Prospective buyers of Jaguar and Land Rover are expected to have until September to make a firm bid for the companies.
Owner Ford will let bidders assess the firms' finances next week after analysing initial expressions of interest in the Premier Automotive Group (PAG) brands.
It wants firm bids to be made by the end of September, with the aim of completing the sale by the end of this year.
At least six groups are believed to have expressed interest, including private equity groups Ripplewood Holdings, One Equity Partners, TPG Capital and Cerberus Capital Management, and India's Tata Motors and Mahindra & Mahindra group.
Despite reports to the contrary, Ford is believed to be standing firm in its desire to sell both Jaguar and Land Rover to one buyer, and it has not ruled out maintaining a minority share holding in both.
Ford also confirmed the company's strategic review of Volvo would be complete by the end of 2007.
It has reported significant interest from potential bidders, which are believed to include BMW and Peugeot.
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