[DMCForum] Spitzer buys DeLorean Cadillac

["Dave Stragand" <dave.stragand@xxxxxxxxxxxxxxx>]

Spitzer buys DeLorean Cadillac 

By STAN BULLARD

July 26. 2005 3:06PM
Spitzer Management Co. has purchased Cadillac by DeLorean in Lakewood,
though plans for the landmark site are not clear. 

The cars have been moved to Brookpark Road, where Spitzer operates
Spitzer Motor City at Brookpark and West 130th Street in Cleveland and
the Spitzer/Buick Mitsubishi dealership at 11111 Brookpark in Parma. 

Mark DeLorean, president of Cadillac by DeLorean, said he and other
family members who owned the dealership decided to sell it to remove
their capital from the business for other investments. He did not
specify what those other investments might be. 

Mark DeLorean's father, Charles, founded the business, and Mark DeLorean
and two other siblings had stakes in it. 

The purchase included the business, land and building at 1600 W. 117th
St. that housed the dealership since 1977. Terms weren't disclosed.

Mark DeLorean said he's trying to find places for as many of the 48
employees as possible because many have worked with him for 30 years.

As for himself, Mark DeLorean said he plans to look for another job. The
55-year-old said he isn't sure what he'll do because he's worked in the
car business since he was 15.

Mr. DeLorean said he doesn't know Spitzer's plans for the Lakewood
location.

Alan Spitzer, chairman and CEO of Elyria-based Spitzer Management Co.,
left a voice-mail with Crain's Cleveland Business saying the company had
completed the purchase of the Lakewood dealership. But he did not return
three subsequent calls to seek more details about the company's plans.

Cadillac would be a new General Motors brand for Spitzer; its web site
today showed decals of 14 auto companies, including GM's Buick,
Chevrolet, GMC and Pontiac divisions.

Lakewood Mayor Tom George said he was disappointed to see the city lose
a good corporate citizen.

If Spitzer does not continue to operate the W. 117th Street location or
moves its Chrysler, Plymouth and Jeep dealership from 13815 Detroit Ave.
to West 117th, Mr. George said the city hopes to work to redevelop
either site with housing or commercial properties.

That's the tack being taken with the former Fairchild dealership, which
was moved earlier this year to Westlake, and will be replaced by the
Rockport Square residential and retail development on Detroit.

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