Republic to buy Cross-Continent
AMARILLO, Texas - Shareholders for Cross-Continent Auto Retailers Inc. last week approved selling the publicly held dealership group to Republic Industries Inc. for $10.70 per share in cash. The deal is expected to close in the first quarter of 1999. Cross-Continent will become a wholly owned subsidiary of Republic.
MONTVALE, N.J. - Mer-cedes-Benz of North America Inc. will be renamed Mer-cedes-Benz USA Inc. this spring. The current name dates to 1965, when Mercedes bought out a distributor. Despite the 'North America' label, the company is not responsible for any markets outside the United States. Given the changes after last fall's DaimlerChrysler AG merger, it was a good time to rename the company, said CEO Mike Jackson.
DETROIT - Nissan North America Inc., which promised last June to increase its minority dealer count in the United States to 25 percent by 2002, is making progress.
Nissan President Minoru Nakamura introduced three new minority Nissan dealers and three dealers to whom Infiniti has issued letters of commitment at a luncheon at the North American Inter-national Auto Show.
The dealers are Virginia and Raphael Martinez, owners of Town and Country Nissan in Vancouver, Wash.; and T.J. Johnson, owner of Tidewater Nissan in Newport News, Va.
The dealers to whom Infiniti has issued letters: Fernando Somoza for an open point in North Houston, Texas; Ellenae Henry-Fair-hurst for an open point in Huntsville, Ala.; and Tony March for an open point in Daytona Beach, Fla. Somoza owns three Saturn stores in North Houston; Henry-Fair-hurst owns Huntsville Dodge in Huntsville, Ala.; and March is a partner in March/Hodge Holding Co., which oversees 18 dealerships in six states.
Nissan and Infiniti have 1,250 dealers; 74 are minorities and women.
LAKE FOREST, Ill. - Tenneco Automotive and Siemens Automotive Corp. have agreed to cooperate in the design and production of electronically controlled suspension systems.
Siemens, which supplies electronic hardware such as computer control modules, will be the electronics supplier for the suspension systems. Tenneco, which owns the Monroe brand of shock absorbers, will supply the suspension hardware.
The companies plan to use existing facilities and create no new company or subsidiary.