Famous Indian Motorcycle Brand Goes to AuctionGILROY, Calif.--May 2, 20045, 2004--One almost never sees a famous brand on the auction block, especially a well-known American icon brand that has been synonymous with motorcycling for more than 100 years. From dirt tracks to board tracks and to Daytona, from the roads of America to the battlefields of World War II, Indian Motorcycle has played a romantic role in America's history.
For the first half of the 20th century, Indian dominated the newborn motorcycle industry, approaching a 45% market share. Due in part to devoting its production to unprofitable military motorcycles for use in Europe and around the world, Indian ceased production in 1953. From 1953 until 1998, Indian did not exist as a business. After the Federal Court cleaned up and consolidated the rights, a group of investors purchased the rights to the Indian name in 1998 for approximately $20 million. Production resumed in 1999, and Indian continued production until September 2003.
While Indian motorcycles were known for combining heritage, distinctive styling and leading-edge technology, the brand achieved a rarefied status, that of a LIFESTYLE BRAND. People that have never and will never ride a motorcycle instantly recognize and love the Indian brand and logos. The ability to expand this iconic brand beyond motorcycling is as broad as one can imagine.
Following the closure of the plant in Gilroy, California, last September, CMA Business Credit Services, an assignee headquartered in Burbank, California, sold the plant and operating assets for the benefit of creditors. The remaining piece, the Indian Intellectual Property, has also been assigned to CMA for the purpose of conducting an auction among qualified bidders on June 29, 2004. CMA has set a minimum bid for the auction and will be selling the Indian Intellectual Property "as is, where is," without representation or warranty.
To learn more about Indian and the bid process, please visit a dedicated website: www.anscers.com/indian. More information about CMA is available at www.creditservices.org.