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Chrysler Dealers Still Hoping for the Automaker's Survival

The same day that American billionaireMotor Corp. Jeeps, Dodge trucks, and
and investor Kirk Kerkorian offered aminivans have accounted for 70 percent
bid of $4.5 billion for Chrysler Corp.,of Chrysler's sales at the time when
is the time that a car salesman ingasoline cost nearly $3 a gallon in the
Southold, New York was also dusting offUS.
a framed print.The Struggle of Chrysler Dealerships
Chrysler dealer Dick Mullen said lastMullen for his long years of selling
April 5 while smiling at an editorialChrysler products have weathered out
cartoon from the 80s, "Time to hang thisvery storm. He and his father each
up again. It shows a car bursting frombought $10,000 of Chrysler's debentures
the ground beneath a gravestone markedin 1980 that earns them 11 percent
``Chrysler: R.I.P.''interest per year interest. It was also
Mullen's shop has stayed on Longtheir Chrysler dealership that was the
Island's northeast corner for 80 yearsfirst to sell Jeep in the US after the
and has witness to the rise and fall ofcompany bought American Motors in 1987.
Chrysler through decades of miscues. WayMullen has met Iacocca twice and later
back in the 80s the good old Mullen hashe was invited along a handful of
loaned Chrysler some $10,000 when it wasdealers at a lunch at New York's Waldorf
nearing bankruptcy. And today Chrysler'sAstoria hotel.
future is again on the brink as itsThe main purpose of Daimler for
German parent DaimlerChrysler AG ispurchasing Chrysler is to gain
opening all options for its sale.mass-market American foothold.
Despite the somewhat bleak future thatUnfortunately instead of the gain it is
Chrysler is facing today, Mullenexpecting it has found itself struggling
remained calm and unafraid leavening thebecause of price discounts and union
wait gallows humor.retiree costs that add $1,300 to the
According to Mullen, 70 when he toldprice of each car. And today with oil
sales Chief Steve Landry at New Yorkprices surging high some investors see
Auto Show last April 4, "It's the fourththe future of Chrysler as becoming
time I'm going out of business with youbleaker than before.
guys, I'm getting a little tired of it."According to Tim Gilbert, who helps
He also suggested for Chrysler to writemanage $10 billion in assets including
a book based partly on his up-and-downDaimlerChrysler bonds at principal
ride and pass it out to futureGlobal Investors in Des Moines, Iowa,
executives."When the product cycle turned, the ugly
Landry said as a way of confirming hisreally outweighed the good." He also
conversation with Mullen, "Most of oursaid that he firm is adding more bonds
dealers have faith, and they know thatof the Stuttgart Germany-based carmaker
whatever happens, our brands andbecause it should be more stable if it
products are not going anywhere." Hesells Chrysler.
also said that he plans of meeting withDaimlerChrysler shares on the New York
as many as 50dealers this year to answerStock Exchange have jumped 25 percent to
questions and to mend relationships.$80.69 since the company has announced
Surveying the business of Mullen and thelast February 14 of its plans of getting
rest of his fellow car dealers on Longrid of its money-losing arm Chrysler.
Island, it's hard to miss the obviousOverproduction is the Problem
fact that the Japanese carmakersMullen says that Eaton was smart to sell
influence has also reached Long Island.when Chrysler was riding high. But he
The Unionwas less happy last year, when
Chrysler maker of Dodge truck parts andChrysler's production outstripped
Dodge truck accessories has been a onedemand. Mullen and the other dealers
of the 'Big Three' US automakerwere left with unwanted vehicles. This
alongside General Motors Corp. and Fordhas provided Mullen with the idea for
Motor Co. way back in 1929.his book which he has given the theme:
Unfortunately out of the 'Big Three"'Overproduction causes problems.'
it's only GM that has successfullyLandry also said that he is aware that
maintained its post.dealers were upset and that is why he's
The wrong decisions that have beenmeeting with many of them this year. The
plaguing Chrysler started back in 1970smost perplexing thing that Mullen found
when the Auburn Hills, Michigan-basedon the potential sale is that Chrysler
automaker try to push gas guzzlers ascars have never been better. As a matter
oil buying habits were changing.of fact the Crossfire sports car shares
Chairman Lee Iacocca was able to avoid40 percent of its parts with Mercedes
bankruptcy when it acquired $1.5 billionincluding the engine. The Chrysler 300
government-guaranteed loans. After aon the other hand makes use of the same
revival behind the compact K-car and theaxles and transmission as the Mercedes
minivan, the US automaker once againE-Class sedan.
embarked in 1998 on a rocky $36 billionChrysler is also narrowing the quality
union with Daimler, the maker ofgap with Toyota just last year the
Mercedes-Benz.average new Chrysler had 12 percent more
The union only plunged Chrysler toproblems than a typical Toyota basing on
graver financial crises that went on forthe results found by researcher J.D.
more years than anyone can remember.Power & Associates in Westlake Village,
Chrysler has obtained a $1.5 billionCalifornia. But despite such that
loss which prompted its German parent toaverage is much better than the average
investigate a sale. It was also thenindustry gap of 15 percent and far
that Chrysler has surrendered the No.3better than the 22 percent that Chrysler
slot in the US market share to Toyotaincurred in 2000.



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