MITSUBISHI BUYERS GET NEW FINANCING SOURCE

New Mitsubishi CEO: Rich Gilligan

January 31, 2005—Dealers at the Mitsubishi franchise meeting Sunday heard about a new financing arm that will be 80 percent owned by Merrill Lynch and 20 percent by Mitsubishi. Executives, including new CEO Rich Gilligan, also discussed the recent $2.62 billion cash infusion from Mitsubishi Heavy Industries and the search for a new ad agency to replace Deutsch of Los Angeles.

Dealers applauded when Mitsubishi execs said they had narrowed down the ad agency search to four. “I got sick of Deutsch’s weird ads,” said Lennie Lawson, Lawson Mountain Mitsubishi, Greeneville, Tenn., who said the hip-hop music didn’t help attract the young families he sells to in rural Tennessee.

Mitsubishi also talked about the redone Eclipse, coming out in May, and the Raider, in October. Lawson said he’s happy the automaker is “finally getting back in the truck market.”

But one dealer who requested anonymity said “it’s taking too long” to get the new product. She called the prospects for the franchise “very dim.” Lawson, though, said, “They’re committed to North America.”