Ford puts Aston Martin up for auction
Published September 2nd, 2006
UK Auction Info
Ford Motor put Aston Martin up for auction on Thursday as the troubled US carmaker began dismantling its stable of British luxury brands in the face of deep losses in its home market.
Ford has appointed an investment bank to handle the sale of the famous brand, for which it is understood to have pencilled in a price of more than $2bn – far higher than the value put on it by financial analysts. It is already in early talks with “interested parties”, Ford said, although it could retain a minority stake.
The sale comes as Ford is considering which other brands it should sell to fund restructuring and reduce losses at Premier Automotive Group, its luxury carunit, which lost $162m in the second quarter. The luxury division was supposed to break even this year after losing $100m last year but Ford warned in July that it would again make a loss.
