Tuesday, June 2, 2009

Who bought hummer

No body knows who bought Hummer. General Motors sold Hummer to mystery buyer just one day after GM filed for bankruptcy.

GM says it has entered into a memorandum of understanding to sell Hummer. The deal will preserve HUMMER as global off-road brand and will secure 3000 jobs in the United States. However, General Motors' release has no word as to who bought Hummer.

General Motors had said in April (according to CNN) that it was considering three serious offers for Hummer. Reuters report doesn't know who bought Hummer either, but has some more information about bidders who were interested in Hummer in April. According to it, non of the bidders are automakers. One bidder is from USA and the other two are wealthy individuals from overseas.

The car maker says Hummer sale is subject to regulatory approval and customary closing conditions. Last year Hummer sales were down 51 percent in USA. It's an expensive car. The price of an average Hummer can range from $31K to $72,000 dollars if you chose to add options.

GM plans to sell other non-performing brands as well. Pontiac, Saturn and Saab brands are next. This will help the General Motors to cut loose more than 2,000 of its 6,000 U.S. dealerships by next year.

The question as to who bought Hummer still remains and it is known known why the mystery buyer or GM would keep it secret? However, whoever the new buyer of Hummer turns out to be, it should be considering sponsorship to re-introduce the brand. Get those proposals ready.

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