Fiat Goes Bargain Shopping

>> Anthony: A week after Fiat joined hands with Chrysler the Italian automaker's looking to buy GM's European operations and its Opal brand a move that could make the world's 4th largest car company.

>> Jack: Right now they're bargain shopping let's face it.

>> Anthony: Analyst Jack Nerad assumed spelling says it's the new survival strategy.

>> Jack: To play in this game in the future car companies are feeling they have to be global or they're not a player at all.

>> Anthony: Only 5 years ago Fiat itself was on the brink of bankruptcy but new CEO Sergio Marchioni assumed spelling engineered a stunning turn around. As car sales slid across Europe in March Fiat sales were up almost 15%.

>> Barrack: Fiat has demonstrated that it can build the clean fuel-efficient cars that are the future of the industry.

>> Anthony: But international mergers can be tricky and Chrysler's previous marriage ended in divorce after Daimler assumed spelling, the German automaker lost billions. Now it's Fiat's turn to try to understand the American customer.

>> Jack: That was Daimler's failing with Chrysler they didn't really get the North American market, they didn't, I think, get what the Chrysler brand stood for.

>> Anthony: In Europe Fiat's been using an American actor to sell its cars but as the commercial points out when you buy a Fiat George Clooney is not included. For now Ferrari and Maserati are the only Fiat owned brands sold in the U.S. The Italian automaker pulled out of the American market back in the early 1980's when some buyers joked that Fiat stood for Fix It Again Tony. But Fiat still has its fans here like Bob Rainer assumed spelling who's owned 9 of the cars. As head of the largest Fiat fan club in the company he likes to quote his favorite auto writer.

>> Bob: Who said the Germans invented the automobile, the Americans turned it into a disposable item but the Italians taught it how to dance and sing.

>> Anthony: If it's bold expansion strategy's going to work Fiat will need to give Detroit some dancing lessons. Anthony Mason, CBS news, New York.

Silence

==== Transcribed by Automatic Sync Technologies ====