HUMMER Bidders Offer Pocket Change
Reuters would have us believe that it has “sources” close to GM’s federally mandated sale of its boat anchor brand: HUMMER. “Three bidders remain for General Motors Corp’s Hummer [sic] brand, two sources with knowledge of the matter said, adding that current offers range from $100 million to $200 million in cash, in addition to other commitments. None of the bidders are automakers. One bidder is from the United States and the other two are from overseas, the sources said, adding that the bidders include private equity and wealthy individuals.” Folks, let history be our guide.
In 1994, BMW bought the Rover brand from British Aerospace for about a billion dollars. Despite Honda’s technological assistance, BMW lost a couple of billion more. In May 2001, BMW paid the Phoenix Consortium £500 million (and all of Rover’s remaining inventory) to take their English patient off their hands. John Tower’s mob lost £254M in their first year. They eventually sold Rover to China’s Nanjing Auto and SAIC for sweet FA. Who then exported the company’s tooling to the PRC where they built cheap Rover clones. And then . . . nothing.
To think GM will get any real money for HUMMER—without paying someone to take it off their hands (watch the fine print)—is patently absurd. At best, they could find some sucker who wants the name. Someone like . . . Ford. Who, in 2006, paid BMW $10 million for the Rover name.
wsn- nope, don't care about your taxes, or mine. Plus ultimately I want every brand that exists in the world to be sold in the US. That includes all the brands that aren't sold here now. I want a choice of at least 20 different cars in each possible segment. "You made a mistake. It’s not “everything (from GM) different is CRAP.” It’s “everything (from GM) is CRAP.”" You added in the GM part, I didn't. Look how many people claim the Ridgeline and Element are POS-CRAP! On other forums, the Toyota Venza is CRAP! Like I said, everything different from the established "enthusiast" norm is CRAP! Very few cars are total crap, I'd say only the YUGO, and the Daewoos mentioned in the other article would qualify in my recent experience. From back before I started driving I'd say the British Leyland cars were CRAP. Compared to those, the hated Sebring, Aveo and Compass are world class.
I'm with wsn. My tax dollars are paying for car companies I don't buy from; past, present, and probably future. I've always thought American cars were crap, save Jeep... mmmaybe. Between Ford using coffee cans for mufflers, GM's razor sharp plastic interiors, combined with Chrysler's Minivan or nothing lineup, I believe this country's auto lineup has become a plethoric joke. Since my childhood, I've always had a passion for the Europeans engineering and even the Asians reliability. I was under the impression that too many brands was a key factor in GM's situation. I can only imagine what having every World brand available for sale would be like, especially after they started acquiring each other after a few years. (Can anyone imagine 9 Crown Vic sibling lineups? Or is it a Grand Marquis?) For those "BUY AMERICAN" cry-babies: How do you call a car manufactured from Mexican parts and assembled predominately by a robot in Michigan, American??? Maybe it's the new math.
FlyGuy25, you have a passion for Asian reliability? Good lord, of all the Asian aspects one could have a passion for...