Bidders publicly traded retailer chains including Lithia Motors Inc., the nation Automotive Inc. And Group 1 Automotive Inc. Further, some traders also were privately owned contacted.
Medford, Ore.-based Lithia CEO Sid DeBoer said that he spoke with one of the private equity groups eyeing Chrysler, which he declined to disclose name. The talks focused on Chrysler vehicle lineup and the future of the American car market. " You tried to opinions about product lines and the like, that some dealers, " DeBoer said.
The candidate for the acquisition of the American arm of Chrysler of DaimlerChrysler AG, the private equity team of Blackstone Center Bridge Group and partner, and Wall Street firms Cerberus Capital Management and the Canadian supplier Magna International Inc. Board of DaimlerChrysler Ruediger Grude scheduled a meeting with the representatives of the parties in New York this week.
The Tracinda, Kirk Kerkorian & 39; s investment company, has proposed a 4.5 billion dollar bid for the ailing automaker. Fort Lauderdale, Florida-based AutoNation, the largest retailer chain in the United States with 30 locations Chrysler, has a series of discussions with a couple of large private equity groups interested ", Chrysler said President and Chief Operating Officer Mike Maroone.
" They were interested in our views on a number of issues - products, the dealer network, the health of the industry, " Maroone added. " We talked about the broad issues, not behind the scenes stuff - our view of the market. " Maroone said AutoNation said that he believes that the needs of the industry to a more customer-oriented approach to building and sale of cars and a more rational pricing approach.
The Blackstone / Center Bridge team with Houston-Group 1 Automotive Hesterburg Earl & 39; s CEO in the last weeks. This information was from individuals with the discussions. Group 1 spokesman Pete DeLongchamps said that he had no knowledge of any talks. DeBoer, Lithia & 39;, took over the family business in 1968 after his father died, said that he is not surprised that potential buyers have begun to contact dealers. Lithia has more than 35 Chrysler, Jeep and Dodge stores. " We have no idea of how a retailer, which is a producer or should do, who should own it or how they should go ", said he said.
" But we know what sells and which has a lot of potential " said DeBoer. He added that he would prefer to stay with Chrysler that DaimlerChrysler. " They have a tremendous synergies in many of the products ", he said. " I do not think it is right for the German company or Chrysler. "
Every option will be weighed and examined. And it is possible that a private equity would break and sell Chrysler. Thus the efficiency compared to that of the active EBC brakes could also re-direct their decisions especially when it comes to the future of many workers.
" I do not believe that anybody can do, and that we value. I do not think that is the danger " said DeBoer. " I think, no matter whom it does not matter whether Daimler, Cerberus, Blackstone or Magna, they have all the same to be done, what - reorganization of the cost structure, good product selection and lead a company. " Jeep brand is a wonderful brand. Dodge has a big name in their own way. Chrysler is not damaged by any means, it& 39;s just a lot " there, he said said.
Some Dealer of Daimler-American arm said potential buyers should information from Chrysler, Jeep and Dodge retailers of all sizes. Around " a good perspective and due diligence, it would probably be best for them to talk about how many different size merchants, " said John Schenden, the owner of Pro-Chrysler-Jeep in Denver.
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