Stream Companies, an integrated traditional and digital marketing agency in Tier 3 automotive, recently acquired WorldDealer, another integrated advertising agency and automotive website company.
With the acquisition, Stream explained that it adds a number of key agency accounts and more than 100 websites to FullThrottle, its performance website platform specifically made for dealers. Paul Accinno, founder of WorldDealer, will assume the role of executive vice president of dealer development and continue to work alongside clients helping them grow their business through integrated marketing and advertising.
“We knew right off the bat that this partnership would work based off of our similar visions and goals to bring an integrated advertising approach to dealerships across the nation,” Accinno said.
Stream co-founder David Regn emphasized the firm is looking to set itself apart from other agencies with its results-driven philosophy to generate and retain auto dealers to increase sales and profitability. Now with the WorldDealer team on board, Regn explained these thought leaders will continue to exceed their clients’ expectations on a larger scale.
“We are very excited to add the WorldDealer team and all their clients to the Stream Companies umbrella,” Regn said.
WorldDealer will continue to operate out of the Pittsburgh office with plans to expand its footprint in the Midwest, according to a news release.
The previously announced spin-off of Cars.com from TEGNA — which will ultimately results in two publicly traded companies — has been greenlit by the board of directors at TEGNA.
TEGNA, which is already publicly traded, said in a news release Wednesday that Cars.com will be spun off through a pro rate distribution of its outstanding shares to TEGNA stockholders (as of end-of-business on May 18).
In addition to keeping their TEGNA shares, these stockholders will get one share of Cars.com for every three TEGNA shares they own at that time (EOB on May 18).
Cars.com will pay TEGNA a one-time $650 million cash distribution.
The companies expect to finish the separation on May 31, with “regular way” trading of Cars.com shares expected to start June 1. The spin-off is subject to the conditions that Cars.com noted in a preliminary information statement that it filed on From 10 with the Securities and Exchange Commission.
Gracia Martore, the president and chief executive officer of TEGNA, is retiring when the spin-off closes. Appointed to that role when the separation is complete is Dave Lougee.
Alex Vetter, who has been president and chief executive officer of Cars.com since 2014, will retain that position with Cars.com. He is one of the company's original management members.
“We are approaching a watershed moment for Cars.com and I couldn’t be more excited about our future. As an independent company, we have greater flexibility to capture the opportunities ahead of us by leveraging our strong brand, innovative platform and expanding, loyal audience,” Vetter said in a news release.
“We are a pure-play digital company in an excellent position to drive long-term growth and profitability, and we are a unique investment opportunity in the digital automotive space,” he said.
Once the separation is complete, TEGNA will continue trading on the New York Stock Exchange as TGNA, with Cars.com trading the “regular way” on the NYSE as CARS.
“Holders of TEGNA common stock who sell TEGNA shares regular way on or before May 31, 2017 will also be selling their right to receive shares of Cars.com common stock in the distribution,” TEGNA said in the release. “Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling TEGNA common stock before the distribution date.
America’s Auto Auction is growing again with its second major acquisition announcement so far this year. The company added two more auction locations: West Michigan Auto Auction in Wayland, Mich., and Interstate 94 Vehicle Auction in Parma, Mich.
Both facilities were sold to America’s Auto Auction by Carl Miskotten, who will stay on as general manager of the two facilities, according to a news release sent to Auto Remarketing late on Wednesday.
Ben Lange, president and chief executive officer of America's Auto Auction, indicated the official date of the acquisition was April 1. The company emphasized this move solidifies its position as the third-largest and fastest-growing auto auction company in the U.S., now with 21 locations.
Back in January, America’s Auto Auction acquired seven auctions from the Auction Broadcasting Co. Owned by management and private equity firm Trinity Hunt Partners, America’s Auto Auction has rapidly grown into one of the industry’s leaders since its launch in 2006 with four auction facilities.
“We are very pleased to expand our regional base into the upper Midwest with the addition of the West Michigan and I-94 Auto Auctions,” Lange said. “But even more important to us than the auction facilities, are the two tremendous groups of auction employees who will be joining the America’s Auto Auction team.
“Led by industry veteran Carl Miskotten, the staff members at both locations are all experienced, dedicated auction professionals who not only operate two award winning auction facilities, but have also nurtured strong, unwavering relationships with their customer,” Lange continued.
Lange went on to express his high regard for Miskotten, a veteran of the auction industry who is known for his pioneering efforts in developing 14 green field sites since his first foray into the business in 1984 when he and Chuck Frauhiger founded Fort Wayne Vehicle Auction.
Miskotten worked for Anglo American Auctions (later ADT Auctions) in charge of specialty auctions and helped expand the location map for ADESA before it became a publicly held company, adding locations in New Jersey, North Carolina, Florida, Massachusetts, and Montreal in the early 1990s.
After buying West Michigan Auto Auction in 1997 with Trent Knox, Miskotten joined forces with Mike Hockett to start Auction Broadcasting Co., working with him to develop six auction facilities and implement ground-breaking technology, including the Online Ringman Simulcast technology.
“I have been very blessed since the beginning of my auction career, and I am excited about the future with America’s Auto Auction, both for myself and for the great people I work with at the West Michigan and I-94 auctions,” Miskotten said.
“Being part of America’s Auto Auction will be a phenomenal benefit to all of us, allowing us to draw on the company’s influence and resources while maintaining the personality and distinction that we’ve worked so hard to develop at both locations,” he went on to say.
Miskotten has operated the I-94 Vehicle Auction since 2007. Serving the market area of Lansing, Jackson, Kalamazoo and Grand Rapids, the I-94 Vehicle Auction holds a sale on four lanes every Wednesday, running an average of 450 dealer trades and credit union repos each week.
The West Michigan AA has operated under Miskotten’s guidance since 1997. It became an ABC Auction three years later, but was purchased again by Miskotten in 2008. With an average weekly consignment of 1,300 vehicles, West Michigan AA welcomes up to 1,000 dealers to the auction lanes every Friday.
Last year, West Michigan AA was singled out as the NAAA Auction of the Year, an honor that Miskotten attributes to the extraordinary efforts and dedication of the auction’s employees.
“We are building a great company in a great industry and are excited to include Western Michigan Auto Auction and I-94 Vehicle Auction,” Lange said.
“Success in our business is all about the team, our employees, our people,” he added. “As our team grows, we pledge to demonstrate the best service and support to all those who work so hard at the auction level, knowing that they will in turn provide the best service to our auction customers.”
Additional information on all of the America’s Auto Auction facilities can be found at www.americasautoauction.com. Lange can be reached at (214) 736-7901 or [email protected].
Wyatt Johnson Automotive Group recently announced the acquisition of Crown Ford in Nashville, Tenn. With this purchase, Wyatt Johnson, based in Clarksville, Tenn., added to its list of brands in the group portfolio, which already included Buick, GMC, Hyundai, Kia, Subaru, Mazda, Toyota and Volkswagen.
The dealer group highlighted Crown Ford, home of “Crown Charlie,” has been in business for more than 50 years as one of Nashville’s premiere Ford dealerships, winning the Blue Oval’s prestigious Chairman’s Award multiple years. Crown Ford is located on 646 Thompson Drive in Nashville and has almost 100 employees that will join the Wyatt Johnson Ford team.
Group executives pointed out the upgraded, state-of-the-art facility offers customers a "comfortable, fun" environment to purchase, service and repair their vehicles.
“We are pleased to have found a company that shares our same family values,” said Charlie Coats, Crown Ford dealer principal. “We built our company based on honesty, integrity and quality service.”
Wyatt Johnson Automotive dealer principal Katherine Johnson Cannata went on to say, “We are thrilled to represent Ford in the growing Nashville market. Crown Ford has such an excellent reputation for customer service and employee longevity. We look forward to continuing that tradition with Wyatt Johnson leadership.”
Fox Rent-A-Car announced on Thursday its final acquisition of JustShareIt, a cloud-based peer-to-peer car sharing platform specifically designed to allow users to rent or share cars directly from individual car owners.
Over the past 12 months, Fox said it has worked alongside JustShareIt to integrate the mobile-friendly product with its platform so that Fox members can begin to pick up and drop off cars at a variety of decentralized locations.
“Fox's new mobile experience enables customers to reserve a car, bypass the rental counter and proceed directly to the car. Customers will then choose their vehicle and drive off,” the company said in a news release.
Currently, the new service is only ready for use at Los Angeles International Airport. Within a few months, it will become available at most of the car rental brand’s corporate locations, according to Fox.
"The new integrated platform will help Fox to not only offer the customers a rental at a much faster speed, but will also create new business models that are not currently available in car rental industry,” Fox co-chief executive officer Mike Jaberi said. "The JSI platform acquisition has enabled Fox to explore new opportunities in a hybrid model of car rental and car share at a much faster pace."
Additionally, Fox also announced that it is currently in discussions with two automobile manufacturers to fit a group of its fleet with connected car technology.
Fox now offers service at 19 major corporate owned airport locations throughout the U.S., along with more than 110 affiliate sites.
Penske Automotive Group said Tuesday it has bought the Jaguar and Land Rover dealerships in Paramus, N.J., from the Prestige Family of Fine Cars. Penske expects the purchase to generate about $215 million in annual revenues.
"We are pleased with the opportunity to add the Jaguar and Land Rover dealerships in Paramus to the Penske Automotive footprint,” company president Robert Kurnick Jr., said in a news release.
“These new dealerships enhance the company's existing portfolio and bring additional scale in the New Jersey/New York metropolitan area to our business.
“We welcome the employees to the Penske Automotive Group team and look forward to working with them to grow the Jaguar and Land Rover businesses in this important market area," he added.
With the addition, Penske now has five Jaguar/Land Rover dealerships in the U.S.
Primeritus Financial Services said Wednesday afternoon it has purchased Global Investigative Services, a Rockwell, Texas-based provider of vehicle skip-tracing services, equipment recovery and investigative services for the finance industry.
It was founded by Greg Hill and Danny Tolbert.
“When we look at potential acquisition targets, companies must meet a high standard of managerial, financial and compliance benchmarks. In this case, GIS easily met all of them,” Primeritus president and chief executive officer Scott Peters said in a news release. “This transaction allows us to broaden our service offering and customers served.”
Hill of GIS said in the news release: “We are delighted to join Primeritus which is the leader in the recovery, skip tracing, and remarketing services industries.”
Chris McGinness, who is senior vice president of operations at Primeritus, added: “GIS has established itself as a strong player in the skip tracing and heavy equipment recovery arena and we look forward to working with their team to continue to drive innovation, compliance, efficiency as well as best in class service for Primeritus’ and GIS’ clients.
“Primeritus has made a concerted effort to grow in the credit union space and the acquisition of GIS will compliment this side of our business nicely.”
Terms of the deal were not disclosed in the news release.
Larry H. Miller Dealerships announced it acquired Corona Nissan in Corona, Calif. on Wednesday, which marks the dealership group’s second store in the state.
“We have several Nissan stores in the group that consistently perform well. Strategically, this store is a great fit with our organization,” Larry H. Miller Dealerships president Dean Fitzpatrick said in a news release.
“Our commitment to the community of Corona is even stronger, as is our vision to continue to be the best place in town to work and the best place in town to do business.”
The dealership group renamed the location Larry H. Miller Nissan Corona following the acquisition. Larry H. Miller Nissan Corona is located at 2575 Wardlow Road in Corona.
Larry H. Miller Dealerships said it is dedicated to giving back to the communities where it operates and since 2014 has donated more than $35,000 to the Corona community.
The group operates 60 dealership locations under 20 different automotive brands in seven states.
The second major development involving Auction Broadcasting Co. came to light late on Friday. Xcira announced that it has acquired the intellectual property and certain personnel associated with ABC’s auction management system.
Xcira highlighted this acquisition will allow the company to expand its offering significantly in the auction industry, positioning the firm to offer an end-to-end automotive technology platform.
In connection with the acquisition, executives indicated current licensees of the auction management system will continue on as licensed users with Xcira. In support of its commitment to provide and support technological excellence within the automotive industry, Xcira said it will continue partnering with key automotive auction companies to ensure its technical offerings are developed to meet the evolving and specific needs of the automotive sector.
“As someone who has been around the auto auction industry for more than five decades, I’m confident that Xcira’s next generation platform will not only provide industry-led, state-of-the-art technology, it will also serve to transfer control to the individual auction owners and allow them to leverage Xcira’s technology offerings in a personalized and powerful manner for many years to come,” Auction Broadcasting Co. chief executive officer Mike Hockett said.
“I’m excited to know that our auction management system will become an integral part of this transformational, technological future,” Hockett continued.
Xcira CEO Nancy Rabenold elaborated about what this move means for the company’s future.
“Our plans to integrate this acquired auction management system into our next-generation platform will result in a superior technological offering,” Rabenold said. “We are forever grateful for those clients who have supported us over the years, and we look forward to the privilege of providing end-to-end, state-of-the-art services to both current and new clientele.”
Ritchie Bros. continues to support the development of auction technologies at Xcira, through both investment and auction industry insights.
Commenting on the agreement, Karl Werner, chief operational support and development officer as well as managing director of the Middle East for Ritchie Bros., said, “We are pleased to be working closely with Xcira and their other strategic partners in developing the next generation auction management system, and are committed to helping Xcira expand and enhance its technology offerings for the automotive auction industry.
“This acquisition further bolsters Xcira’s position as the preeminent technology provider for that sector,” Werner went on to say.
The announcement involving Xcira came on the heels as Auto Remarketing learned on Friday afternoon that America’s Auto Auction is growing to 20 locations through the acquisition of ABC’s eight auction facilities.
Auto Remarketing learned on Friday afternoon that America’s Auto Auction is growing to 19 locations through the acquisition of Auction Broadcasting Co.
America’s Auto Auction president and chief executive officer Ben Lange confirmed in a statement to Auto Remarketing that the deal is effective immediately.
“America’s Auto Auction is proud to announce the acquisition of Auction Broadcasting Company (ABC),” Lange said during a brief phone conversation on Friday afternoon.
“This consolidation will allow greater potential for dealers, fleet and lease, and institutional customers,” he continued. “The culture of both companies is built around providing quality service to our customers and employees.
“I am personally looking forward to meeting with customers and employees over the next several weeks,” Lange went on to say.
