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Saab death best bet?
Posted by SENewhouse (more from SENewhouse) on Fri, 8 Jan 2010 06:43:27
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Two articles in the Financial Times today. Bottom line: lots of proposals;few showing up with cash and other necessary resources. Spyker built 43 cars in 2008, and lost more than $11m. None of the other last minute consortia seem to have raised the cash to back their proposals. I am skeptical of any such deal,and based on observation, doubt any private-equity investment group is going to be a real force in the auto business (some of Carlisle ventures come to mind).
In the Koeniggsegg deal, my outstanding dealer was being cancelled, along with many others, diminishing the availability of broad dealer support.
If GM kills Saab, the responsibility for parts and product support will remain on GM, and likely most of the existing Saab dealers will retain their service capacity for some time. They've already made the investment in technology and training, and a substantial customer base exists.
Conclusion: As much as I don't like it, my interests are better served by Saab's death than acquisition by a company that cannot succeed and has the potential to leave Saab owners high and dry in the future.
There is no argument that the auto industry suffers from over-capacity, and that sales volume is the key to success. If Saab can't go to a substantial buyer that can be a successful competitor, it is indeed time for GM to wield the sword. I will regret it deeply, but I will likely be better off.
SEN
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