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Chrysler passed on multi-million dollar offers for Dodge Viper business

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Chrysler passed on multi-million dollar offers for Dodge Viper business

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Old 06-11-2009, 09:19 AM
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Default Chrysler passed on multi-million dollar offers for Dodge Viper business


You would think that an entity with as much cachet as the Dodge Viper business would have no trouble being sold during a fire sale but according to Chrysler the business couldn’t even muster up offers of $10 million. Reports last month that only one offer was made for the Viper business has left almost everyone scratching their heads, including several Michigan businessman and Republican congressman Darrell Issa.

All is not as it seems, according to new information from one of those Michigan businessman. Speaking with AutoWeek, Scott Devon, the CEO of a multi-million dollar frozen food business and the man behind niche sports car company Devon Motorworks, has revealed that he made offers of up to $20 million. Another man, David Draper, who once owned vehicle customizing firm Cars & Concepts, even made an offer of up to $35 million.

During bankruptcy proceedings last month, however, Chrysler CEO Bob Nardelli said there were no serious bidders. A spokesman for the automaker, David Elshoff, explained that those previous offers were made before the bankruptcy and were rejected because of unreliable financing on the buyer side.

Republican congressman Darrell Issa, meanwhile, wants Chrysler to explain in full why it didn’t disclose any of these offers, stating that the hiding of information may have been illegal.

The Viper business is now just another asset that can either be sold to the restructured Chrysler Group or go back on the market for public sale. Devon Motorworks was hoping to acquire the business, including any production facilities, to build a new supercar based on Dodge Viper running gear.
 
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