Saab is no more

mascan42

Registered User
Aug 26, 2002
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#1
GM put the kibosh on the Swedish automaker's plans for a Chinese buyout, so it looks like they've had it.
Saab is officially bankrupt

It looks like this is finally the end for the Swedish marque. Paul Horrell reports
Posted by: Paul Horrell , 19 December 2011



Saab’s owners signed it into bankruptcy this morning. The company has been mortally wounded since April, when it ran out of cash, couldn’t pay its suppliers and had to stop building cars. After eight months of extraordinary and desperate negotiations over potential rescues, last month it looked like Saab was safe. A sale was agreed with Chinese manufacturer Youngman and distributor Pang Da. But that deal has now been called off, triggering the bankruptcy.

The stumbling block is General Motors. It has forbidden its designs to be used by the Chinese, so they have pulled out of the deal.



A brief explanation: GM once owned Saab, but put it up for sale in late-2009 when GM itself was in trouble. By that time Saab had designed the new 9-5 and 9-4X using mostly GM parts in their underbodies, suspensions, powertrains, and electronics. In early 2010. Saab was bought from GM by Victor Muller’s investment company, which also owned tiny supercar maker Spyker.


But when Muller agreed a sale to the Chinese, GM decided it won’t let its designs go to China. It thinks copyright protection is too weak in China and its engineering would be pirated. Which is terrifying for GM, because it makes so many other cars using the same systems (the Insignia, Astra, new Zafira and their US and – crucially – Chinese equivalents, with many more to come).


There seems no way back for Saab now. Saab had been up for sale for months. No western, Japanese or Korean car company wanted to buy. An American investment brokerage claimed to be confident of finding money, but failed. Vladimir Antonov, a Russian banker and owner of Portsmouth FC wanted to invest, but he was arrested on 24 November over dealings at the bank he owns. And now the Chinese money has been nixed.


With bankruptcy, Muller has said he won’t get any money out of Saab. Creditors will scrap over the remaining value left from the company’s tools, equipment and premises. They won’t get much. The workers will have a very thin Christmas.


So what happens if you own a Saab? You’ll be more or less OK. Think what happened to MG-Rover. The company went away, but there were and are still cars on the road. So it is still worthwhile business for independent suppliers to make and sell parts, and independent garages to do the servicing. The worst thing is the secondhand value of your car will drop a bit, although with the furore surrounding Saab’s future that has been factored in for a while now.
Link
 

CousinDave

Registered User
Dec 11, 2007
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#2
The company was marketed wrong in North America, they choose to market to pretentious, upper class, douce bags.

The cars were built to handle extreme weather conditions not Louis Voulton bags and heated Mcmansion garages.
 

weeniewawa

it's a man, baby!!!
May 21, 2005
12,076
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#3
so how come barry didn't take them over too?

only liberal hippie teachers drove Saabs
 

CousinDave

Registered User
Dec 11, 2007
25,297
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#4
so how come barry didn't take them over too?

only liberal hippie teachers drove Saabs

He kinda did because when the gov't took GM over, GM owned a controlling interest in Saab



The shit town I lived in PA has the very first Saab dealer in North America - People would come from all over the North East to buy and have their Saabs (and MGs, Austin Healeys, etc...) worked on here


Yes this is the entire dealership



State of the art maintenance facility


recently built show room



notice the house trailer in the back



to the side & in the back they have a junk yard of hundreds of Saabs & more obscure European cars
 

Begbie

Wackbag Generalissimo
Jul 21, 2003
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#5
My stepmom had a Saab...the thing never died. It was just a pain in the ass to get it serviced since some mechanics aren't very familiar with them. It was one of the ones that had the ignition in the center console.
 

lajikal

Registered User
Aug 6, 2009
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#7
One less option for snobby upper middle class white folks. There's still Volvo and BMW.
 

fulldevilsoccer

Registered User
Jul 2, 2009
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#8
;) Who was stupid enough to invest in a Saab dealership? I only remember the car from Seinfeld, that was good product placement but I don't think they sold any cars.
 
Dec 8, 2004
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#9
There was a lot of them in Toronto and like 12 ish dealerships...
 

Stig

Wackbag's New Favorite Heel
Jul 26, 2005
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#10
Goddamned electrical systems were always fucked up in those things.
 

Chino Kapone

Yo, whats wrong wit da beer we got?
Jun 10, 2005
16,959
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#13
I think the real story is that Saab was still in business.
 

Don the Radio Guy

G-Bb-A-D
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Mar 30, 2006
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#14
Many years ago when I tried my hand at selling cars, which lasted exactly a month, I worked for a Ford/Saab dealer. The things wouldn't run when they arrived at the dealership. They'd have to push them off the truck and take them to the shop to get them running before they could sell them. Good riddance.
 

Hudson

Supreme Champion!!!!!
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#15
My high school swim coach died in a saab that inexplicably slammed into reverse and went into a tree and blew up...of course he was probably drunk as well.
 

fulldevilsoccer

Registered User
Jul 2, 2009
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#16
Many years ago when I tried my hand at selling cars, which lasted exactly a month, I worked for a Ford/Saab dealer. The things wouldn't run when they arrived at the dealership. They'd have to push them off the truck and take them to the shop to get them running before they could sell them. Good riddance.
Wasn't SAAB in the GM conglomerate? I don't understand why you would ever invest in a such a niche brand for you dealership. You're likely to end up with this exact situation.
 
Dec 8, 2004
49,073
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#18
Goddamned electrical systems were always fucked up in those things.
I think that is what killed my friends... can't remember specifically but ECU or something really expensive/complicated to fix.

He still misses that car though...
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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#19
Many years ago when I tried my hand at selling cars, which lasted exactly a month, I worked for a Ford/Saab dealer. The things wouldn't run when they arrived at the dealership. They'd have to push them off the truck and take them to the shop to get them running before they could sell them. Good riddance.
I didn't realize SAAB stood for "Fucker Only Runs Downhill"
 

Stig

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Jul 26, 2005
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#20
My high school swim coach died in a saab that inexplicably slammed into reverse and went into a tree and blew up...of course he was probably drunk as well.
And probably had a trunk full of nitroglycerin.
 

Motor Head

HIGHWAY TRASH REMOVAL
Jan 23, 2006
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#21
When I was in college I drove a tow truck and towed one into our shop with a bad water pump. The mechanic wanted to dump a gallon of gas in it and light it on fire. He said the water pump was fucking ridiculous to get at and was designed by a chimpanzee with a fake engineering degree.

I'm glad the Chinese didn't get their hands on the engineering. The have ZERO respect for other peoples patents.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
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#23
i have one that comes in every month or two with burnt out head lights for no apparent reason. i hate the fucking thing because it takes 20+ minuets to change them and the jew bitch that owns the car always waits and complains it takes too long, and costs too much then she writes a fucking check
 

Myhairygrundle

Screw you guys, I'm going home.
Jul 16, 2005
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#24
Saab is just like any euro sports sedan...little extra care and maintenance. People who buy a Saab, Volvo, BMW, Volkswagen, or Mercedes should be informed consumers when they make these purchases. But all of the above are more fun to drive than a Camry or Accord.