Associated Press
DEARBORN -- Ford Motor Co. has put its extended warranty business up for sale.
The potential sale of the Automobile Protection Corp., a Ford subsidiary, is part of the company's review of strategic options as it restructures in an effort to become smaller and leaner.
Ford bought APCO, which mainly sells auto dealers warranty service contracts that continue beyond the manufacturer's warranties, for $180 million in 1999.
Ford said in a statement Wednesday that just because it has placed the subsidiary up for sale doesn't mean a sale will take place. Any such sale would have to be approved by Ford's board of directors.
Ford said Atlanta-based APCO, which employs about 280 people, has grown in sales and revenue since it was acquired. The company would not reveal APCO's earnings for this year, saying it does not report them separately.
In August, Ford announced that it would sell Aston Martin, the icon of luxury sports cars made famous in James Bond movies, as part of its restructuring. So far, no sale has been announced.
The company also has said that everything is on the table as it restructures, including sale of other brands in its Premier Automotive Group which also is composed of Jaguar, Volvo and Land Rover.
Ford lost $1.4 billion during the first half of this year and is undergoing a major restructuring