Chrysler sold in £3.76 billion deal

By Ben Whitworth Motor Industry 17 May 2007 09:38 Chrysler has been sold. In one of the biggest private equity deals seen in the automotive industry, Cerberus Capital Management has purchased 80.1% of Chrysler in a £3.76billion deal, leaving DaimlerChrysler with the remaining 19.9% stake in the loss-making company. The move marks the close of arguably the most high-profile transatlantic merger and shuts the door on Canadian car assembly giant Magna and billionaire Kirk Kerkorian, who last month offered £2.27billion for Chrysler.

GM U.S. sales boss LaNeve to leave on Oct. 15

General Motors Co.'s head of U.S. sales, Mark LaNeve, is resigning effective Oct. 15 as the automaker continues to struggle with one of the worst years in U.S.

Big Three Truck Premieres

Once just a local agricultural fair, the State Fair of Texas, Dallas, has now become the launch platform of choice for automobile manufacturers to present new trucks. Texas is an immense market for pickup trucks and this year, the Detroit Three were there, along with Toyota, to present world premieres. And for the auto executives that make the trip down, the Texas Fair is surely the easiest assignment they will get each year: people in Texas like full size trucks and buy them as personal vehicles not because they need their capacity but rather because "it's Texas here, y'know".