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DEARBORN, Mich. (AP) - Ford Motor Co. said Friday it will sell a subsidiary that offers vehicle service contracts and related products to dealers to a private equity fund. Terms were not disclosed.
Ford's Automobile Protection Corp. is being sold to Trident IV LP, a private equity fund managed by Greenwich, Conn.-based Stone Point Capital LLC.
The Dearborn-based automaker is in the midst of a massive overhaul under which it is cutting jobs and closing plants as it loses market share at home to Asian automakers.
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