Crane???

[Lynn A McCarty]

Originally Posted by Michael Beard

I've read that they were one of only two companies provided cores to the industry. With that and everything else they do, what exactly made the company unprofitable?

I have no idea of Crane's situation, however many times it goes like this. Way more companies go out of business because of cash flow, than profitability. With the current tightening of credit, banks are not allowing companies to "pass" on extra days of payment. In fact, they are asking many companies to improve the number of days out the invoices are. At the same time sales go slow so you have less money to work with. The bank calls up and says no more! So last years 40 days is asked to be 30 days, with less sales and maybe even less profitability.

My suppliers are giving me less days to pay invoices than they did last year, and they are blaming the banks. I had to make up the difference out of my pocket, actually out of Annette's spending money.

[Wade_Owens]

Guys, this is no where near the end. Mopar Perf is for sale (maybe bought by now) and Vic Edelbrock has to come up with 55 million to buy his own company back or it goes on the market. I'll never understand how a family owned company becomes an animal that eats its owner alive......Sad times......

Wade O

[BlueOval Ralph]

Edelbrock's deal is he took his company Public some years ago then bought it back. Does the banks want thier $$$ now???

Originally Posted by Wade_Owens

Guys, this is no where near the end. Mopar Perf is for sale (maybe bought by now) and Vic Edelbrock has to come up with 55 million to buy his own company back or it goes on the market. I'll never understand how a family owned company becomes an animal that eats its owner alive......Sad times......

Wade O

[Rick Carlson]

I believe Mikronite purchased Crane for the purpose of using the "Crane Cams" name to make their (Mikronite) entry into the performance market. Their plan obviously didn't work for anyone. With my "night" job of answering tech calls for a performance warehouse group, I have had the opportunity to speak to many Crane product users who are scrambling to find any Crane parts still left on warehouse shelves. There are a lot of quality specialty parts that only Crane manufactured....ie roller lifters for AMC products, roller lifters for TAD/TAFC Hemi's, various valve spring combos, and their old electronic ignition boxes...that now are not available. A few corporate entities are looking at purchasing the remains of the company and their products. Hopefully it will happen.

[Michael Beard]

Originally Posted by Lynn A McCarty

With the current tightening of credit, banks are not allowing companies to "pass" on extra days of payment. In fact, they are asking many companies to improve the number of days out the invoices are.

Brilliant. Now the bank won't get anything more out of Crane. If they don't lend, how do they make money?

The vast majority of my customers pay me either same day or within a matter of days, and I pay my suppliers either the same day or in a matter of days.

[Tim Kish]

Originally Posted by Michael Beard

Brilliant. Now the bank won't get anything more out of Crane. If they don't lend, how do they make money?

The vast majority of my customers pay me either same day or within a matter of days, and I pay my suppliers either the same day or in a matter of days.

Working at a Tier 1 automotive supplier I know that many of our customers go to great lengths to pay at the last possible day of their terms because the accounts have figured out how much money can be made each day they hold onto their money (assuming they even have it).

[Ed Wright]

Originally Posted by Tim Kish

Working at a Tier 1 automotive supplier I know that many of our customers go to great lengths to pay at the last possible day of their terms because the accounts have figured out how much money can be made each day they hold onto their money (assuming they even have it).

I have the same thing. Two large (very well known companies) customers of mine send me a check dated 30 days from my invoice date. No longer do companies seem to pay for the previous month with one check. Some weeks I will get a check every day. If I do two or three computers in one day for either of them, the check will reflect that.

Amy & Kenny Faulk and myself were talking to Scooter at Comp's hospitality tent (mooching lunch) at the Mid South's a couple years ago when Mikronite was in the process of purchasing Crane. Comp wanted to bid on Crane then, but they refused to entertain a bid from Comp. Still some bad blood there I guess. Looks like Crane might be a tad cheaper now anyway.

Some of you might be old enough to remember Harvey Crane's vow to bury Cam Dynamics and Mark Heffington. He finally had to buy Mark out. Mark now owns Hypertech. Don't think Mark is hurting too bad.

[SS Engine Guy]

Originally Posted by Ed Wright

Cam Dynamics and Mark Heffington.

An what a pleasure it was to work on projects with Mark!

[treessavoy]

Just got off the phone with Jegs. They verified what we all know that Crane is closed but they still have some crane stuff available.

Sad!

[Tim Kish]

http://www.autoweek.com/article/2009...NEWS/902279984

Still pretty sure last years contingency payments are a lost cause.