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hotrodlincoln
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 Posted: Thu May 08, 2008 4:58 pm Post subject: MSD Capital gets into the car business |
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Investment firm for Michael Dell's money joins with former Pep Boys chief.
AMERICAN-STATESMAN STAFF
Thursday, May 08, 2008
MSD Capital LP, the private investment firm that manages Michael Dell's fortune, has joined a longtime auto industry executive in a partnership to invest in dealerships.
The venture, called MSD Automotive Partners LLC, will "exclusively own and operate premier car dealerships across the United States," according to an MSD news release. The new firm will be based in Chattanooga, Tenn.
Jeffrey Rachor, former chief executive officer at the Pep Boys – Manny, Moe & Jack, will head the new firm, the release said. Rachor resigned his Pep Boys position in April "to become a principal in an automotive dealership venture," the auto-parts chain said at the time.
Rachor previously worked as president of Sonic Automotive Inc., a Fortune 300 company and one of the largest automotive retailers in the country.
"Having spent several years evaluating the dealership space, we at MSD are thrilled to partner with (Rachor) in this new venture," Howard Berk, an MSD partner, said in a release.
Michael Dell will not participate in the management of the venture, and its dealerships aren't expected to carry his name.
MSD has no affiliation with Dell Inc.
MSD was formed 10 years ago as the exclusive manager of the Michael Dell family's capital. The firm now employs more than 80 people and manages more than $12 billion in assets.
It focuses investments in private equity, real estate, partnerships with third-party managers and publicly traded securities. At the end of 2007, its public investments included IHOP Corp., Dominos Pizza Inc., Northwest Airlines Corp. and several technology and communications companies.
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http://www.statesman.com/business/content/business/stories/other/05/08/0508dell.html |
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HellResident
Dances with Hate
Joined: 20 Nov 2005
Posts: 123
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| Posted: Fri May 09, 2008 5:58 am Post subject: |
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This reminds me of the old joke about microsoft selling cars. Now that mikey is in the biz he'll be fedex'ing out new engines that the customer will have to install themselves when the old one falls out on the middle of the freeway, Dont forget to return the old one!
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Rocke_T_Sinetist
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Joined: 26 Aug 2005
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| Posted: Fri May 09, 2008 10:28 am Post subject: |
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I was going to wait for someone else to say this, but it's too good a setup to pass up.
Would you buy a used car from this man?
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Rocke T Sinetist
as in, 'it doesn't take a...' |
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Apathy
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Joined: 15 May 2003
Posts: 480
Location: NOT at TMC any more
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| Posted: Fri May 09, 2008 9:47 pm Post subject: |
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| Rocke_T_Sinetist wrote: | | Would you buy a used car from this man? |
To heck with the used cars, Would you buy a NEW car from this man 
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Rocke_T_Sinetist
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| Posted: Fri May 09, 2008 10:15 pm Post subject: |
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Or a refurb computer? Or a new one with a refurb warranty?
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Rocke T Sinetist
as in, 'it doesn't take a...' |
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Apirate200yearstoolate
came back and replied a few times
Joined: 14 Aug 2007
Posts: 8
Location: Some Beach in the World
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| Posted: Wed May 14, 2008 10:44 am Post subject: |
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Thankfully Michael is just sinking money into businesses.....not his [cough] "talent".... I think the cars are just as good as they have always been....no better..... 
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