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The next SRT Engineering chat session is scheduled for Wednesday, July 8th. The session will run from from 6pm to 8pm EST and will be held at Caliber Forums.
The topic of discussion will be the Dodge Caliber, but as usual all SRT-related questions on current products are welcome. Please do not ask questions about the Dodge Hornet Concept.
A thread has already been created and will be unlocked at 3pm (EST) at which time you will be able to start posting your questions.
When the U.S. Supreme Court delayed the sale of Chrysler to Fiat yesterday it put the whole contract in jeopardy, giving the Italian automaker the opportunity to walk away if the sale isn't approved by June 15th. Fiat CEO Sergio Marchionne has, however, confirmed his commitment to the purchase, saying that it would not deter him.
"We would never walk away," he said in an interview with Bloomberg. "Never."
Late Monday afternoon Supreme Court Justice Ruth Bader Ginsburg delayed the sale but did not make clear the intentions of the court. A group of Indiana pension funds have attempted to block the sale of Chrysler to a Fiat-run group (also comprised of the U.S. and Canadian governments) by alleging that the initial bankruptcy court acted contrary to the law by putting the needs of unsecured lenders ahead of secured ones (some of which include the pension funds).
The bankruptcy court's decision was upheld by an appeals court and now the matter may go before the Supreme Court.
It is not guaranteed that the Supreme Court will hear the case but that is the speculation.
All we do know is that Fiat has an unwavering interest in the Chrysler brand and the U.S. market. This is likely due to Marchionne's belief that in a post-recession auto industry there will be far fewer major players controlling significantly larger shares of the market.
A U.S. Supreme Court judge has delayed the sale of Chrysler to a new Fiat-run company indefinitely. The move by Justice Ruth Bader Ginsburg came just before a 4 p.m. deadline set by a New York appeals court would have seen the sale completed.
The statement by Justice Ginsburg was just one sentence and gave no mention if or when the Supreme Court would hear an appeal by several Indiana pension funds which are challenging the sale. Representatives of those pension funds had just lost an appeal and were said to be looking to take their challenge to the U.S. supreme court. The group is arguing that by permitting the sale of Chrysler to Fiat the bankruptcy court acted contrary tot he law by putting unsecured lenders ahead of secured ones.
The Obama administration has pressured the Supreme Court against delaying the sale of Chrysler saying that such a move could have "grave consequences," namely, the liquidation of Chrysler's assets. If the sale of Chrysler to the Fiat-led group (which also includes the U.S. and Canadian governments) does not transpire by June 15, Fiat is able to walk away.
Chrysler, the brand that carries the name of the corporation behind it, may not do so for long. According to a report on AdAge.com, Fiat executives are looking at if they should keep all three Chrysler brands (Chrysler, Dodge and Jeep) and the most likely candidate to get axed is Chrysler itself.
A spokesperson for Chrysler admitted she had also heard the rumors but could not confirm them.
Apparently this isn't the first time the Chrysler brand has faced the chopping block as executives at the company debated cutting the brand earlier this year.
Over the past several years the Chrysler lineup has been diminished significantly with models like the Crossfire, PT Cruiser, Aspen and Pacifica all being cut.
With the exception of the Chrysler 300 (and possibly the Town & Country, the low volume sibling of the Caravan), there aren't any Chrysler models that would be missed.
Those 789 Chrysler, Dodge and Jeep dealers that were cut loose by Chrysler as a part of its bankruptcy and restructuring plan have until June 9th (next Tuesday) to part with their remaining inventory.
Because of the dealership contract that they signed, dealers aren't allowed to sell off the cars once the contract expires. And because Chrysler is in bankruptcy protection, it doesn't have to buy the cars back either.
Chrysler has said that it will help the 789 dealers move their inventory to the remaining Chrysler dealerships, but it won't give any guarantees on the amount of money those dealerships will have to pay for the remaining vehicles. And considering the circumstances, the terminated dealers don't exactly have much faith in their parent company right now.
As a result, dealerships are slashing prices. CNN visited Pohanka Chrysler-Dodge in Leesburg, Virginia, where the dealership has slashed prices on some models by as much as 40 percent. A brand new Dodge Nitro, which lists for $29,170 now has a sticker price of just $17,510.
Owner Ray O'Bryhim even says prices may get lower as the June 9th deadline approaches.
When Chrysler's 789 dealers received noticication that their contracts would not be renewed, they had an inventory of roughly 44,000 cars.
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Chrysler 300C Forum: 300C & SRT8 Forums
