The tipster writes:
Press and Landry spent three days going to their six business areas for dealer conferences. They said, “If all you dealers do not order your Feb and March allocation, Chrysler will liquidate.” How’s that for a pep talk sales pitch? Not only that, but they also said there’s a 50/50 chance they will liquidate even if we do order. So, according to Press and Landry, the only chance we have to save our dealership is to overload our stock. An Iowa dealer asked, “What if we can’t afford 40 new units because our bank won’t floor them?” Press answered, “Then we’ll liquidate.” So they are selling fear to their dealers. Go buy our shit NOW or you won’t have a dealership. The Fiat deal was just to be able to export Dodge trucks to Europe, that’s the nuts and bolts on that “merger of equals.” Chrysler’s suits also described the talks with GM: “We went on a date with Nissan, had sex, and they got some trucks we got some cars. Then it was 2AM, we were drunk and started talking romantically with our cousins at GM, we realized that our children would have crooked teeth.” God I love this business.
‘We went on a date with Nissan, had sex, and they got some trucks we got some cars. Then it was 2AM, we were drunk and started talking romantically with our cousins at GM, we realized that our children would have crooked teeth.’
Jim Press said that? Tragi-comedy-farce indeed.
Great pictorial metaphor for the US of A; those cowboys are pretty disorganised ain’t they?
RF, Was this guy pulling your leg or what?
Liquidate, please!
It must be really hard being Jim Press right now. In little more than a year, he’s gone from industry golden boy at Toyota to a pathetic figure, begging dealers to take inventory.
I’d be interested to read The Truth About Jim Press.
Is Bob Nardelli the worst executive of the decade? And we learned Jim Press wasn’t the straw that stirred Toyota’s drink after all…
Would someone boot Nardelli in the ass? He is useless. Give Chrysler to FIAT and push that crappy CEO out the door.
“Atlas Shrugged” comes to life.
“Atlas Shrugged” comes to life.
How poetic. I would bet anything that the big dogs of Cerberus are Ayn Rand fans; and probably see themselves as one of her heroic fictional characters.
Read Nathan Branden’s account of his time as a Rand acolyte to get an interesting perspective on what really went on in her head.
How many people know that Alan Greenspan was a key member of Ayn Rand’s inner circle, the self-named “Ayn Rand Collective”. No wonder he was surprised to discover that naked institutional self-interest did not, in the end, prevent Wall Street banks from committing institutional suicide while pursuing short-term profits and executive bonuses.
Dr. No: Nardelli is an idiot, but are you kidding me? He is nowhere as bad as Red-Ink Rick.
I second The Truth About Jim Press.
We got this exact story about possible liquidation from our rep. Press has apparently gotten marching orders directly from Cerberus NY.
The start of the sell-off of CLLC parts would be April if Cerberus can’t get Obama to throw in more cash. Right now, it’s looking like Chrysler’s cash needs are going to be much higher than anticipated during the initial Congressional Beg-Fest.
Business is not bad….there simply is NO business.
“Atlas Shrugged” comes to life.
The kicker is, if Rand were alive today and into cars, she would feel right at home among 90% of TTAC’s posters.
How many people know that Alan Greenspan was a key member of Ayn Rand’s inner circle, the self-named “Ayn Rand Collective”.
Some people have theorized that Alan Greenspan may have seen Ayn Rand’s inner circle.
And?
Since most new car dealers LOSE money on new cars, does it not stand to reason that many don’t….ahem…fear the reaper? Being a dealer of new Chryslers is probably as appealing as being a cut-rate septic tank cleaner. Since these dealers make more money off used cars, is it not true that a number of them would go it alone as independents? Since there are few single-OEM dealers, wouldn’t many just shrug and continue to sell used cars and either GM’s or Fords? (Example, our local Chryco dealer is also a VW/Volvo/Audi/Subaru/Hyundai dealer in the same building. Mr. Press’s threat is likely to draw a yawn…..take back your Dogs…er…Chryslers. More room on the showroom floor for GTI’s and A4’s.) Eh?
Cerberus….when you raise a gun toward someone’s head, perhaps you should make sure it is LOADED and pointed in the right direction…..
Someone please save Jeep!