Autoblog

Last 900 Saabs heading to auction

Jeff Sabatini — Fri, 22 Jun 2012 18:00:00 EST

Filed under: Car Buying, Auctions, Government/Legal, Saab

If you've been wanting to get your hands on one last new Saab but missed out on the great Saab sell-off when Saab Cars North America declared bankruptcy, well, your ship has now come in.

Actually, it came in last year - but hundreds of new Saabs got waylaid at ports in California and New Jersey because of the bankruptcy, according to SaabWorld.net. Those cars are now slated for auction, some 900 of them, which will be available for dealers, exporters and rental car companies to bid on beginning next week. Eventually, 300 of these cars should make their way to Saab dealers, where they're expected to be sold off at 30- to 50-percent discounts. The other 600 will either be exported or used as rentals, according to the report, so "the price of Saabs will not be severely depressed."

Besides the new cars, some 67 company cars, including some interesting stuff like a 1960 Saab Quantum IV and a 1970 Sonnett III, will also be auctioned off, according to the report. Of the new cars, just over half are 9-5 models, some 400 are 9-3 sedans, another 60 are 9-3 wagons, and about a dozen are convertibles. According to the report, 28 are actually 9-4X crossovers, which is more than 10 percent of Saab's total 2011 sales for that model.

Last 900 Saabs heading to auction originally appeared on Autoblog on Fri, 22 Jun 2012 18:00:00 EST. Please see our terms for use of feeds.

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Hundreds of new Saab models spotted rotting at New Jersey port

Jonathon Ramsey — Thu, 29 Mar 2012 18:00:00 EST

Filed under: Saab

One of the postscripts of the travails of Saab Cars North America (SCNA) is this, a couple hundred 9-3 and 9-5 sedans left to the unkindness of coastal winds at a New Jersey port facility. According to the poster at Found Our Own Road, there are 900 cars in this Asphodel Meadows awaiting the resolution of the company's fate.

Last we heard, SCNA is still fighting the involuntary bankruptcy filed in Delaware by its dealers and is trying to get the case moved to Michigan. Prior to that, SCNA had been trying to avoid the proceeding altogether in case a bidder was able to acquire the entire company.

While we wait to find out about that, you can head over to Found Our Own Road to see the rest of the photos of a Saab future that almost was.

Hundreds of new Saab models spotted rotting at New Jersey port originally appeared on Autoblog on Thu, 29 Mar 2012 18:00:00 EST. Please see our terms for use of feeds.

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Saab collection to be sold after all - the one in America

Zach Bowman — Thu, 09 Feb 2012 18:26:00 EST

Filed under: Classics, Auctions, Saab

Just when we thought the classic vehicles owned by Saab were safe from the gavel, tragedy strikes. According to Hemmings, the vehicles held in the Saab Cars North America Heritage Collection will be auctioned in an 10-car lot on Friday, February 10. Vehicles like the gorgeous and painfully rare 1956 Type 94 Sonett Super Sport pictured above will join a host of other iconic Saab models for bid in Stearling Heights, Michigan. According to Hemmings, interested parties may submit their bids before noon on Friday to McTevia & Associates, the law firm Saab hired to handle the company's creditors here in the States. A 25 percent cash deposit is required.

The collection includes notable hardware such as a 1967 fastback with 25,353 miles on its triple-carb three-cylinder engine as well as the 1960 96 that won the Royal Automobile Club Rally with Erik Carlsson behind the wheel. There's plenty of history wrapped up in the 11 vehicles up for auction. Head over to Hemmings for more information.

Saab collection to be sold after all - the one in America originally appeared on Autoblog on Thu, 09 Feb 2012 18:26:00 EST. Please see our terms for use of feeds.

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Saab Cars North American undergoing bankruptcy liquidation

Noah Joseph — Mon, 23 Jan 2012 14:28:00 EST

Filed under: Saab, Earnings/Financials

It's a Saab story, we know, but this is - in all likelihood - the end of the road for Sweden's "other" automaker. Sure, there are still talks of one foreign entity or another picking up where GM and Swedish Automobile (Swan)/Spyker left off, but even if they do, they'll have a heck of a lot of work on their hands. And that includes rebuilding its presence in North America.

With the parent company having already filed for bankruptcy in Sweden, the next step is for Saab Cars North America to follow suit, and that's precisely what's happening.

The operation based in Royal Oak, Michigan, ceased operating last month when its parent company did, but resumed distributing parts just this past Thursday. That does not mean, however, that the American business will remain afloat. With no money to keep it going, Saab Cars North America is being liquidated. Sources estimate the company's liquidated assets at around $100 million (give or take $25m), offset by a relatively minor $10.5 million in liabilities.

As for the dealers, they'll have to choose to declare bankruptcy individually or let the administrator dealing with SCNA's liquidation tend to theirs as well.

Saab Cars North American undergoing bankruptcy liquidation originally appeared on Autoblog on Mon, 23 Jan 2012 14:28:00 EST. Please see our terms for use of feeds.

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