Chrysler, which was
acquired last year by Cerberus Capital Management LP, is trying to transform itself into a maker of small, more fuel efficient cars. The Viper is a low-volume sports car hand-built in Detroit independent of the automaker's other production facilities. Company chairman and CEO Bob Nardelli in a statement said that Chrysler has been approached by third parties interested in the Viper brand, which was introduced as a concept vehicle at the 1989 Detroit auto show.
"As the company evaluates strategic options to maximize core operations and leverage its assets, we have agreed to listen to these parties," Nardelli said. "While this is a strategic review, our intent would be to offer strong operational and financial support during any potential transaction, in order to ensure a future for the Viper business and perpetuate the legacy of this great vehicle."
The automaker has retained Lazard as financial adviser in connection with the review. Nardelli stressed that the review is unique to the Viper brand, which he called "an integral part of this company's heritage." Chrysler remains committed to strengthening its overall Dodge offering, with four new models to be introduced for 2009.
As the U.S. automakers look to retool their product offerings and restructure their balance sheets, they have found some success in selling trophy properties to foreign investors. Ford Motor Co. in March 2007 sold a majority stake in its Aston Martin line for $848 million to a consortium of investors including motorsport entrepreneurs David Richards and John Sinders and a pair of Kuwaiti buyout firms. More recently General Motors Corp. has been soliciting bids from motor enthusiasts for its Hummer brand. -
Lou Whiteman See Dealscape post on Hummer auctionSee Dealscape post on Chrysler
