Mayor Bing May Give Up on the Bing Group

Detroit's Mayor Dave Bing is facing the same difficult economic environment as the car manufacturers in his city are facing. Owner of the Bing Group, a company specializing in steel stamping and processing for the automotive industry, the mayor sees himself struggling to survive. So much so, that he is considering selling the business to someone else, as soon as the first quarter of 2010.

“By that time I think I'll have all of the information that I need in terms of whether or not the best decision is to stay and fight and continue to lose money, or to sell and make sure the little bit of value that's there remains,” the mayor told WWJ AM 950 radio.

The problems facing the Bing Group are even more uncontrollable, as the mayor is no longer an active participant in the business ever since he took office. The company is currently run by Kirk Lewis, the company's president and by the mayor's daughters, Autonews reports.

“I'm not sure if we're going to continue and I've got to think about whether or not I should sell. We're not a global company and if you're going to be a player in this industry you almost need to be global,” the mayor added.

Bing group's uncertain future is the same as most of the small suppliers in the industry. This week, the Original Equipment Suppliers Association met with a Senate banking subcommittee to ask for more financial assistance. The association argued that at this point it is impossible for automotive suppliers to secure funding from banks.