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February 9, 2012
Saab dealers: we'll help pay for Spyker deal
Published: 5 Feb 10 09:40 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24804/20100205/
Swedish Saab dealers have said they are willing to stump up millions of kronor to help Dutch sportscar maker Spyker secure its purchase of Saab Automobile.
- Saab to cut Swiss Gripen fighter price: report (8 Feb 12)
- Several bids for Saab: administrator (7 Feb 12)
- New bidder in the Saab saga shows its hand (3 Feb 12)
The offer was formally approved by a meeting of the board of the Swedish association of GM dealers, and is intended to help strengthen Spyker's hand in the ongoing talks over Saab.
"We have no doubt that Spyker can manage the financing on its own. But if we can help out if we are asked," said Lars Åke Sundén, CEO of the Biva dealership in Linköping.
Peter Hallberg, CEO of the Swedish GM Dealers' Association said that Saab dealers believe that there was "strong substance" in Spyker's business plan. They did not feel that they were taking an "imminently significant" risk by making the offer, he added.
Spyker has to raise 180 million kronor by the summer. Victor Muller, the company's CEO, has said he doesn't expect to have any problems finding the cash.
What do you think? Leave your comment below.
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Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.
I bet if Biva does give Spyker money my service cost is going to go up
I think this is more of a symbolic show of support from the dealers. Obviously Victor Muller has many financial options as he has secured a billion dollar car company - a measly 24million is no obstacle. In the big scheme of things I don't think your servicing costs are going to go up as a result of this offer but good of you to identify the possible pitfalls as usual.
Congratulations to the SAAB Dealerships at least they are standing up to be counted. Where are all Saab's suppliers and what about all the employees don't they realise that if this deal fails Sweden will not only loose this prestigious brand but a lot of skilled people will be out of work.
I've spent many years promoting famous names and famous brands and I've come to realise that it's the doers and not the talkers that change things.
I always remember the song "talking is cheap people follow like sheep" Get up and do something to save this brand now! Wishing and hoping wont get it done, all power to the Dealerships. Good on you.
Excuse me while I put this soap box away.
Regards
Beermatman
In personal terms I realize that 24 million dollars does not come along everyday but in the purchase of a billion dollar car company 24 million is a pittance. Victor Muller has queues of organizations lining up to finance this small amount but he does not need to pay this instalment for some time so he can afford to hold off and get the loan with the best terms.
I agree fully with your comments over the dealers showing their support for the Flying Dutchman - well done to them for throwing this message out in the face of the pathetic reporting of this topic in the Swedish media.
I find that Swedish marketing and Swedish media are very conservative and a good publicity stunt would do the world of good for both the dealerships and SAAB themselves.
Regards
Beermatman
I find the Swedish media to be a joke - most of them print sensationalist stories without sources. They have the professionalism of poor Italian tabloids (with a couple of notable exceptions; Dagens Nyheter to name one). Saab's predicament has been a lazy journalists dream and pretty much every crap hack has filled an enormous amount of pages during the last 12 months on this topic, and they usually contradict themselves week by week. Foreign media laugh at the standard of Swedish reporting as it is shallow and unsophisticated.
Another thing that is worth noting is that we have seen the average motoring journalist, who is barely qualified to write a car review, now 'analysing' and writing the auto industry - frankly most are too thick to even scrape the surface of big business. If you want to know what is going on then you need to follow the FT or Bloomberg, they double-source, they are well connected, their journalists heve more than a handful of brain cells and they understand business.
Also with respect if I worked for a company in Saab's position and a consultant suggested a PR stunt, off the back of this kind of media interest and unprecidented media coverage, I would show him the door immediately.
Saturn slipped into the afterworld without a sound. Hummer I would put out of it's misery myself.
This is a deal GM needs to move forward.
I am sure that all will be resolved this month, hang in there!
"Spyker has the money to complete this transaction and will do this month."
thelocal poster with nickname spy, 17:34 February 5, 2010:
"Victor Muller has queues of organizations lining up to finance this small amount"
In just 3 days, the change in opinion from this one poster who has all but outright stated to have all the insider information on the SAAB deal...
You have been a busy fool. I stand by both comments which are not mutually exclusive.
I also note that between you and your 'special freind' repat_expat you said that Saab would be a) sold to the Chinese and b) would never be sold at all and would die! So why don't you give us some more of your superb business analysis.
However, I do remember saying that I don't see this as a profitable deal or as creating a profitable Saab.
@spy: Please be so kind as to use actual quotes with references (links) when you refer to my comments. Can you provide these now? Thank you.
I am surprised you dare comment on a Saab story after you ranted for weeks to anyone who would listen that Saab would not be sold only to be proved very wrong. I would have guessed that you would now be more than a touch embarrassed especially as you were so vociferous in your incorrect hypothesis.
And I will not be wasting my time cutting links and quotes in order to convince you of the blindingly obvious. To coin a phrase I have met a lot of hardboiled eggs in my time but you are at least 20 minutes.