 2023

January 26, 2023 — M&A activity in the auto retail vendor space continues its brisk pace at the beginning of 2023 with Vehlo’s announcement this week that it has acquired Velocity Automotive from Hugh Hathcock and Rapid Recon from Dennis McGinn. Both deals were completed late in the fourth quarter, but announced only this week.…

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J.D. Power Acquires ZappyRide

J.D. Power Acquires ZappyRide

January 10, 2023 — Acquisition activity in the automotive retail vendor space is off to a brisk start in 2023. Following last week’s announcement that APCO Holdings had acquired National Auto Care, J.D. Power announced this morning it has acquired ZappyRide, to bolster its new E-Vision initiative created to provide software and data to greentech… Continue Reading

TD Bank to Acquire Cowen

TD Bank to Acquire Cowen

August 2, 2022 — Canada’s TD Bank Group (Toronto Dominion) confirmed this morning the month-long speculation that it will acquire U.S.-based investment bank Cowen Inc. The deal, which is expected to close in the first quarter of 2023, is for $39 a share — a 62% premium more than what it was trading for in… Continue Reading

Cliff Banks - The Banks Report

Cars.com to Acquire Vehicle Valuation & Appraisal Company

February 8, 2022 — Cars.com announced this morning it is acquiring the assets of Accu-Trade, Galves Market Data, and MADE Logistics from founder Robert Hollenshead. Terms of the transaction, which should close within the next month, include an initial cash payment of $65 million with another expected $63 million earnout payment based on certain financial… 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

Cliff Banks - The Banks Report

Automotive Retail Tech & Investor Conference Returns to Austin in December 2021

Follow the money — or more specifically, the investment capital. I became convinced during my 10 years as a reporter and editor at WardsAuto that the investment community fuels much of the vendor growth and strategy in automotive retail. But it is an under-reported and underserved — and often, misunderstood — component of the industry.… Continue Reading