• Jun 4, 2009
Not long ago, Ford's Premier Auto Group was filling the halls of a big office building in Irvine California. In recent years, Aston Martin, Land Rover and Jaguar were sent packing, and Lincoln dragged itself back to Detroit, leaving the halls lonely for sole survivor Volvo, which is also headed back to Rockleigh, New Jersey.

Rather than pay for a constantly emptying building, Ford has sold its Premier Auto Group HQ to Transpacific Company. The $73 million dollar deal removes a liability from Ford's balance sheet, although Ford had already been leasing space to Taco Bell's parent company. The fast food corporation will move its headquarters to the Irvine, California building in 2010. So it goes as Ford divests itself of properties and restructures.

Although we have yet to receive official confirmation, word is that the big weekly Cars & Coffee meetup that happens in Mazda's parking lot nearby will continue. Thanks for the tip, Will!

[Source: The Los Angeles Times]


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  • 20 Comments
      • 5 Years Ago
      Does this mean Taco Bell will start producing overpriced junk...like Land Rover and Jag?
        • 5 Years Ago
        I'll take a Jag or Land Rover over anything in your garage....
        • 5 Years Ago
        Good. I don't want to give up the Ferrari.
        • 5 Years Ago
        Taco Bell is already producing junk.
      • 5 Years Ago
      Good move, Ford. Small potatoes in overall monetary value, but this continues to demonstrate a coordinated plan for recovery instead of a plan for bankruptcy.
        • 5 Years Ago
        Ford mortgaged their stuff because they had to as well. The smart thing was Malully getting all the cash at once instead of piecemeal to execute restructuring. That good move in terms of restructuring turned into a lucky move as the credit market disappeared. Lucky because no one had global banking fraud in the their business plan.

        But, Ford is still actively borrowing billions with the help of the TALF program. And like all the automakers, it still actively hemorrhaging money. Money that was intended for restructuring is being used to stay alive.
        • 5 Years Ago
        @jpm100, Yeah, but Ford mortgaged a lot of their stuff when it was actually worth something. GM is trying to sell and mortgage stuff when the economy is in the crapper so no one is paying the prices they did 3 or 4 years ago. Government Motors is selling because they have to, not because it is smart to do so. Smart would have been 3 to 4 years ago when Ford mortgaged their stuff.

        Also, I think Ford is selling this place now because all of the former Ford companies have moved out of it and keeping a place like this running costs, over time, as much as the place itself.
        • 5 Years Ago
        I don't see where you get that conclusion. GM kept selling assets to stave off the inevitable.
        • 5 Years Ago
        And all those Banks holding the mortgages on all of Ford building, equipment, factories, patents, logos......are expecting to be paid back. Ford is still bleeding read, offering zero percent financing and huge cash on the hood to move product.

        At some point Ford is going to need to figure out how to make a dollar selling automobiles. Ford doesn't have much left to sell. Perhaps Volvo and Mazda are next.
      • 5 Years Ago
      I always wondered what the did in that building when i drive by it. Still don't understand what they did here being so far from Detroit.
        • 5 Years Ago
        They enjoyed the California Sun and pretended to be tapping the creative vibe of the place. Frankly, I think one of the top Ford guys was into Surfing (Mark F...) and he needed an excuse to hit the West Coast swell from time to time.
      • 5 Years Ago
      Is it going to be cars and breakfast borritos now?
      • 5 Years Ago
      I was waiting for some sort of announcement as the script Ford Motor Company had been removed and all the 'tombstones' facing the 5 freeway were blank (whereas they used to display each PAG member's respective logo).

      And Matt, go take your meds....
      • 5 Years Ago
      It's pretty fitting considering that pretty soon, the only jobs left in America will be fast food.
      • 5 Years Ago
      Mexican food sucks. May the ZEN be in your food.
      • 5 Years Ago
      In the future, the only thing that will be made in America will be tacos.
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