BethB asked:


I have a 2004 Chrysler Sebring and the driver side interior door handle doesn’t work anymore. When I pull on it nothing happens. Does anyone know how to replace it or where I can find instructions on how to replace it.

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Lisa Ziegler asked:


Private equity groups bidding for Chrysler producer of quality Jeep windshield wiper arm are now checking in with retailers to inquire about the vehicle lineup of the future US auto market. They want to gain insight into the automaker and the marketplace.

Bidders have also contacted publicly traded dealership chains such as Lithia Motors Inc., Group 1 Automotive Inc., and AutoNation Inc., that is according to The Detroit News. Some privately owned dealers were also contacted by the bidders to gain further info on the company they are bidding for.

It should be noted the private equity team that are bidding to buy Chrysler include the team of Blackstone Group and Centerbridge Partners, Cerberus Capital Management and the Canadian supplier Magna International Inc. DaimlerChrysler executive Ridiger Grude is meeting with those parties in New York this week. Kirk Kerkorian’s Tracinda Investment Company has submitted a $4.5 billion bid for Chrysler but since it was the last one to bid it has not yet been given attention by executives from DaimlerChrysler.

Chief Operating Officer Mike Maroone said that the Fort Lauderdale, Fla.-based AutoNation, the nation’s largest dealer chain with 30 Chrysler locations had a “series of conversations with a couple of big private equity groups” that are interested in Chrysler. He also added, “They were interested in our point of view on a number of issues — products, the dealer network, the health of the industry. We talked about broad issues, not behind-the-scenes stuff — our view of the market.” Maroone also said that the AutoNation believes that the industry needs to take a more customer focused approach to building and selling cars and adopt a more rational pricing approach.

The Blackstone/Centerbridge team has spoken with Houston-based Group 1 Automotive’s CEO Earl Hesterburg recently according to people familiar with the discussions. Group 1 spokesman Pete DeLongchamps said that he was unaware of any meetings.

Lithia CEO DeBoer said that he is not the least surprise to know that potential buyers were contacting dealers. He also added, “We have no idea as a dealer what a manufacturing company should do or who should own it or how they should go about it. But we do know what sells and what has a lot of potential.” DeBoer said that despite the problem within DaimlerChrysler he still believes that Chrysler will be better off with Daimler. He said, “They have tremendous synergy in many of the products. I just don’t believe it’s the right thing for the German company or Chrysler.”

DeBoer further stated that if in case Chrysler is sold he would like to see the former Chrysler chief operating officer Wolfgang Bernhard to take on a key role. He said, “He’s got tremendous energy and has a great grasp of what it would take to make Chrysler even better.” Looks like DeBoer will have his wish granted since right now the former Chrysler operating officer is part of the Cerberus team that is contending for Chrysler. Lithia has more than 35 Chrysler, Jeep, and Dodge retail outlets.

And lastly as long as DaimlerChrysler has not yet chosen the new owner of its Chrysler arm the future of the American-based automaker will remain uncertain leading to more customers doubting the brand.



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Lauren Woods asked:


The Chrysler Technical Center, which is dubbed as the ‘design dome’ of the automaker, temporarily loses to function as such. In the past few days, the dome has been transformed into a showroom to attract more suitors.

The Chrysler Group transforms the hush-hush dome into a warm showroom, with open books, as well as wines and dines investors. The dome was previously used by the automaker’s executives when they come to critique the upcoming product lines behind closed doors. But this week, the dome has been transformed into a showroom for Wall Street investors who desire to purchase a car company.

Models like the all-new Dodge Ram which is set on display at the ‘design dome’ could serve as a great appetizer for starving investors. The top management of the struggling automaker has hosted two of the largest private-equity in the United States. Representatives from the Blackstone Group and the Cerberus Capital Management have been given access to the Auburn Hills-based automaker to analyze a possible buyout.

Representatives of the Blackstone Group met with Chrysler CEO Tom LaSorda. They dined with LaSorda’s executive team at the Walter P. Chrysler Museum. Buyout experts from the Cerberus Capital Management also got a similar treatment from the automaker early this week.

The private-equity giants pored over financial reports of Chrysler. They also have critical look at the automaker’s operations and leadership. The information was made available by DaimlerChrysler last month.

The meetings were deemed an audition of sorts for the Chrysler CEO and his senior managers. “This is a very important job interview for management, but the question is whether they’re the right team for Blackstone or Cerberus going forward,” said Colin Blaydon, the director of the John H. Foster Center for Private Equity at Dartmouth College.

When asked about the visits, Chrysler declined to give any comment. From the revelation that “all options” were being considered for Chrysler, as delivered by DaimlerChrysler CEO Dieter Zetsche, details of the sales process have been closely guarded by the company.

Nonetheless, the appearance of Blackstone and Cerberus in Auburn Hills is a vital link towards potential bids for the ailing unit of DaimelerChrysler. These private-equity firms are no ordinary - they carry with them tens of billions of dollars in capital to invest. According to the experts in the industry, it is either Cerberus or Blackstone which would purchase Chrysler outright, restructure its operations and take it public - or DaimlerChrysler would sell it to other automakers.

The Cerberus executives spent Monday and part of Tuesday at Chrysler. They met first with LaSorda. The latter delivered an overview of Chrysler’s operations and its competitive position in the global auto market. Other presentations were given by Eric Ridenour, Chrysler’s chief operating officer; Frank Ewasyshin, the manufacturing head; and Trevor Creed, the chief designer.

Blackstone’s contingent arrived Wednesday for its two-day visit. Sources familiar with the team said it was led by Neil Simpkins, a senior managing director who serves as chairman of TRW Automotive Holdings, the Livonia-based auto supplier that Blackstone acquired in 2003. The officials of the firm also visited other Chrysler operations before leaving.

Experts say Chrysler is trying to make a great first impression. “A company always wants to show the unique characteristics that makes the business successful,” said Scott Meadow, a professor of entrepreneurship at the University of Chicago Graduate School of Business.

Meadow added, “The key thing is the predictability of cash flow. That is the fundamental engine that drives these financial transactions.” Hence, the struggling automaker is expected to showcase hot designs and vehicles, quality auto parts that could include powerful engines and Injen cold air intake. The introduction of the state-of-the-art car technology is also anticipated to lure the investors.

People familiar to DaimlerChrysler said that the General Motors Corp. executives also have talked with the automaker regarding the possible acquisition of Chrysler. Colin Blaydon, the director of the Center for Private Equity and Entrepreneurship said that the possibility exists that a private-equity firm might team up with an automaker such as GM to do a Chrysler deal. “(Chrysler) is not a standard private-equity deal,” Blaydon said. “I wonder whether this is one where private equity would need a strategic player to step up.”



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RyanThomas asked:


February 14 was a sad day for Chrysler employees in the country. On that day, DaimlerChrysler Chief Executive Officer Dieter Zetsche announced that due to the poor performance of the U.S. brand, all options are open for the brand including its sale. The day also saw the workforce reduction carried out by the company as a part of its restructuring plan.

The speculations that Chrysler will be for sale is made even more plausible with the emergence of interested firms popping out and saying that they are interested in buying the U.S. arm of DaimlerChrysler AG. It can be remembered that Chrysler has already planed to cut down the number of their employees in the following months.

Aside from workforce reduction, the restructuring plan of Chrysler involves closing down of a plant and eliminating shifts on two plants. These steps, as Chrysler maintained, are necessary to address the reduced demand for their vehicles.

Recently, The Associated Press reported that there are now two firms which are most likely going to be the next owner of Chrysler. The Cerberus Capital Management LLC and a group of investors led by the Blackstone Group and Centerbridge Partners LP. These firms have expressed their intention to buy the troubled company. The American news agency reported that representatives of the group have made a visit at Chrysler’s headquarters in Auburn Hills, Michigan.

The Associated Press also spoke with a Chrysler insider who disclosed that potential bidders are now looking into Chrysler’s financial status.

Another firm that has shown interest in Chrysler is Canadian car parts manufacturer Magna International along with the largest car manufacture in the world, General Motors. Although the Canadian firm has shown interest, insiders said that the possibility of the Canadian firm buying the company has been reduced. There are also other firms that have shown interest on Chrysler although these are not as strong as the interest shown by Cerberus and Blackstone are Apollo Management LP, and the Carlyle Group. These firms have not yet made comments about their interest on the car maker.

As far as the rumored takeover of General Motors of the ailing Chrysler group, experts pointed out that it looks unlikely. While General Motors has yet to comment about the rumored interest they might have on the third U.S. car maker, speculations in the auto industry says that the world’s largest car manufacturer will not gain any advantage from the acquisition of the ailing group. On the other hand, another U.S. brand, Ford, when asked whether there is a possibility of them buying Chrysler, Ford CEO Alan Mulally flatly said that it will never happen.

On a sudden twist, DaimlerChrysler AG Chief Executive Officer Dieter Zetsche has announced that there is a possibility that Chrysler will still remain as a part of the German company. But the emergence of the two firms most interested in the purchase of Chrysler has a look similar to Nissan cornering lights which shows which way Chrysler is going in the future.



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Dwyane Thomas asked:


DaimlerChrysler, the world’s second largest producer of luxury cars and manufacturer of high quality Mercedes window motors has announced recently that the first quarter profit that they obtain is more than doubled and Mercedes has helped a lot in offsetting the loss at the US Chrysler Group which is being sold.

The net income of DaimlerChrysler has increase to 1.97 billion euros ($2.67 billion), or 1.89 euros a share from 781 million euros or 77 cents explained Chief Financial Officer Bodo Uebber at a recently held conference call. Revenue also decline by 6 percent to 35.4 billion euros. The company gain from the sale of stake in the parent of Airbus SAS.

Chief Executive Officer Dieter Zetche is further attempting to reduce the risk to profit growth by finally selling Chrysler AG to Cerberus Capital Management LLC. Zetsche is expecting for more than 7 percent profit increase for this year at Mercedes, which has introduced new and expensive vehicles like the S-class sedan. DaimlerChrysler is also expecting to keep the truck unit profitable.

The shares increase by 1.84 euros or 3 percent to 63.54 euros valuing the company at 65.5 billion euros. The stock has also increased by 29 percent since February 14 when Zetsche said that “all options’ were open for Chrysler.

The Separation

DaimlerChrysler has finally announced that it would be ending its nine-year ownership of the money losing Chrysler and would be handing control to Cerberus including the $19 billion retirement liabilities for US employees. Ron Gettelfinger, the President of the United Auto Workers have welcomed the deal and promised to help in the recovery of the ailing US carmaker.

It can be remembered that Chrysler has posted a loss in the quarter amounting to 1.49 billion euros from a profit of 641 million euros. The loss includes reorganization expenses of 941 million euros. DaimlerChrysler also shared 120 million euros to assist “troubled suppliers” and added 54 million euros to cut administration and management jobs.

In addition, existing projects with Mercedes-Benz will also continue, providing opportunities to share development costs. There will also be a joint council consisting of management board representatives that be formed to discuss business projects. The deal is expected to be completed in the third quarter. The Pension as well as the health-care costs associated with Chrysler will be taken over by the new company.

Why sell Chrysler?

The merger was not working from the very beginning as a matter of fact DaimlerChrysler’s stock peaked five months after the merger and never recovered since then. Chrysler lost $680 million last year and surrendered market share to Toyota and was relying too much on the sluggish North American market. Zetsche has failed to keep Chrysler profitable after the reorganization which he himself has started.

Since 1998 Chrysler has posted annual profits of only $5 billion while its losses escalate infuriating investors further. The latest recorded loss by Chrysler marks a third descent into losses since the last time that Lee Iacocca saved the automaker from bankruptcy 25 years ago. To keep itself afloat Chrysler has reduced its workforce by 13,000 and closed one of its factories. It has also unveiled new models in the hope to offset the decline in sales last 2006.

Chrysler CEO Tom LaSorda has again vowed to get Chrysler back to profitability since now he has all the time to really focus on the recovery of the automaker without the distractions from analysts and the need to submit quarterly reports, according to Cerberus Chairman John Snow in an interview just recently.

The buck stops here

Uwe Treckman, an equity strategist at Dresdner Bank said, “Once Chrysler has been sold the cash-flow to sales-ratio will improve significantly.”

The Mercedes Car Group will also implement a profit recovery plan that will include Smart, Mercedes-Benz and Maybach brands especially now that Chrysler will finally separate from them. The growing demand for heavy trucks in Europe and Asia are also helping to offset the loss Chrysler. Mercedes-Benz earnings before interest and tax were 792 million euros in the quarter from a loss of 735 million euros a year earlier.

For the first quarter, Mercedes-Benz Car Group sales declined by 2.8 percent trailing behind larger rivals like the Bayerische Motoren Werke AG and Volkswagen AG’s Audi luxury car business. Despite the decline, Mercedes-Benz is still able to come up with remarkable sales figures for its most expensive vehicles like the S-Class full-sized sedan and the GL-Class large sport utility vehicle which has given the brand more profit compared to its other models.



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Lauren Woods asked:


People close to DaimlerChrysler AG said that buyout experts from the Cerberus Capital Management met Monday with Chrysler Group executives to evaluate a possible bid for the ailing division of the automaker.

Cerberus, a leading private-equity firm, is the very first investor from Wall Street to visit Chrysler headquarters in Auburn Hills for an in-depth review of the automaker’s finances and operations. The second powerhouse is the Blackstone Group. The company is scheduled to meet with Chrysler management later this week. The talks are all intended to suggest the selling price and the sales process itself.

The talks signaled the mounting pressure regarding Chrysler’s critical phase. Chrysler was in essence put up for sale on February 14 when DaimlerChrysler CEO Dieter Zetsche announced that “all options” were being considered for the besieged company. Since the company’s announcement, more and more suitors are attracted to purchase the ailing division of the German automaker. Big money is involved and many investors have began digging deep into the potential sale of what used to be the third largest automaker in the United States.

Separately, Zetsche said on Monday that he does not rule out selling Chrysler Financial, the finance arm of Chrysler, as it considers all options for the U.S. division. “In case we would decide for an option that would change the current structure for the Chrysler Group, we have the option to do the same for the financial arm or not,” he said during a Merrill Lynch Global Automotive Conference in Geneva.

Aside from Cerberus and Blackstone, General Motors Corp. could also join the bidding battle. But it does not stop there, other investment groups could also bid to acquire the Chrysler Group. When asked about the talks and the on-site visit at Chrysler, a spokesman for Cerberus in New York declined to remark Monday. “We routinely don’t comment on market rumors and speculation,” said Peter Duda of Cerberus. Jason Vines, Chrysler’s spokesman, also declined to comment Monday.

However, sources said that both Cerberus and Blackstone are considered serious contenders to buy Chrysler. The Chrysler Group is known for its roller coaster ride in the auto industry. The fluctuation in sales and profits is constant. Since the acquisition of the Daimler-Benz AG in 1998, Chrysler has been a constant newsmaker. This is because the company’s heat scorches enthusiasts that even Stillen cold air intake could not handle.

According to analysts in the industry, Cerberus and Blackstone are deemed interested in hiring former Chrysler executive Wolfgang Bernhard to assist in a turnaround of Chrysler. It could be recalled that Chrysler has reported a loss amounting to $1.5 billion in the previous year.

Bernhard was previously employed by Chrysler as a former chief operating officer. Now, he has been targeted by Cerberus and Blackstone as a possible executive or high-level consultant. This information was divulged by the people close to the deal. The assumption about Bernhard’s automotive future has been triggered since his resignation in January as head of the Volkswagen brand.

Cerberus, according to experts, has become an increasingly aggressive player in the auto sector. The ace of Cerberus is former Ford Motor Co. executive David Thursfield, who spearheading the firm’s auto investment activities. In 2006, the firm agreed to purchase a 51 percent stake in GM’s highly profitable finance business.

Blackstone is also another great contender. In 2003, the firm acquired the automotive operations of TRW Inc. for $4.7 billion and later took the company public. Blackstone is the owner of a 56 percent stake in Livonia-based TRW Automotive Holdings. The latter is the largest manufacturer of auto-safety equipment. Blackstone’s ace is its chairman - Stephen Schwarzman, who was crowned the “new King of Wall Street” in the latest issue of Fortune magazine.

Daimler has engaged investment banker J.P. Morgan Chase to handle potential deals.



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Glady Reign asked:


Dieter Zetsche, the DaimlerChrysler chairman, was once called the merger champion. He shocked the auto industry last Wednesday when he declined to rule out selling Chrysler, the Auburn Hills-based unit. On that day, Zetsche announced 13,000 job cuts, including about 5,300 in Michigan. This situation poses a huge question about Chrysler’s future. Is Daimler about to let go of Chrysler?

“Our thinking does not exclude any options. This means all options are on the table,” Zetsche told reporters when asked about the possible selling of Chrysler. German media appeared delighted at the statement.

DaimlerChrysler shares increased by $5.33 or 8.3 percent to a total of $69.78. No further details could be given said Zetsche who spent five years running the Chrysler Group before becoming DaimlerChrysler’s chief last year. In July, during the launch of his “Dr. Z” ads Zetsche said that the two companies should not have merged in 1998. “The merger is not an issue going forward anymore,” he added.

In 2006, Chrysler reported profits and gaining a larger slice in the American market share. However, the company has to deal with growing inventories and a slump in vehicle demand. Along with the announcement of its restructure plan last Wednesday, the company also posted an operating loss amounting to $1.5 billion for 2006.

The turnaround plan, which was previously called Project X, is expected to alleviate Chrysler’s ailing standing in the industry. It is supposed to allow the company to profit by the year 2008. Daimler’s executives expect for a $4.5-billion improvement by 2009 to an operating profit of $3 billion. The said turnaround plan will cut the company’s workforce by 16 percent including 11,000 hourly jobs and 2,000 salaried jobs. The cut in workforce will significantly affect metro Detroit.

Canada operations of the automaker will be slashing 2,000 jobs. However, special retirement programs and termination or buyout packages will only be offered to selected areas of Chrysler. The across-the-board packages offered by General Motors Corp. and the Ford Motor Co. in their respective restructuring plans will not be offered by Chrysler. “Hourly workers should learn the details within three or four weeks and salaried workers in the next business quarter,” the company said.

The Warren Truck Plant, the Chrysler plant that produces Dodge Ram pickups, will lose a shift and about 1,000 workers. An assembly plant in Delaware will lose a shift and will be idled in 2009. A Cleveland parts distribution center will be closed this December. In addition, a shift will also be reduced at the St. Louis South Assembly plant. Chrysler said it hopes to reduce production capacity by 400,000.

Even before Wednesday, the tension is building up in Chrysler plants. “Something had to be done, obviously,” said Matt Davidson, 49, of Clinton Township. He works at the Warren Truck facility. “All in all, we knew it had to happen. It wasn’t a surprise.” Carmen Walker, 39, of Sterling Heights, a first-shift floater on the assembly line at Warren Truck, said people cried when they were told. “It’s sad ’cause it’s all they know.” Many automotive workers are on almost on the same plight. Those working on Volvo S60 parts could be on the same footing as those working on Dodge Ram auto parts.

The company also said it wants to reduce material costs by $1.5 billion over three years and explore the sale of support operations. The restructuring plan is expected to cost the company $1.3 billion. Reduced production, on the other hand, is expected to cost about $300 million.

But Ron Harbour of Harbour Consulting said Zetsche’s comments does not necessarily mean Chrysler is for sale. “He has a duty to not only the board but all of the shareholders to make sure that as they make strategic decisions, that they’ve exhausted all options,” he said. “Don’t jump to the conclusion that… Chrysler is going to be sold.”



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Cpt Wardawg asked:


I own a 1997 Chrysler Cirrus and I am wondering what performance parts for my car that I can buy to improve it performance wise. Under the hood there is really no room to add much so its basically down to what can I remove and but in place of that? Nothing that will require a lot of removal of other parts or anything overly pricey either. Thanks for your help

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nonya b asked:


Did that pass through Congress? We have hit a low point and we officially live in a dictatorship. I will now never buy a GM or Chrysler unless our dictator gets his nose out of the business.

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james m asked:


And causing thousands of people to lose their jobs? I certainly do. There is no expense to these auto manufacturers for the dealers to stay open. These vehicles are already paid for by the dealers. If I have to drive 40 or 50 miles or more to buy a Chrysler or GM product, and then have to drive that distance to get it serviced, I’ll go to a Ford dealer that’s a little closer home. Remember, Ford Motor Company turned down the government money.

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