Archive for the ‘Saab – DO NOT USE’ Category
Just a week after agreeing in principal to purchase Saab from General Motors, Spyker Cars has announced its product plans for the Swedish automaker.
Officials from Spyker have said that the new brand will be built around the 9-3, the 9-4X and the 9-5. An entry-level 9-1 hatchback, similar to the Mini Cooper, is still under consideration but is not part of the current business plan, according to Fox News.
Meanwhile, Spyker has recently been scrutinized by the European media amid questions regarding how the small Dutch sports car maker is planning on raising the $74 million cash payment due to GM.
Victor Muller, CEO of Spyker, has acknowledged that a $24 million payment due to General Motors in July has yet to be secured, but said that several potential investors have already contacted the company in regard to financing, the Financial Times reports.
“Nobody believed we could pull this deal off but now we have done it, people are approaching us wanting to be involved,” he told the news source
Used Saab models in New Jersey may attract additional attention following the recent announcement that General Motors has sold the Swedish automaker to Spyker Cars.
After months of speculation that Saab would simply close its doors, the Dutch supercar manufacturer made a late bid and struck a deal that will pay GM $74 million in cash and $326 million in deferred shares of stock.
“We are very much looking forward to being part of the next chapter in Saab’s illustrious history. Saab is an iconic brand that we are honored to shepherd,” said Spyker CEO Victor Muller in a statement.
The deal will allow General Motors to concentrate on turning around Chevrolet, Buick, GMC and Cadillac, the four U.S. car brands that they have decided to keep. The once imperialistic automaker is currently winding down Saturn and Pontiac and attempting to sell Hummer.
In the short term, GM will continue to provide transitional engineering services and powertrains to Saab, the Detroit Free Press reports. It is still unclear how long that relationship will last.
Many industry experts believe that absorbing Saab will be a challenging transition for Spyker, a company that employs 100 people and only manufactured 43 cars last year.
Used Saab models in New Jersey may begin attracting attention if General Motors is successful in selling the Swedish company to one of its suitors.
Although recent headlines have indicated that Spyker Cars was the only company to make a serious bid for the automaker, it seems that Formula One racing boss Bernie Ecclestone is making a late charge to purchase Saab.
Ecclestone and the company Genii Capital announced on Thursday that they plan on putting together a bid to purchase Saab because of the information and communications technologies that are associated with the car maker, according to AutoWeek.com.
GM CEO Ed Whitacre has said that several companies have showed interest in Saab, but not one company has been able to line up financing.
“You know it’s real easy – just show up with the money and you can have it,” he said. “But no one’s showed up with the money.”
It is still unclear if General Motors will sell the company or will simply close its doors. GM has already extended a January 1 deadline for making the decision.
After missing a self-imposed December 31 deadline to sell the Saab brand, General Motors has decided to delay the cut-off date due to continued negotiations with Spyker Cars, which may elevate interest in used Saab models in New Jersey.
Negotiations between GM and Spyker have been ongoing for months, with multiple offers having been rejected by Saab’s current owner. Reports surfaced in late December that GM had decided to shut down the Swedish automaker rather than sell it, but that news was found to be premature.
Spyker has already had two offers rejected by GM, but Reuters reports that they have made a third proposal that is set to expire on January 7.
“I am very hopeful, I have been from the start,” said Spyker CEO Victor Muller to the Swedish newspaper Svenska Dagbladet on Monday, quoted by AutoWeek.com. “We have done all we possibly can.”
Muller has said that Saab would maintain its headquarters if Spyker purchases the brand and that they would rebuild the Swedish company around the 9-3, 9-5 and 9-4X models, according to the news source. He also added that Saab could begin to sell Spyker automobiles if the deal goes through.
Used Saab models in New Jersey may begin to attract attention if ownership of the company changes hands.
Soon, there will be only used Saab models in New York and elsewhere, as General Motors has decided to end the brand.
American opinions of GM haven’t been especially high recently, as the automaker’s flair for failure and flop do little to inspire confidence in or empathy for the blue badge. Rather, decades of models incapable of putting six digits on the odometer have left many motorists with a feeling of hopelessness. But now, in Saab’s wake, even the despair is gone for some and only apathy remains.
“GM is abandoning the smoldering hulk of a perfectly fine car company it bought for all the wrong reasons,” wrote one MarketWatch journalist named Jim Jelter. “Saab was a trophy acquisition, funded by an era of cheap gasoline and booming SUV sales back home that lined GM’s pockets and gave it a reckless sense of entitlement.”
Starting today, Jelter and thousands of other Saab fans, will likely begin appreciating every 900, 9000, 9-3, 9-5 and even every 9-2X they see at least a little bit more.
Of all these models, the 900 is the car that most motorists consider to be Saab’s flagship. It was made for exactly a decade and was redesigned only once. The first 900 rolled out of Trollhattan in 1978, marking its territory as Saab’s newest fastback. But the car’s body wasn’t its only distinguishing feature. Saab, the first manufacturer to have ever successfully applied a turbocharger to a street-legal automobile, made sure some of its 900s would come with a little bit of boost.
In addition to the high-end muscle, another 900 feature most first-time drivers no doubt noticed was the fact that their keys couldn’t be inserted into the steering column since Saab decided igniting the motor would be more fun if you could do it without awkwardly leaning over the wheel with your face on the glass. So the Swedes put the keyhole between the gearshift and the handbrake for easier access.
The 900 was redesigned in 1994, which is when some purists think the end began, although GM already owned half of the company by 1989. Unlike the first generation 900, the ’94 didn’t have a memorable shape. Although the car became a bit more stylish when it evolved into the 9-3, the original 900 would always be Saab’s biggest charmer. Indeed, some used Saab models in New York and elsewhere will certainly start getting the appreciation they deserve when more Americans learn the grinning griffin is no more.
Beijing Automobile Industry Holdings (BAIC) has recently announced that it has agreed to purchase technology and various assets from Saab Automobile, which could help used Saab models in New Jersey garner additional interest.
Officials at BAIC said that they plan to purchase all the rights to the 9-5 sedan as well as some of the technology from the 9-3, according to AutoWeek.com.
“This arrangement is excellent for both parties, now and for the future,” said Saab managing director Jan Ake Jonsson. “We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles.”
The deal will allow the General Motors-owned automaker to stay afloat while it looks for a buyer for the entire Saab brand, something GM hopes to accomplish by the end of the year.
Sweden’s Koenigsegg Automotive backed out of a deal to buy Saab in November. The Dutch sports car maker Spyker is now said to be the front-runner to purchase the Swedish automobile company.
Sources close to the negotiations said that the technology sale to BAIC will help make Saab financially viable for the near future, but will not hinder a deal with another company, according to the Associated Press.
With technology trading hands overseas, used Saab models in New Jersey could start attracting more attention.
Used Saabs in New York could continue attracting attention now that yet another company has expressed an interest in the Swedish manufacturer.
When Koenigsegg decided to back out of its deal with GM to acquire Saab, it seemed the fate of the Swedish company was sealed. However, a Dutch automaker recently gave Saab enthusiasts hope by expressing interest in the brand, according to Automobile Magazine.
Spyker, a company based in Zeewolde, has already begun talking to Deutsche Bank about a potential transaction with Saab, reports the publication.
“We are a very related group of people who understand each other,” Victor Muller, CEO of Spyker, told Automotive News. “It is not too far-fetched for Saab to be a good premium brand again.”
Currently, Spyker builds less than 100 cars each year, says Automobile Magazine. Last year, Saab built more than 100,000 vehicles. Because of the Dutch company’s small size, acquiring Saab could involve taking control of more manpower and resources than it has ever had. With news of the company’s future changing so frequently, it’s possible used Saabs in New York could generate extra interest.
Used Saab models in New York and elsewhere could become the only option for car buyers interested in one of these Swedish-made vehicles.
On November 24, the Swedish supercar manufacturer Koenigsegg backed out of its agreement with GM to acquire Saab, according to the Wall Street Journal. Now GM CEO Frederick Henderson doubts it will be possible to keep the Saab brand alive, although he and other executives have been talking to a number of organizations that are interested in the company.
“We regret that after six months of intense and determined work we have come to the painful and difficult conclusion that we are unable to complete the acquisition of Saab Automobile,” Christian von Koenigsegg told the publication the day the deal disintegrated. “Unfortunately, delays in closing this acquisition have resulted in risks and uncertainties that prevent us from successfully implementing the new Saab Automobile business plan.”
Beijing Auto and Merbanco, an American company, are two of the organizations that have expressed an interest in Saab, reports the news source. Yet, Henderson’s outlook for the brand might suggest that used Saab models in New York could be some of the only cars available to buyers looking for a vehicle built by this company.
Swedish car manufacturer Koenigsegg has decided not to buy Saab from GM, which might change car shoppers’ opinions of used Saabs in New Jersey.
On June 16, 2009, MarketWatch reported GM and Koenigsegg had struck a tentative deal for Saab, but it seems the agreement has deteriorated. On November 24, Koenigsegg decided to walk away from the American manufacturer empty-handed.
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” GM CEO Fritz Henderson told the publication. “Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”
Koenigsegg is a small company that employs only 45 full-time workers, reports the news source. Some industry experts believe the company only tried to buy Saab in order to save Swedish jobs, as both the 9-3 and 9-5 are produced in Trollhattan.
Many Saab enthusiasts were excited when they heard Koenigsegg might buy the company. Now that the deal has fallen apart, it’s unclear how sales of new and used Saabs in New Jersey will be affected.
Koenigsegg will be taking control of Saab soon and the effects of the Swedish manufacturer’s deal with General Motors could have an impact on sales of both new and used 9-5s in New York.
About one out of three Saab dealers in the U.S. will close as a result of the upcoming GM-Koenigsegg deal, reports USA Today. As a result, Saab lovers will have fewer locations to visit, whether they are looking for a new or pre-owned vehicle.
GM says it has sent 81 dealerships a letter that will inform them that their location will close when the Koenigsegg deal is complete. “We selected a network that gives us the best opportunity to achieve that,” said Saab chief operating officer Mike Colleran, according to the news source.
Koenigsegg plans on releasing a new version of the 9-5, says the publication. Fans of this model’s current generation might become tempted to buy a 9-5 before Koenigsegg makes it changes, as the redesign could be dramatic.
The 9-5 debuted in 1999, according to Edmunds.com. The sedan comes equipped with a 2.3-liter turbocharged four-cylinder that produces 260 horsepower. This model will soon be replaced, and the news could make used Saabs in New York more popular.
Saab hasn’t been attracting much positive attention lately thanks to GM’s financial difficulties, but now that a super-car manufacturer is involved with the Swedish company, used 9-3s in New York could start selling quickly.
Although the deal with Koenigsegg hasn’t officially gone through yet, Saab spokesman Eric Geers recently told Dow Jones that it was only a matter of time. Koenigsegg makes the CCX, which is one of the fastest street-legal cars on earth. The deal could mean positive attention for upcoming Saab models.
But past Saab models have been pretty quick on their feet too. Take the 2002 Saab 9-3 Viggen, for example. The Viggen was Saab’s top-of-the-line version of the 9-3 and it came with a 2.3-liter turbo that produced 230 horsepower, according to Forbes. With that sort of muscle, this 9-3 got to 60 MPH in about 6.5 seconds, which is respectable for a four-cylinder vehicle.
Saab is reportedly confident that it will soon be acquired by Koenigsegg, and it might be interesting to see what sort of an effect the super-car manufacturer will have on upcoming Saab models. If the new 9-3 is anywhere near as stylish as used Viggens in New York are, Saab could become one hot brand.
Neither Saturn nor Saab, two small automakers that used to be part of the General Motors aegis, really capitalized on the cult following that their products engendered, and that has meant that most of the options available to prospective consumers are pre-owned Saturns and used Saabs in New Jersey.
Part of that reason is that Saab has been bought by Swedish supercar manufacturer Koenigsegg and doesn’t have a new car to release before 2010, leaving new cars sales at 8,500 in 2009, according to Motor Trend. The goal is to have an updated Saab 9-5 and 9-4x crossover both available by 2011, but dealerships now are currently surviving on maintenance needs of existing owners and the pre-owned market.
General Motors’ handling of Saturn led the in-house upstart to experience problems as well, although a Wharton School of Business analysis cited by Forbes. The business management consultants noted that while Saturn’s innovations in terms of worker compensation and other means set it apart from the rest of GM, it was hamstrung by an inability to differentiate itself from the other brands offered.
The light at the end of the tunnel for buyers is that many Saturns and Saabs are still on the road, and a used Saturn or used Saab in New Jersey could make for a low-cost alternative to new cars now being offered.
There is only one bidder, Sichuan Tengzhong Heavy Industrial Machinery from China, and the Asian company has lost the support of the national government over concerns about the fuel efficiency of Hummers as well as Sichuan Tengzhong’s inexperience in the retail market, reports Time.
The automotive market for the larger vehicles is now in overseas markets, one analyst told the news provider, in spite of recent research demonstrating brand loyalty among current owners.
Were the plan to go through for the Chinese purchase, a new headquarters for Hummer would be established in Michigan by General Motors, reports Reuters. The state has offered more than $20 million in tax credits over the next 10 years if the sale is made.
The turmoil over future production of the niche vehicles may mean that buyers looking for their next vehicle will want to focus on used Hummers in New Jersey, as well as offerings from other makers.
Koenigsegg, the maker of million dollar sports cars in Sweden, has agreed to a deal with General Motors to take over the Saab line of cars, and buyers considering used Saabs in New York may want to take a look at older models before any changes are made.
The agreement was announced today, with the deal set to be completed by the end of the year if the European Investment Bank guarantees a $600 million loan to Koenigsegg, reported Bloomberg. It represents a move from supercars to a full product line with volumes in the hundreds of thousands.
“It is good that the ownership question for Saab now gets clearer but there are still several steps left before it is completed,” Swedish Industry Ministry State Secretary Joeran Haegglund told the news provider.
The two automakers plan on sharing resources and development facilities during the transition to Swedish ownership, but Koenigsegg has said that it will work to “transform” the automaker into a profitable venture, which could mean models with different appearances than used Saabs in New York, according to Automotive News.
This could be the beginning of the end.
It’s being reported that General Motors is close to a deal that will sell its Swedish unit Saab to Koenigsegg, a car manufacturer known for making “a handful of $1 million supercars” with its 50 employees, according to Reuters. This runs counter to Saab’s current image of a brand that produces a number of family cars which are touted for its reliability and safety features.
Both sides have reportedly signed a letter of intent and financing has been agreed upon, which leaves minor issues to be resolved prior to an official sale, according to the article.
Despite its popularity, Saab has reportedly not posted a profit in 10 years.
Considering a sale may be imminent, this may the last chance for some people to purchase a used Saab.
As used vehicles go, the Saab 9-7X SUV from 2005 to 2008 was the highest ranked in the Saab category on ConsumerGuideAuto.com, with the reviewers saying the vehicle “delivers better driving dynamics and interior design than the General Motors SUVs on which it’s based.”