Aston Martin to be sold to Prodrive

9/3/07
http://www.verdictoncars.com/news/070309_vantage.jpg
The sale of Aston Martin by Ford appears to be close to completion.
It has been widely rumoured that the buyer will be Prodrive, the UK company that specialises in rally and racing car development. Prodrive has been responsible for running the Subaru rally team and the Aston Martin sports car (http://fifthgear.five.tv/jsp/5gmain.jsp?lnk=101&id=2146#) team.
The rumoured price tag is £500 million - less than Ford originally asked for, but still a worthwhile contribution to reducing Ford's global debt.

I think this is a much better idea. Prodrive pretty much know their stuff. Much better to have a real car company owning one of the best brands in the world than a sissy handbag maker, for God's sake, I'm all for it, and plus they're British.

So much for Louis VUitton

Yeah, I heard about this, well, it would bring AM back to Britain, and for once, it's actually in profit and doing OK.

I hope Prodrive do buy AM, the deal is not quite over yet as you say. Prodrive should be perfectly placed to make Aston Martins more sporting, which is what is required. Ford needs to concentrate on sorting out Jaguar.

Thats... not bad. My only worry is that since they are being taken over by a company devoted to racing... will they take away that GT sense out of Aston, or add lots of technology so its more like a P2 and less like an Aston.

Aston should survive with Prodrive. They got lots more research and racing development and blablabla and stuff i don't understand.... so that may help aston

That would be great but I wonder if Prodrive buy AM will they enter F1 under AM name or as Prodrive?

Fewww
I'm just listening to the JCB song, and the whole aston for sale just seemed to be hell at first. The maker of some of the worlds greatest cars, to be sold, to some rich guys, then Louis thingy, then an egyptian. Now finally we know aston are in safe hands of Prodrive. I hope

That would be great but I wonder if Prodrive buy AM will they enter F1 under AM name or as Prodrive?

Yeah, they're gonna enter F1 as the 12th team in 2008 as Prodrive not AM.

The only problem is that if they buy Aston Martin now, will they have enough money for their F1 cars and drivers?

I wonder if Aston will get 4WD models now.

Good news actually. I was terrified that AM was going to be sold to Louis Vuitton. Sounds like a disaster to me.

Albeit them AM cars will be better built next time around :). An AWD DB9 sounds intersting. Just don't put them in WRC :(.

That's good news for all of us here, AM being sold to LV is probably one of the worst things that can happen...

This leaves me uneasy.

On the one hand, prodrive is a solid company that know what they're doing. On the other hand, they own FPV. They haven't done anything positive over there - their premium V8 performance models get crapped on by basic Ford XRT's with a couple of grand worth of modification. That's 50k worth of car with some aftermarket tweaking whooping 80k worth of car from what's supposed to be premium tuning house.

But in regards to Aston Martin; Prodrive would make some good work out of the sports models, like the Vantage and DBS, that I'm not concerned about. I'm worried mostly for the sake of the DB/GT models. A DB9 that's been prodrived? I feel sick just thinking about it.

It's official
DETROIT, March 12 — The Ford Motor Company said today that it would sell Aston Martin, maker of the upscale British sports cars favored by James Bond, to a group of investors that includes the racing mogul David Richards and a pair of Kuwaiti companies.

The deal values Aston Martin at $925 million. Ford will retain a $77 million investment in the company, or about 8 percent, according to a statement Ford issued this morning.

The sale is expected to close during the second quarter.

Aston Martin is the first nameplate sold by Ford since it announced a revamping plan last year that it calls the Way Forward. Ford, the second-largest American automaker behind General Motors, lost $12.7 billion in 2006.

The deal allows Ford to raise a significant amount of money for its restructuring effort, yet maintain its ties with the brand.

Alan Mulally, Ford’s chief executive, said in a written statement, “The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably.” He added: “Today’s announcement is good for Ford Motor Company, good for Aston Martin and good for the U.K.”

The sale also returns Aston Martin to British ownership at a time when other famous British car brands have fallen into foreign hands.

Analysts have said an Aston Martin deal could clear the way for Ford to sell its other British brands, like Jaguar and Land Rover, even though Ford, based in Dearborn, Mich., has said it is not interested in doing so.

“They need the cash and they need to invest in their products,” said Brian Moody, senior editor at Edmunds.com, a Web site that gives car-buying advice to consumers. “They need to focus on their core stuff.”

The principal buyer, Mr. Richards, is the chief executive of Prodrive, a motor sport and automotive technology company based in Banbury, England.

Prodrive helped develop Aston Martin’s racing program starting in 2004. Prodrive is scheduled to enter Formula One racing in 2008, and there has been speculation that it could use Aston Martin as a platform for its cars.

Prodrive also is part of a joint venture with Ford called Ford Performance Vehicles, which builds the Ford Falcon car for the Australian and New Zealand markets.

The two Kuwaiti companies that joined Mr. Richards in bidding for Aston Martin are Adeem Investment and the Investment Dar Company. John Sinders, an American businessman who Ford described as “an avid Aston Martin collector,” is the fourth party to the deal.

Aston Martin has been one of Ford’s few profitable brands in recent years, although its low sales volume made it more a source of prestige than earnings.

“Compared to their other brands, Aston is just so far out there,” Mr. Moody said. “Even something like Land Rover has a little more relevance to the average consumer than Aston.”

Aston Martin has about 100 dealers worldwide and sells three models: the $110,000 V8 Vantage, the $165,000 DB9 and the $260,000 V12 Vanquish.

It will soon begin production of a fourth model, the $250,000 DBS, which the actor Daniel Craig drove in the latest James Bond thriller, “Casino Royale.” An Aston Martin first appeared in the Bond series of movies in “Goldfinger” in 1964.

Its 2006 sales rose by about 50 percent, to 6,500 vehicles. However, the Premier Automotive Group — made up of Aston Martin, Jaguar, Land Rover and Volvo — lost $327 million.

In soliciting buyers for Aston Martin last August, Ford’s chairman, William Clay Ford Jr., said new ownership would “allow it to reach its full potential, while enabling Ford to efficiently raise capital for its other brands.”

Mr. Ford continued, “Since Aston Martin’s dealer network, product architecture and size are distinctly different from other Ford brands, it is the most logical and capital-smart divestiture choice.”

Aston Martin was founded in London in 1913. Ford bought 75 percent of the brand in 1987 for an undisclosed amount and took full ownership in 1994 as it opened a new factory for the brand in Bloxham, England.

Micheline Maynard contributed reporting from Detroit and Julia Werdigier from London.

http://www.nytimes.com/2007/03/13/business/12ford.web.html?_r=1&oref=slogin

Ye finally Aston is back in British hands !!! Good news for the British Motor Industry !!!

Yea prodrive should buy Aston Martin. Ford has did there best for them. AM needs this very badly.So, its good that AM is being bought something from the big blue oval

Yea prodrive should buy Aston Martin. Ford has did there best for them. AM needs this very badly.So, its good that AM is being bought something from the big blue oval

No, Aston doesn't need this or anything badly, FORD, needs this badly.

Jesus, for someone with "Expert" in their name, you gave me a real big smile clicking, "BAN".

;)

But, since you're gonna read this, Aston had nothing prior to Ford owning them, who got them that braaaand spankin' new facility? Ford.

Who gave 'em the money for the new materials and R&D costs? Ford.

How does Aston pay them back? By creating three models, the top one is beat out by the older 575, even the older 550 most likely. The DB9 beats out the Vanquish as well, while being too soft and too limited production to be of any importance to Ford's money spent to make sure it didn't suck. And the AMV8, great car, awesome all around, but it's limited production, which means, you already know it won't make a ton of money for you.

Aston's a leech on Ford. Am I happy to see them go? Hell no, I love that company. But to say Aston needed this is downright moronic.

Honestly, Aston Martin is a great company, but they never did it for me, they never set themselves apart from the pack in my eyes.

Their car designs after 1990 are.......ehhhh, ok, at best. I wish they we sold to KIA!

hmm imagine a aston modded for rally

A Canadian company should buy like AM...we don't even own a car company...not that i know of. That was just in my opinion no need to make fun of itt...But AM being owned by a rally company is better than LV for shure.

Yeah, they're gonna enter F1 as the 12th team in 2008 as Prodrive not AM.

The only problem is that if they buy Aston Martin now, will they have enough money for their F1 cars and drivers?


Hey I will drive for them for free if its what it takes for them to enter F1.

I really do not know if this will benefit ether company, I mean Aston won't get to share ideas and parts and get the big bucks from FoMoCo, but they won't be "tied down" with certain quotas they have to meet, but I doubt Ford forced things upon them.

Yet Ford will loose a "performance" car company, but it will be good in the long run, they won't have Aston to worry about taking money that could be used elswhere to bring up the entire company.

Well only time will tell.

Ford saved Aston Martin, But now that Ford is going down the pan, they dump them, they must be in deep **** to do that.

hmm imagine a aston modded for rally
It already has, Prodrive did it already. Look it up in the motorsport section.....

As long as Aston Martin is purchased by people that are smart and have a strong passion for cars, I'll be OK. If Aston Martin really was sold to Louis Vutton, the auto world won't change much, but the brand might die if that happened.....

Prodrive bought them... http://www.astonmartin.com/thecompany/news?a=1a77ab65-8f1a-4793-b988-6fc0f2882719

notice ford has kept a 10% share in aston martin... maybe they will buy them back in a few years time when they have a better bank balance?

hahaha imagine^^^^

I like them already....

http://www.leftlanenews.com/astons-new-owners-confirm-rapide-production.html

The sexist 4-door in history is a go.

This leaves me uneasy.

On the one hand, prodrive is a solid company that know what they're doing. On the other hand, they own FPV. They haven't done anything positive over there - their premium V8 performance models get crapped on by basic Ford XRT's with a couple of grand worth of modification. That's 50k worth of car with some aftermarket tweaking whooping 80k worth of car from what's supposed to be premium tuning house.


Stock X6T's are generally faster down than quarter than FPV GT's. I havent been kidding all this time when I said the GT was soft.

In the time that HSV have gained 52kw's across the board, FPV have only offered 6 different stripe kits for their models.

Maybe there will be an FPV DB9??? No chance....


Hopefully Prodrive can turn Aston Martin around and return it to decent profitability, I heard a rumour a few years ago that Aston Martin had not had a profitable year since the DB5 went out of production.

Aston's British again, well, basically!