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Automotive - Articles

September 18, 2019

Commercial Vehicle Group buys First Source Electronics

New Albany-headquartered Commercial Vehicle Group Inc. has acquired substantially all of the assets and certain liabilities of First Source Electronics LLC, an electronics systems integrator in Elkridge, Maryland, for as much as $44.75 million, subject to certain targets. CVG expects the strategic acquisition to contribute to its long-term growth and allow it to enter the warehouse automation market....

By Jayne Gest

September 12, 2019

Fair Buys Canvas From Ford Credit

Ford Motor Credit Co. The agreement furthers Fair’s leadership position in the vehicle subscription category, enabling the company to continue to accelerate consumer adoption and expansion throughout the U.S....

By Mark Scott

September 10, 2019

Rivian Secures $350M Investment From Cox Automotive

This partnership marks Rivian’s third investment announcement of 2019, following a $700 million investment round in February led by Amazon, and in April, a $500 million investment from Ford Motor Co....

By Mark Scott

September 4, 2019

Safelite buys Auto Glass Specialists

Safelite® Group, a vehicle glass services and recalibration company and owner of Safelite® AutoGlass, has acquired the assets of Auto Glass Specialists. The single store location in Glenwood Springs, Colorado, will expand Safelite’s brick-and-mortar footprint in the area....

By Jayne Gest

August 26, 2019

Myers buys Tuffy

Myers Industries Inc. has acquired the assets of Tuffy Manufacturing Industries Inc., a warehouse distributor of tire repair equipment and supplies....

By Adam Burroughs

August 22, 2019

SpotHero Announces $50M In Series D Funding, Closing In On $1B In All-Time Sales

The company offers the largest place to buy and sell parking in North America and has helped digitize nearly 7,000 parking facilities in the U.S. and Canada....

By Mark Scott

August 20, 2019

Hicks Plastics Co. Bought By PE-Backed Sea Link International

Hicks Plastics is a Tier II provider of injection-molded and metallized automotive forward lighting components headquartered in Macomb, with a secondary facility located in Knoxville, Tennessee....

By Mark Scott

August 19, 2019

Foundation Investment Partners invests in W.A. Jones

Foundation Investment Partners, a Cleveland-based private equity firm, has recapitalized W.A. Jones, a leading distributor and upfitter of truck equipment....

By Adam Burroughs

August 19, 2019

Safelite Group to buy TruRoad

Safelite® Group has agreed to acquire the combined businesses of TruRoad, which includes COP TruRoad Parent LLC and COS SCS Parent LLC, from Dallas PE firm CenterOak Partners LLC. With this deal, Safelite will have increased capacity to expand its national footprint, accelerate growth and better serve its customers and clients....

By Jayne Gest

August 12, 2019

Motus Integrated Technologies To Buy Janesville Fiber Solutions

Janesville produces high-performance engineered acoustical and thermal fiber solutions for a variety of automotive applications...

By Mark Scott

August 8, 2019

Sagent Auto, defi SOLUTIONS to merge

Sagent Auto LLC and defi SOLUTIONS-DE LLC, two auto lending technology and services, are merging. The resulting company will be known as defi SOLUTIONS and will have the financial backing of Warburg Pincus, Bain Capital Ventures, and Fiserv, Inc....

By Adam Burroughs

August 7, 2019

Mobility Startups Ride Wave Of Momentum

Ann Arbor SPARK’s Komal Doshi is working to create more mobility deal opportunities for companies like May Mobility, which has raised more than $33 million for its autonomous shuttles....

By Mark Scott

August 7, 2019

Traverse City-Based Hagerty Sells 25 Percent Stake To Markel

Hagerty has sold a 25 percent stake in the company for $212.5 million to Glen Allen, Virgina-based Markel Corp., according to a story published in Automotive News....

By Mark Scott

August 5, 2019

Cars.com Concludes Strategic Review With No Actionable Bids

The process lasted 10 months and involved 29 interested, prospective bidders, according to a news release....

By Mark Scott

August 1, 2019

Ford to buy Journey Holding

Ford Smart Mobility LLC, a division of Ford Motor Co., has agreed to acquire Journey Holding Corp. The new company will accelerate Ford’s delivery of transportation solutions for cities, universities, and other businesses with transit operations....

By Jayne Gest

August 1, 2019

Continental Structural Plastics to buy AMI assets

Continental Structural Plastics has agreed to acquire the assets of the stamping operations of AMI, Manchester, Michigan, which will allow CSP to bring stamping operations in-house. This acquisition includes AMI’s headquarters and manufacturing facility in Manchester....

By Jayne Gest

August 1, 2019

Genstar Capital to acquire majority stake in OEConnection

Richfield’s OEConnection LLC, an automotive technology provider for OEM distribution networks, Providence Equity Partners L.L.C. and San Francisco private equity firm Genstar Capital are pursuing an agreement under which Genstar will acquire a majority stake in OEC from funds advised by Providence....

By Adam Burroughs

August 1, 2019

MobilityWorks buys Mobility Supercenter, adding four locations

MobilityWorks, a wheelchair-accessible van retailer, is adding four new locations with its acquisition of Mobility Supercenter....

By Adam Burroughs

July 30, 2019

Ford buys robotics company Quantum Signal

Ford has acquired Quantum Signal, a Saline, Michigan, mobile robotics company, which helped the military develop software that allowed it to remotely control robotic vehicles from thousands of miles away. The transaction should help advance Ford’s goal of launching a self-driving vehicle business, including software development and hardware prototyping....

By Jayne Gest

July 29, 2019

Meritor completes AxleTech purchase

Meritor Inc. has completed its acquisition of AxleTech from global investment firm The Carlyle Group. The previously announced transaction for approximately $175 million in cash will add complementary products to the Troy, Michigan, company....

By Jayne Gest

July 12, 2019

Volkswagen AG to invest $2.6B in Argo AI

Volkswagen AG will invest $2.6 billion in Pittsburgh-based Argo AI by committing $1 billion in funding and contributing its Autonomous Intelligent Driving company, valued at $1.6 billion. The culmination of this deal leads a valuation that exceeds $7 billion for the self-driving startup....

By Jayne Gest

June 27, 2019

MPE Partners Invests In Garmat USA

Garmat USA is a Colorado-based designer and manufacturer of highly engineered paint booths and related accessories for the automotive collision repair and industrial end markets....

By Mark Scott

June 13, 2019

Hyundai invests in Aurora as part of $600M+ Series B Round

Aurora’s existing partner Hyundai Motor Group has invested in Aurora as part of its Series B financing round. The self-driving technology startup now raised more than $700 million to develop Aurora Driver, strengthen its team and acquire cutting-edge technology....

By Jayne Gest

June 12, 2019

Spring Labs Raises $23M in Series A Funding for Auto Loan Blockchain Work

The round was led by GreatPoint Ventures out of San Francisco with significant participation from existing investors, including August Capital, as well as GM Ventures, the corporate venture capital arm of Detroit’s General Motors....

By Mark Scott

June 3, 2019

Joyson Safety Systems Forms Tri-Party Joint Venture

The new tri-party joint venture will be called Joyson ANAND Abhishek Safety Systems Private Ltd. The merger of the two entities is subject to approval of the National Company Law Tribunal....

By Mark Scott

May 24, 2019

Aurora acquires lidar company Blackmore

The Pittsburgh-based startup picked up a company with valuable expertise in light detection and ranging radar, or lidar, that its self-driving car technology....

By Jayne Gest

May 15, 2019

Online vehicle auction company buys Allegheny County property

Copart Inc., a global online vehicle auction company, has acquired a second location in West Mifflin. This is Copart’s 11th location in Pennsylvania....

By Jayne Gest

May 15, 2019

BGL Manages Sale of Eastwood Co. to Kian Capital Partners

The deal is the third e-commerce transaction for BGL’s Consumer Group in the last eight months....

By Mark Scott

May 9, 2019

Meritor to acquire AxleTech, enhance growth platform

Meritor reached an agreement with an affiliate of The Carlyle Group under which Meritor will acquire AxleTech for $175 million in cash, adjusted for changes in working capital at closing....

By Mark Scott

May 8, 2019

GM In Talks To Sell Ohio Assembly Plant

Once closed, work could begin immediately to prepare the facility for production of electric vehicles developed by Cincinnati-based Workhorse Group....

By Mark Scott

May 7, 2019

GM Cruise Lands $1.15B In Funding From New, Existing Backers

The funding comes from a group comprised of institutional investors — including funds and accounts advised by T. Rowe Price Associates Inc. — and existing partners General Motors, SoftBank Vision Fund and Honda....

By Mark Scott

May 3, 2019

Mobility and technology are driving automotive M&A

EY's Brad Hehl assesses the dealmaking landscape in the automotive space and what lies ahead for M&A activity in 2019....

By Mark Scott

April 24, 2019

Ford invests $500M in EV Truck Startup Rivian

Ford Motor Co. has made a $500 million equity investment in Plymouth-based Rivian and plans to use the company’s platform to develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio....

By Mark Scott

April 18, 2019

Lear completes acquisition of Xevo

Southfield-based Lear Corp. has completed its acquisition of Xevo Inc., a $320 million deal that combines the Seattle company’s car technology with Lear's expertise in electronic systems....

By Mark Scott

April 2, 2019

Lear to buy Xevo in $320M deal

The $320 million deal will combine Seattle-based Xevo's e-commerce vehicle platform technology with Southfield-based Lear's expertise in electronic systems....

By Mark Scott

April 1, 2019

ProBilt Services of Ohio acquired by Fontaine Modification

Truck upfitter ProBilt Services of Ohio, along with its 30,000 sq. ft. facility located less than half a mile from the Kenworth assembly plant in Chillicothe, has been acquired by Fontaine Modification....

By Adam Burroughs

April 1, 2019

Stoneridge sells product lines to Standard Motor Products

Related to the transaction, Stoneridge and SMP have entered into a transition services agreement, supply agreement and contract manufacturing agreement to help support the transition of the product lines to SMP's facilities....

By Adam Burroughs

March 29, 2019

Chip McClure finds deals in unloved world of Tier 2, Tier 3 suppliers

By founding Michigan Capital Advisors, he has created a private equity firm that addresses the lack of access to capital that prevents suppliers from keeping up with customer demand and diversifying beyond the auto sector....

By Mark Scott

March 22, 2019

Lear invests in Israeli Venture Fund in Mobility Space

Lear has invested an undisclosed amount in an Israel-based venture capital fund managed by Maniv Mobility that is focused on advancing mobility technology....

By Adam Burroughs

December 13, 2018

MobilityWorks buys M.C. Mobility Systems

MobilityWorks, the nation's largest retailer of wheelchair accessible vans, has acquired Mentor’s M.C. Mobility Systems....

By Adam Burroughs

June 1, 2018

Ganley Auto Group’s Ken Ganley

Ken Ganley talks about the value that experience can bring to dealmaking and his fondness for taking on challenges when making an acquisition....

By Mark Scott

May 11, 2018

Dealer Tire invests in online retailer

SimpleTire links independent tire distributors across the country into one e-commerce network....

By Adam Burroughs

April 19, 2018

Goodyear, Bridgestone form national distributor, TireHub

TireHub, which will be run by an independent management team, is a 50-50 joint venture between Goodyear and Bridgestone that will offer a comprehensive range of passenger and light truck tires....

By Adam Burroughs

February 16, 2018

Ganley deal revs up PA market

CEO Ken Ganley plans to open the dealership under the Ken Ganley Toyota banner in late February....

By Adam Burroughs

November 3, 2017

Ganley adds iconic dealership with Central Cadillac deal

Chevrolet dealer Bob Serpentini was a partner in the acquisition....

By michael.marzec@converoinc.com