Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[eBay Motors begins offering free vehicle history reports from Experian]]>http://www.autoblog.com/2009/11/11/report-ebay-motors-to-offer-free-vehicle-history-reports-from-e/http://www.autoblog.com/2009/11/11/report-ebay-motors-to-offer-free-vehicle-history-reports-from-e/http://www.autoblog.com/2009/11/11/report-ebay-motors-to-offer-free-vehicle-history-reports-from-e/#commentsFiled under: ,



Consumers wary of purchasing vehicles off eBay may take a bit of comfort in the online auction site's announcement that all vehicles built since 1981 will now include free vehicle history reports effective today. The "AutoCheck" information, supplied by Experian Automotive, will detail whether vehicles have been involved in major accidents, have salvage titles, have been stolen or repossessed, have had their odometers tampered with, or have seen special duty as a taxi or police vehicle. Of course, the service is only able to detail information which has been reported, a common complaint about vehicle history reports. Nicolas Franchet, senior director of U.S. vehicles at eBay Motors, says the free reports will help build the level of trust between the buyers and sellers. "We're interested in being the best place to buy and sell your car online," Franchet said.

Those familiar with eBay Motors will recall that the site has offered vehicle history reports from CarFax, Inc., when supplied by dealers. Those reports are still be available via a link, but the new AutoCheck data supplied without charge is now automatically displayed in a shaded area below the vehicle image in the body of the listing. For more details, check out the official press release after the jump or eBay Motors.

[Source: Experian Automotive | Image: Sean Gallup/Getty]

Continue reading eBay Motors begins offering free vehicle history reports from Experian

eBay Motors begins offering free vehicle history reports from Experian originally appeared on Autoblog on Wed, 11 Nov 2009 17:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AutoCheckbuycar auctioncar salecar salesCarAuctionCarFaxCarSaleCarSalesDealere-bayeBayeBay MotorsEbayMotorsExperianhistory reportHistoryReportpurchaseSalessoldvehicle history reportvehicle saleVehicleHistoryReportVehicleSaleWed, 11 Nov 2009 17:29:00 EST<![CDATA[Bostonian ponies up record $300,000 for parking space. Average area price? $134k]]>http://www.autoblog.com/2009/06/12/bostonian-ponies-up-record-300-000-for-parking-space-average-a/http://www.autoblog.com/2009/06/12/bostonian-ponies-up-record-300-000-for-parking-space-average-a/http://www.autoblog.com/2009/06/12/bostonian-ponies-up-record-300-000-for-parking-space-average-a/#commentsIn some cities, people don't want to pony up loose change for a meter-fed parking spot. In Boston, an abundance of available spaces would be like a dream come true, as evidenced by the exorbitant prices being paid on a regular basis in some areas. For example, The Boston Globe reports that a spot at 48 Commonwealth in the Back Bay district has just gone for a record $300,000 after residents in the area engaged in a bidding war for it. The couple that sold the space is also trying to sell their high-rent district condo for $2.5 million. Before you think that's too much dough to drop on a downtown, keep in mind that the price includes an underground parking spot.

While $300,000 is extreme even for Boston, spots reportedly average $134,000 in the exclusive area, and that number's going up. Last year, a parking space was $127,000 on average. For that kind of money, you could buy two Cadillac CTS-Vs, an Aston Martin V8 Vantage, or an Audi R8, or four Chevrolet Camaro SS models, or, well, you get the point. When a parking spot costs more than 99% of the cars on the market, Armageddon can't be far behind.

[Source: The Boston Globe]

Bostonian ponies up record $300,000 for parking space. Average area price? $134k originally appeared on Autoblog on Fri, 12 Jun 2009 09:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>000300bostonparking spaceParkingSpacepurchaseFri, 12 Jun 2009 09:29:00 EST<![CDATA[Porsche denies plan to raise stake in VW to 75%]]>http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/#commentsFiled under: , , , ,


After Porsche moved to increase its ownership in Volkswagen to 51 percent last week, an overzealous German magazine took it one step further over the weekend by reporting that Porsche was going for an even larger piece of the pie... a whopping 75 percent. Porsche pulled in the reigns and quickly released a statement today denying the action, pointing out that such a move, "...overlooks the realities in VW's shareholder structure." For now, there is apparently no truth to the published reports that Porsche is going to continue gobbling up Volkswagen.

Maybe so, but analysts have pointed out in the past that the most economically advantageous position for Porsche is if it can get its hands on Volkwagen's multiple sources of income through a so-called "domination and profit transfer" agreement. Such an agreement usually requires owning - what do you know? - a 75 percent stake in a company. Interesting.

The enthusiast-oriented Porsche has said it needed ownership in Volkswagen to prevent the automaker from falling into unfriendly hands (roughly 30% of the parts used in Porsches come from VW, so it's just protecting its component parts sugar daddy). Meanwhile, Lower Saxony, the second biggest shareholder of VW at some 20% with some serious veto power, has the power to block any maneuver that jeopardizes the 82,000 VW jobs in its state. Stay tuned, this isn't the end of it.

[Source: International Herald Tribune]

Porsche denies plan to raise stake in VW to 75% originally appeared on Autoblog on Tue, 11 Mar 2008 07:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Lower SaxonyLowerSaxonyOwnershipPorschePurchaseSharesStockVolkswagenTue, 11 Mar 2008 07:57:00 EST<![CDATA[Porsche ups ownership in VW to 51%]]>http://www.autoblog.com/2008/03/03/porsche-ups-ownership-in-vw-to-51/http://www.autoblog.com/2008/03/03/porsche-ups-ownership-in-vw-to-51/http://www.autoblog.com/2008/03/03/porsche-ups-ownership-in-vw-to-51/#commentsFiled under: , , , ,



The supervisory board of Volkswagen Group just gave approval for Porsche AG to take a majority stake in the people's automaker. Porsche currently owns 31% of Volkswagen, and this move will ultimately increase that share to 51%. The increase in ownership is estimated to cost Porsche upwards of $20 billion, although the financial deets have not yet been released. Porsche is saying that owning a majority stake in VW will not result in the two companies combining, creating a German mega-automaker of biblical proportions. Don't expect things to change overnight for either company, as transactions like these generally take months to complete, if not years.

This move wasn't unexpected, either. Porsche has slowly been increasing its interest in VW over the past several years as we reported in June 2006, April 2007 and again in June 2007. Recent announcements that Porsche may use Volkswagen diesel powerplants in its Cayenne SUV now seem even more likely, and exchanges of technology, components and production capacity between the two are likely to increase.

[Source: Detroit News]

Porsche ups ownership in VW to 51% originally appeared on Autoblog on Mon, 03 Mar 2008 13:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Board of DirectorsBoardOfDirectorsOwnershipPorscheporsche volkswagenPorscheVolkswagenPurchaseSharesStockVolkswagenMon, 03 Mar 2008 13:57:00 EST<![CDATA[Mahindra & Jaguar? Not this time, one Indian bidder drops out]]>http://www.autoblog.com/2007/09/14/mahindra-and-jaguar-not-this-time-one-indian-bidder-drops-out/http://www.autoblog.com/2007/09/14/mahindra-and-jaguar-not-this-time-one-indian-bidder-drops-out/http://www.autoblog.com/2007/09/14/mahindra-and-jaguar-not-this-time-one-indian-bidder-drops-out/#commentsFiled under: , ,

At least one of the bidders in the race to buy Jaguar and Land Rover has dropped out of the competition. Indian manufacturer Mahindra & Mahindra apparently couldn't get the guarantees they wanted regarding powertrain supplies. With new limits on CO2 emissions expected to be enacted in the EU beginning in 2012, the ability of both brands to meet the standards with their larger vehicles poses a problem, as well.

The emissions issue may also be playing a part in Ford's decision to unload the companies and not keep any stake at all in them. Mahindra was really only interested in Land Rover, but Ford wants to sell the two companies as a package deal. Mahindra's Indian competitor Tata is still in the running and has lined up a technical support deal with Fiat if the sale goes through.

[Source: Automotive News - sub. req'd]

Mahindra & Jaguar? Not this time, one Indian bidder drops out originally appeared on Autoblog on Fri, 14 Sep 2007 15:54:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>indiajaguarland roverLandRovermahindrapurchasesaletataFri, 14 Sep 2007 15:54:00 EST<![CDATA[BMW buying Volvo rumour circulates again]]>http://www.autoblog.com/2007/05/29/bmw-buying-volvo-rumour-circulates-again/http://www.autoblog.com/2007/05/29/bmw-buying-volvo-rumour-circulates-again/http://www.autoblog.com/2007/05/29/bmw-buying-volvo-rumour-circulates-again/#commentsFiled under: , , ,



Earlier this month, Autocar reported that BMW had expressed significant interest in buying the Volvo brand from Ford Motor Company early in 2007. The report claimed BMW had gone so far as to request financial data about the Swedish automaker.

Yesterday, the Swedish newspaper Goteborgs Posten threw another logo on this rumor's fire by reporting that sources within Ford have confirmed that BMW is exploring the possibility of purchasing Volvo. Another source has even claimed BMW and Ford have already begun informal talks.

Our previous post already touched on all the questions that need answering, including why BMW, which became the go-it-alone automaker after owning Land Rover left a bad taste in its mouth, would jump back into the ownership game. Also, while BMW and Volvo have distinct identities (the Ultimate Driving Machine versus the ultimate safety machine), there would at least be some overlap in their respective lineups.

Finally, while Ford has stated that nothing is sacred when it comes to its Premiere Automotive Group, of which Volvo is a member, why would it sell one of PAG's most promising brands? We have an answer for that one: Volvo's actually worth something. While many, including Ford itself, might hate to see Volvo leave the fold, the Swedish brand would likely catch a premium price on the market and help Ford fund its turnaround.

Would a BMW/Volvo ticket capture the consumer's heart? This armchair analyst is hardly qualified to give an answer, except to say that Volvo is a brand on the verge of some big things (C30 anyone?) and requires a patient parent company with deep enough pockets to see it through.

Thanks to everyone who sent us the tip!]

[Source: Reuters]

BMW buying Volvo rumour circulates again originally appeared on Autoblog on Tue, 29 May 2007 07:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BMWbreakingbuyoutmergerPAGpremier auto grouppremier automotive groupPremierAutoGroupPremierAutomotiveGrouppremiere automotive groupPremiereAutomotiveGrouppurchaseVolvoTue, 29 May 2007 07:32:00 EST<![CDATA[Land of the Free: Americans pay least for a new Rolls-Royce]]>http://www.autoblog.com/2007/04/30/land-of-the-free-americans-pay-least-for-a-new-rolls-royce/http://www.autoblog.com/2007/04/30/land-of-the-free-americans-pay-least-for-a-new-rolls-royce/http://www.autoblog.com/2007/04/30/land-of-the-free-americans-pay-least-for-a-new-rolls-royce/#commentsFiled under: , ,

Think a Rolls-Royce Phantom is expensive? Well, yeah...it is. One of the most expensive on the market, as a matter of fact. (Hey, it's a Rolls-Royce. What did you expect?) But if you think the Phantom is expensive on the American market, you should take a look at what it costs elsewhere in the world.

Our new friends over at Automobiles De Luxe have compiled what they're calling "the Phantom Index", taking the example of "the Big Mac Index" from The Economist and carrying the formula through to the most bling-tastic of motor saloons.

You might be surprised that the Phantom is cheapest to buy in the United States, undercutting the equivalent price of the same automobile in the United Kingdom and in the European Union by over a hundred thousand dollars. Not that such concerns would factor into the equation for most buyers of a new Rolls-Royce, mind you... perish the thought.

[Source: Automobiles De Luxe]

Land of the Free: Americans pay least for a new Rolls-Royce originally appeared on Autoblog on Mon, 30 Apr 2007 14:07:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>comparissoncostexpenseindexnewphantompurchaserollsroyceworldwideMon, 30 Apr 2007 14:07:00 EST<![CDATA[Chrysler workers making long shot bid to buy automaker]]>http://www.autoblog.com/2007/04/20/chrysler-workers-making-long-shot-bid-to-buy-automaker/http://www.autoblog.com/2007/04/20/chrysler-workers-making-long-shot-bid-to-buy-automaker/http://www.autoblog.com/2007/04/20/chrysler-workers-making-long-shot-bid-to-buy-automaker/#commentsFiled under: , ,



The Detroit News is reporting that a group of 25 Chrysler employees in Toledo have formed a group called the "Employee Buyout Committee" and are actively exploring the necessary steps required to see the fate of Chrysler end up in the hands of its employees. Their proposal would give Chrysler employees a 70% stake in the automaker, with DaimlerChrysler retaining the remaining 30%. The group appears to be making all the right moves so far, having submitted its proposal first to the UAW, whose legal department is now evaluating the proposition. The employee buyout plan was also mentioned at DaimlerChrysler's annual shareholder meeting in Berlin on April, 4. The committee's apparent spokesperson, Michele Mauder, has also sent the proposal to Chrysler Gropu CEO and DaimlerChrysler CEO Deiter Zetsch, humbly requesting the employee's bid at least be given equal consideration with bids from private equity firms like Cerberus Capital Management and Blackstone Group, as well as Canadian parts supplier Magna. A Chrysler spokesperson has also commented that the proposal is expected to be reviewed by the automaker's legal department.

If allowing Chrysler's own 50,000 UAW employees to own the automaker doesn't happen, the UAW has expressed that it would much rather thow its hat in the ring with Canadian parts supplier Magna than any of the private equity firms that have offers on the table. While the employee buyout plan is a long shot, and if successful, an incredible risk for the employees, it's also inspiring that a group of workers would be the masters of their own fate. Unfortunately, it's not yet known how much the employees could offer for a 70% stake in their employer, which, in the end, is likely DaimlerChrysler's number one consideration in this sale.

[Source: The Detroit News]

Chrysler workers making long shot bid to buy automaker originally appeared on Autoblog on Fri, 20 Apr 2007 14:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bidChrysler GroupChryslerGroupdaimlerchrysleremployee buyout committeeEmployeeBuyoutCommitteepurchasesaleToledoUAWUnited Auto WorkersUnitedAutoWorkersFri, 20 Apr 2007 14:35:00 EST<![CDATA[Dennis Publishing acquires Octane magazine]]>http://www.autoblog.com/2007/04/06/dennis-publishing-acquires-octane-magazine/http://www.autoblog.com/2007/04/06/dennis-publishing-acquires-octane-magazine/http://www.autoblog.com/2007/04/06/dennis-publishing-acquires-octane-magazine/#commentsIn the ongoing struggle between magazines and websites, it should be immediately clear to anyone where we stand. With websites like ours getting constantly updated as the news emerges, magazines are increasingly becoming an outdated relic for delivering automotive news to enthusiasts (like yourself, reading this post).

There are, however, a few redeeming publications out there that deliver the kind of features that are best enjoyed in print, despite the stale news that precedes the juicy articles. Some of our favorite magazines come from across the pond, where members of the motoring press seem to have a better grasp of what makes for a quality publication. Among them are evo and Octane, two small-time magazines that consistently deliver quality content that rivals, if not exceeds, the offerings from the more established car mags on the news stand. (Check them out at your local magazine rack and you'll see what we mean.) evo consistently puts the most exciting cars through the paces while forgoing the boring minivan group tests, with a long-term test fleet that includes track cars and exotics. Octane, meanwhile, is a favorite of classic car enthusiasts and features regular columns from the likes of Jay Leno and Carroll Shelby alongside retrospectives and buying guides on the most iconic cars ever to grace asphalt.

Now these two quality publications will be coming under the same roof, as evo's parent Dennis Publishing has announced the acquisition of Octane Media. Dennis is an independent publishing house, where Octane joins its motoring division along with evo and Auto Express. The new synergy between these two top-drawer magazines should only help both continue to elevate the level of quality that will keep us reading even during those sad moments when we have to step away from our monitors.

Press release after the jump.

[Source: Dennis Publishing]

Continue reading Dennis Publishing acquires Octane magazine

Dennis Publishing acquires Octane magazine originally appeared on Autoblog on Fri, 06 Apr 2007 17:56:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquireacquisitionautodennisevoexpressmagazineoctaneoverpublicationpublishingpurchasetakeFri, 06 Apr 2007 17:56:00 EST<![CDATA[Lotus going Dutch? Spyker mulls acquisition]]>http://www.autoblog.com/2007/03/15/lotus-going-dutch-spyker-mulls-acquisition/http://www.autoblog.com/2007/03/15/lotus-going-dutch-spyker-mulls-acquisition/http://www.autoblog.com/2007/03/15/lotus-going-dutch-spyker-mulls-acquisition/#commentsFiled under: , , ,

Poor Lotus is the orphan child of the automotive industry. The small British sportscar maker has bounced around owners so often, it would make your head spin trying to connect the dots. After company founder Colin Chapman tragically died in 1982, the company has been bought and sold by General Motors, erstwhile Bugatti entrepreneur Romano Artioli, and currently by Malaysian state-owned automaker Proton. Like GM and Bugatti before it, Proton has failed to capitalize on the Lotus name and is reportedly looking to offload it to an interested third party.

Next up to the plate is Spyker, the independent Dutch exotic carmaker that seems to always be looking for a way to up its prestige. Apparently purchasing a Formula One team - from Midland steel, who had failed to make a go of it - was not enough for Spyker. Having stated its interest in acquiring another prestigious mark, Spyker is now reportedly looking to buy Lotus.

The partnership would be utilized in bringing the upcoming D12 "super sport utility vehicle" to market, as well as future Spyker models, and part of production would shift to England as a result. That part makes enough sense, as Lotus has a long history of engineering consulting for a wide range of automakers. But what makes Spyker think it's got more fortune (in terms of cash and good luck) than General Motors, the Italian mafia (allegedly) and the Malaysian state government is beyond us.

Thanks for the tip, Sjoerd!

[Source: AutoWeek.nl]

Lotus going Dutch? Spyker mulls acquisition originally appeared on Autoblog on Thu, 15 Mar 2007 11:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquirebuylotusprotonpurchasespykerThu, 15 Mar 2007 11:26:00 EST<![CDATA[Scoop: Louis Vuitton buys Aston Martin]]>http://www.autoblog.com/2007/02/01/scoop-louis-vuitton-buys-aston-martin/http://www.autoblog.com/2007/02/01/scoop-louis-vuitton-buys-aston-martin/http://www.autoblog.com/2007/02/01/scoop-louis-vuitton-buys-aston-martin/#commentsFiled under: , , , ,

All the bids are in and the winning bidder has been revealed: Aston Martin is being bought by LVMH Moet Hennessy Louis Vuitton SA, the French luxury goods consortium that produces upper-crust products ranging from leather trunks and wallets to champagne and cognac...and now exotic luxury sports cars, too.

In placing the highest bid, Louis Vuitton beat out some serious contenders, including consortia led by Aston's current boss, billionaire moguls and numerous heavy-hitting investment firms.

Ford Motor Company will reportedly retain 15% interest in Aston Martin when Louis Vuitton takes over. Although both Ford PAG and Louis Vuitton declined to comment to DowJones MarketWatch, the media outlet that broke the story, German car mag Autobild will be running the story tomorrow (Friday).

While there has been a history of fashion labels and automakers collaborating on special editions - including Aston Martin and Dunhill - the purchase of a stoic marque like Aston Martin is pioneering new ground, although Louis Vuitton does have an established history in sponsoring concours d'elegance.

Gold and brown DB9, anyone?

UPDATE: Motor Trend is reporting that the published reports regarding a sale to LVMH are inaccurate.

Related Posts:

[Source: MarketWatch]

Scoop: Louis Vuitton buys Aston Martin originally appeared on Autoblog on Thu, 01 Feb 2007 19:47:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquireastonauctionbidbuyfordhennessylouismartinmoetpagpurchasevuittonThu, 01 Feb 2007 19:47:00 EST<![CDATA[Are cars getting more affordable?]]>http://www.autoblog.com/2006/11/12/are-cars-getting-more-affordable/http://www.autoblog.com/2006/11/12/are-cars-getting-more-affordable/http://www.autoblog.com/2006/11/12/are-cars-getting-more-affordable/#commentsFiled under: ,

Cars are becoming increasingly affordable? It hardly seems possible given today's economy, but statistics show that a new vehicle purchase takes a smaller bite out of your wallet today than it has in years.

You can bet that huge incentives and subsidized leases have been a factor in bringing those costs down. Bloated inventories have forced automakers to do whatever it takes to sell vehicles that are sitting not only on dealer lots, but in storage yards around the country. These factors have helped the average cost of purchasing a vehicle today fall to an average of 23.6 weeks of income for a family making $58,000 a year. That's nearly three weeks fewer than five years ago and 7.3 weeks less than in late 1994. Average vehicle prices have dropped 5 percent over the last year to $26,500, while median family income rose about 5 percent.

Several dealers have had customers come in to buy a vehicle with paperwork from a vehicle purchase from the mid-80's and the price of the new vehicle is only a couple of thousand more, some with dramatically lower payments. While everyone seems to complain about how expensive things are today, it certainly doesn't seem to have affected what they drive.

[Source: Detroit News]

Are cars getting more affordable? originally appeared on Autoblog on Sun, 12 Nov 2006 09:09:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>affordablecheaper carsCheaperCarsincentivesleaseless moneyLessMoneypurchaseSun, 12 Nov 2006 09:09:00 EST<![CDATA[Toyota buys 5.9% of Isuzu]]>http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/#commentsFiled under: , ,

Toyota announced today that it will spend $373 million on a deal with Isuzu that will transfer 5.9% of the truck- and diesel-maker to the giant Japanese automaker. Toyota's goal in purchasing a stake in Isuzu is to bolster its diesel portfolio, which apparently lags behind other major automakers like cross-town rival Honda who announced in September it would have diesel-powered passenger cars for sale in the U.S. within three years.

We always expected that Toyota would rely on its own Hino Motors commercial truck subsidiary for a diesel engine to power a heavy-duty version of its new Tundra pickup, but Hino is not prepared to make smaller diesel engines for passenger cars and potentially diesel hybrids. Isuzu offers Toyota the know-how and production capacity for diesel engines that are smaller than 2.5-liters, which makes the purchase seem like a perfect fit.

Mitsubishi will now become the largest single shareholder in Isuzu with 9.7% of the stock, followed by trading house Itochu Corp. with 7.2% and Toyota with 5.9%. GM sold all of its stock in Isuzu back in April, which amounted to 7.9%. Today's announcement marks the second time Toyota has swooped in and picked up shares in a company that GM has cast off, the first being Fuji Heavy Industries, the parent company of Subaru.

[Source: Automotive News - sub. required]

Toyota buys 5.9% of Isuzu originally appeared on Autoblog on Tue, 07 Nov 2006 14:56:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buypurchasesharesstakestockTue, 07 Nov 2006 14:56:00 EST<![CDATA[Sheikh-up in A1 GP ownership]]>http://www.autoblog.com/2006/10/01/sheikh-up-in-a1-gp-ownership/http://www.autoblog.com/2006/10/01/sheikh-up-in-a1-gp-ownership/http://www.autoblog.com/2006/10/01/sheikh-up-in-a1-gp-ownership/#commentsFiled under: , ,

The A1 Grand Prix World Cup of Motorsport is in the process of being sold to a consortium of investment firms. Sheikh Maktoum Hasher Maktoum Al Maktoum, literally the biggest name in racing and the founder of the series, is selling all his stock in A1GP for an as-yet undisclosed cash (yes, we said cash) sum.

Maktoum will step down as head of A1GP and a new chairman and director will be named, after which the Maktoum will be focusing his attention on his "other business interests".

The announcement comes at the start of A1GP's second season, currently kicking off at the historic Zandvoort track in Holland. The multi-million dollar transaction will be completed within a month's time, in advance of an anticipated IPO.

The it's-a-small-world-afterall racing series was Maktoum's brainchild, but his departure is expected to help the series grow from a fledgling start-up to a permanent part of international motorsports.

[Source: A1GP.com]

Sheikh-up in A1 GP ownership originally appeared on Autoblog on Sun, 01 Oct 2006 09:23:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>a1cupgpmaktoummotorsportpurchaseracingsalesellseriessheikhworldSun, 01 Oct 2006 09:23:00 EST