Hummer Wanted by Three Non-Automotive Investors

GM's plan to get rid of some of its assets seems to be on track, as reports say that for at least one of them the interest is high. According to Autonews, sources with knowledge of the matter said that at this point three bidders are battling over Hummer, with offers ranging from $100 million to $200 million. In cash, and in addition to other commitments.

If these offers make for a good deal, is only for GM to decide. The manufacturer did not comment though, limiting its statements to the usual "optimistic", "cautious" motifs, because the details of the auction are not public.

"We have received several strong bids for the brand and those are in the final stages of review. We are cautiously optimistic that we will report a favorable outcome to sell the brand in a very short time period," GM spokesman Nick Richards was quoted as saying by the aforementioned source.

It would seem that none of the three remaining bidders are car makers, but private equities and wealthy individuals. Only one of them is the US, the other two coming from the international scene.

Whoever the winner is, the deal will not include the Shreveport plant, as GM will continue to produce H3s at the location and then supply the new owner. In addition, GM is developing an investment plan on future Hummer models, which will be presented to the remaining bidders, to help them make a more advantageous offer.

"Our efforts to sell Hummer are proceeding, and there are several parties interested -- and I would say really interested, in the brand. We're still very much in the process, although that process is maturing," Troy Clarke, GM North America president said a few days ago in a call to dealers.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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