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Steve Miller Returns to Auto Business

Turnaround expert joins forces with Wilbur Ross.

by on Jul.14, 2015

Former Delphi CEO Steve Miller is joining International Automotive Components as President and CEO.

Known as a financial wizard who has played a critical role in a number of critical automotive turnarounds, including the rescue of Chrysler in 1981 and the more recent bankruptcy of parts giant Delphi, Robert S. “Steve” Miller is getting back into the automobile business.

The 73-year-old Miller will be joining International Automotive Components later this month as President, CEO and director of the $6 billion parts company. He succeeds James Kamsickas, who resigned to take the job of president and chief executive officer of Dana Holding Corp.

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Miller’s career in the automobile industry stretches back to the late 1960s when he first joined the Ford Motor Co. He was one of handful of executives who followed Lee Iacocca to Chrysler and became instrumental in what has since gone down into the history books as Chrysler’s first turnaround. There have since been two more. (more…)

Automakers Need Government Incentives

Clunkers Two, the sequel, coming?

by on Jan.14, 2010

While the initial “Cash for clunkers” program was not very well run, billionaire financier Wilbur Ross thinks the U.S. economy definitely would benefit from a new government stimulus program that would encourage consumers to buy cars or Cash For Clunkers Two.

“A lot of the old stimulus is going to be running out and I don’t think the consumer has been rehabilitated yet,” he said in his “state of the auto industry” speech at the Automotive News World Congress in Detroit.

“In my book, 2011 will be the big year for cars, not 2010,” Ross said. “I view that as kind of a transition from the depths of where we were to what we hope will be something like the new normal.”

A normal rate of annual U.S. auto sales should be in the 13.5 million to 14 million-unit range, according to Ross.

Inside Insight!

Ross also described his foray into the automobile industry as an adventure after his hugely successful foray into the steel business where he bought assets at the bottom of the market and sold a few years later as demand for steel soared.

However, the IAC group, his principle venture into the auto industry, lost money last year. But should be profitable this year and he is considering additional acquisitions.