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Humvee maker AM General reportedly for sale, with interest from FCA, GM

WASHINGTON — AM General has put itself up for sale and has hired investment bank Macquarie Group Ltd to seek potential bidders in a deal that could value the builder of Humvee military vehicles at more than $2 billion, people familiar with the matter said this week. Potential bidders include competitors in the military ground vehicle market, such as General Dynamics, Oshkosh Corp and BAE Systems, according to two people familiar with the matter. Automakers like Fiat Chrysler and General Motors may also be potential buyers. GM licensed Hummer from AM General in 1998 to build civilian SUVs. None of the companies would comment or reply to a request for comment. The South Bend, Indiana-based AM General is currently owned by private equity firms. A possible sale of AM General follows a rash of deals over the past 18 months among defense contractors. But relatively fewer makers of defense equipment have gone on the auction block. Last year, United Technologies acquired Rockwell Collins for $30 billion, and in March, TransDigm Group continued its acquisition spree with a $525 million deal for Extant Components Group. AM General could fetch about 10 times its annual earnings of $160 million, one of the people said. The company's favorable tax treatment because of its current status as an limited liability corporation, would allow a buyer to reduce the company's taxable earnings for 15 years. That coupled with recent contract awards could push the ultimate value of the company to over $2 billion in a sale. The sale, should it happen, comes as the U.S. Army is gearing up for a broad effort to modernize its forces, including seeking prototypes of its Next-Generation Combat Vehicle in fiscal year 2022. Last month, AM General was awarded an Army contract for as many as 2,800 new M997A3 High Mobility Multipurpose Wheeled Vehicle (HMMWV) ambulances. The contract could be worth as much as $800 million if all options were exercised, AM General said at the time. Last year, the Pentagon awarded AM General a $550 million contract to deliver HMMWVs for use as protected weapons carriers, cargo transporters and ambulances to Afghanistan, Iraq, Ukraine, Jordan, Slovenia, Bahrain, Columbia, Bosnia and Kenya as a part of a larger Foreign Military Sales agreement. The sale of AM General offers an opportunity to purchase a prime contractor that delivers a finished product to the Pentagon, and not just an add-on system or service.

Woman recorded by motorcyclist texting while driving turns herself in because Canadians

A Newfoundland driver surrendered herself to Ottawa authorities and is facing numerous charges after being caught texting and driving in a viral video this week. On August 27, a motorcyclist named Erik Hannah from Ottawa uploaded a helmet cam video to Facebook which showed his run-in with a woman texting while driving a Hummer SUV with Newfoundland plates. During the course of his interaction with the Hummer driver, Hannah recorded her texting and driving and studiously ignoring his presence. She sat still at green lights and drove slowly while glued to her phone Eventually he rode away, but she sped up and cut him off in his own lane, nearly striking him in the process. He followed her after the near collision and confronted the woman. He told her he had her actions on camera. She wasn't impressed and drove off. He attempted to follow her again, but lost her. The video went quickly viral, racking up more than a million views in short order. He also turned the video over to Ottawa police who attempted to track down the Hummer driver by tracing the SUV's plates which were clearly seen in the video. As of August 30 however, Ottawa Police were less than sanguine about finding the culprit. "If she has watched the news or read the papers and wants to turn herself in, come and see us," said Sgt. Mark Gatien of the OPD's Traffic Enforcement Unit. "We'll give her two tickets and she will be on her way." Despite the OPD's misgivings, the Hummer driver turned herself in on September 1 after becoming an unwitting minor internet sensation. According to the CBC, the Hummer driver turned herself over to police and has been charged for the incident. She faces three charges for her reckless behavior, including distracted driving and careless driving. Related Video: News Source: CTV Ottawa, CBC, Ottawa Citizen Auto News Weird Car News Hummer Driving Safety distracted driving helmet cam newfoundland

Thoughts on the 2022 GMC Hummer EV and the record-setting SSC Tuatara | Autoblog Podcast #650

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They lead the podcast with the week's two big news stories: the reveal of the 2022 GMC Hummer EV and the 316-mph production car speed record set by the SSC Tuatara. Afterward, the editors discuss some recently driven cars, the Lincoln Continental Coach Door Edition and the GMC Canyon AT4. Autoblog Podcast #650 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News: 2022 GMC Hummer EV reveal SSC Tuatara production car speed record Cars we're driving2020 Lincoln Continental Coach Door Edition 2021 GMC Canyon AT4 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: