Word: packards
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...Negroes (40% of the total population) have an average family income of $1,849 a year, and are regular buyers of everything from baby food to electric refrigerators. To help tap this market, some Southerners have begun employing Negro salesmen, e.g., a Negro hired by a Packard dealer in Charleston,. S.C. sold two new and three used cars in his first 15 days. The month before, the entire staff had sold Negroes only four used cars...
...will be the third for the auto industry in a little more than a year (the others: Kaiser-Willys, Nash-Hud-son). But it is a necessary step and a shrewd move for both. The two independents have steadily lost ground in 1954's red-hot auto race. Packard sales are down 53%, Studebaker's 55%; both lost money in the first quarter-$6,000,000 for Studebaker and $380,000 for Packard. By joining forces, they can put together a sales organization of some 3,900 dealers across the U.S., and offer customers a complete line...
There are other benefits. Packard has been long on engineering, short on the kind of racy-looking design that helps sell cars. Studebaker, with its long, low cars, has been a style pacesetter. The combined company should also be able to cut production costs...
Book v. Market. The merger will involve a straight stock transfer. Packard shareholders are expected to get one share in the new company for every five they own and Studebaker stockholders to get 12 shares in the combined company for every one of Studebaker stock. The exchange deal was based on the book value of the two stocks. Though Packard's total assets are only slightly less than Studebaker's, the per-share book value of its stock is far less because it has 14,491,000 shares compared to only 2,361,000 for Studebaker. Thus...
...begin with, Packard and Studebaker will have about 3% of the total auto mar ket. The big question is whether the new company will be big enough to compete successfully against the Big Three. Roaring along at full speed, the giants have pulled even farther ahead of the independ ents this year. General Motors now has 48% of the market, Ford 31%, Chrysler 15%-a total of 94%. Around Detroit last week, the talk is of still another merger eventually. This time auto experts believe it will be between Studebaker-Packard and the newly formed American Motors (Nash and Hudson...