Spyker Makes Their Last…Car Payment to GM

Saab’s have always been popular…with a Very select group of people. They weren’t bad cars. They were just…different.

They were the sort of cars that you either like, or you don’t.

So, it seems fitting that GM sold the brand to the Dutch automaker, Spyker…makers of the equally dorky supercar, the Spyker C8.

With the help of government-backing, Spyker Cars NV agreed to buy the Swedish car company from GM. The cost? $326 million in Saab stock, and $74 million in cash.

GM put Spyker on an easy payment plan, and the last $24 million dollar payment wasn’t due until July 15th. However, Spyker decided to make the final payment early, so they could assume control of Saab, and get down to the business of making cars.

Thanks to a $400 million EURO loan from the European Investment Bank, Spyker should have enough cash to successfully launch the new 9-5…and make some money.

Further enhancing Spyker’s position, is their recent acquisition of Saab of Great Britain, from GM UK. This dealer network, plus their (rather disorganized) dealer network in the United States should help the new company sell the 2011 Saab 9-5.

Besides the new 9-5, Saab-Spyker Automobiles plans to sell the following cars;

The Saab 9-1
The Saab 9-3
The Saab 9-4X
The Saab 9-5

Let’s hope that future Saab’s are more like an Amsterdam “Coffee Shop”, and less like…an IKEA.

About The Author

Getting his start in the auto industry at the age of 17, Teddy quickly learned his way around the business and went on to found his own specialty car brokerage firm. Today, through his company Ronin Media, he also provides automotive content for numerous websites, including Automoblog

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