DETROIT — As Mayor Dave Bing struggles to save the city’s finances from bankruptcy, his own company, the Bing automotive supply group, is facing financial woes of its own.
According to a Detroit News report, Bing is looking to sell his Detroit automotive supply company.
As part of his campaigning Bing boasted the success of his company and accredited it’s success to his ability to manage finances. But with the demand for auto parts down as auto production slows, the future of Bing Automotive Group is unclear. Since he was elected mayor in May, Bing has turned control of the business over to a manager who uses a blind trust to keep his ownership of the company.
Bing has declined to accept a salary as mayor, instead donating what would have been his $176,000 annual earnings to the Detroit Police Department. His income and investments associated with the Bing group must still be enough to pay the bills.