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 […]
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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 […]
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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. […]
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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 […]
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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 […]
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January 3, 2024 — After opening Leith VinFast in Cary, NC the last week of December, Vietnamese automaker VinFast Auto announced deals with another four dealerships this week to sell its electric vehicles in the U.S. The first group of VinFast dealers are: VinFast began selling its VF 8 electric SUV last March via 13 […]
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Here we are – January 3rd, and we still don’t have a firm grasp of how many electric vehicles qualify for the full $7,500 consumer tax credit in 2024. Reading the headlines, the number of eligible vehicles ranges from five to 20. What we do know is that several vehicles that qualified on December 31st […]
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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 […]
The post The Coming China Automotive Godzilla – A threat or Opportunity for Dealers? The Answer is Yes appeared first on The Banks Report.
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 […]
The post Inflation Data Not Yet Cooperating for Interest Rate Cuts This Year – But That May Change appeared first on The Banks Report.
March 12, 2024 — As J.D. Power was completing the acquisition of the European-based Autovista Group a few weeks ago, Bloomberg reported that the data analytics and consumer intelligence firm was on the market itself for approximately $8 billion. The $8 billion number might raise some eyebrows, but it is right in the neighborhood of […]
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