News & Resources

Automaker looks to increase auto industry financing

Jul 06, 2011 Brian Bradley

One major auto brand recently made headlines after announcing that it was looking for a new executive to handle its auto industry financing and other issues. Saab Automobile is currently in the process of looking for a new finance chief to help it climb out of its present uncertainty, The Wall Street Journal reports. The paper says that the firm, which recently gained financing on a short-term basis, is not finding many willing participants to help secure its long-term viability. In the recent auto industry financing deal, Saab came to terms with a Chinese investor that will gave it money to avoid a shutdown. The brand's parent company, Spyker, is seeking a new person to head its finance department after its current executive, Hans Go, resigned. “Given that (the sports car) division will be sold, there was no point in letting Mr. Go stay on,” Spyker chief executive Victor Muller told The Source Friday. News hasn't been all negative for Saab recently. The automaker's Saab 9-5 was recently chosen as one of the Insurance Institute for Highway Safety's Top Safety Picks.