Ford continues to waffle on Jaguar, Land Rover's Sales Date
According to the Associated Press (via The International Herald Tribune), Ford Motor Co. will not make any announcement one way or the other on the sale of the two Premiere Auto Group (PAG) marquees until later this year or even until 2008. Lewis Booth, executive vice president of Ford's European brands said last Wednesday night that the process was 'orderly.' Rumors that Volvo was also being considered for the auction block were acknowledged by Booth, saying the Swedish maker would be strategically evaluated for possible sale.
As an interesting aside to this developing story, former Ford COO Nick Scheele has joined Jag/Rover bidders Ripplewood Holdings LLC, a direct competitor to former CEO Jacques Nasser of One Equity Partners LLC, also bidding on the British brands. Ford has accepted opening bids on the sale.
Our take? With the recently completed sale of Aston Martin for $931 million in cash and preferred stock, and current Ford CEO Alan Mulally claiming the likelihood of selling Jaguar and Land Rover is around 50 percent, and now with the possibility of Volvo leaving the Ford family, Ford's prestigious PAG looks to be utterly decimated. The group bled cash for the past several years while Ford's sales generally floundered in the US market, with only the European division achieving critical acclaim and financial stability. While the loss of such historic brands is certainly a blow to Ford, the leaning and meaning process should allow the company to focus on regaining lost market share in its home market. Here's a hint, if anyone is listening -- C1 Focus (pictured).
According to the Associated Press (via The International Herald Tribune), Ford Motor Co. will not make any announcement one way or the other on the sale of the two Premiere Auto Group (PAG) marquees until later this year or even until 2008. Lewis Booth, executive vice president of Ford's European brands said last Wednesday night that the process was 'orderly.' Rumors that Volvo was also being considered for the auction block were acknowledged by Booth, saying the Swedish maker would be strategically evaluated for possible sale.
As an interesting aside to this developing story, former Ford COO Nick Scheele has joined Jag/Rover bidders Ripplewood Holdings LLC, a direct competitor to former CEO Jacques Nasser of One Equity Partners LLC, also bidding on the British brands. Ford has accepted opening bids on the sale.
Our take? With the recently completed sale of Aston Martin for $931 million in cash and preferred stock, and current Ford CEO Alan Mulally claiming the likelihood of selling Jaguar and Land Rover is around 50 percent, and now with the possibility of Volvo leaving the Ford family, Ford's prestigious PAG looks to be utterly decimated. The group bled cash for the past several years while Ford's sales generally floundered in the US market, with only the European division achieving critical acclaim and financial stability. While the loss of such historic brands is certainly a blow to Ford, the leaning and meaning process should allow the company to focus on regaining lost market share in its home market. Here's a hint, if anyone is listening -- C1 Focus (pictured).
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