Back in July, I called Chrysler corporate “road kill”. I don’t think I was particularly prescient, but the evidence reported by the New York Times seems to indicate that the private equity purchase of Chrysler was particularly poorly timed.
Stephen A. Feinberg, one of the country’s most powerful — and secretive — financiers, hoped to make a fortune out of the detritus of the American auto industry. Instead, he seems to be losing one. On Wednesday, Chrysler, which owns the Jeep and Dodge brands, said its sales in the United States fell by a third in August — nearly twice the industry average — as the downturn in the auto business dragged on. Honda eclipsed Chrysler as the nation’s No. 4 seller of cars, and Nissan is closing in fast.