Saab floats along in limbo as General Motors figures out what to do with its Swedish plum, meaning that dealers are stuck with moribund product to try and unload. It's as nasty as it sounds for the automaker, but for buyers, it means deals on Saabs like never before.
When General Motors first put Swedish automaker Saab on the auction block, it was reported that there were nearly 20 interested parties. From there, rumors quickly began circulating that Saab and parent-company General Motors had narrowed down the potential list of bidders first to a half-dozen, and more recently, to just three final suitors. One of those interested parties was reportedly Italian automaker Fiat, but that rumor has since been denied by both Fiat and Saab.
Saab remains confident that the motion to extend its bankruptcy protection for an additional three months will be approved in court and that it will be purchased in whole by one of three remaining interested parties early this summer. Those three parties will not be identified in court documents, according to Saab spokeswoman Gunilla Gustavs, but widespread speculation suggests they include both Fiat and Chinese automaker Geely.
Two weeks ago, Saab indicated that there were nearly 20 parties interested in purchasing the bankrupt Swedish automaker. Today, Saab reports that number has swelled to 27, but an unnamed source (aren't they all?) tells Bloomberg that there are really only half a dozen serious bidders under consideration. Interestingly, that number does not include any rival automakers.
2010 Saab 9-3X – Click above for high-res gallery
Damage control must be in full swing at General Motors these days with the recent announcement that Saab and Saturn are on the outs and Pontiac will forge on with a reduced product portfolio. Just yesterday, Susan Docherty, VP of Buick/Pontiac/GMC, published a post on GM's Fastlane blog saying that "Pontiac is alive and kicking, and we are still part of GM's future plans." Fair enough, but what about Saturn and Saab?
General Motors confirmed this morning that Saab's days as a part of the Detroit-based company are numbered. The Swedish brand has filed paperwork with courts in its home country for reorganization that would lead to its independence. This self-managed reorganization is analogous to the U.S. Chapter 11 bankruptcy process, and would lead to the establishment of an independent entity based in Sweden. In order for that to happen, however, GM needs to line up financing for the new company, which may