One of the options in the current auto industry crisis that Detroit does not like to talk about is that one or all of The Big Three may be broken into pieces and auctioned off. It may be a fairly good idea, although it would probably not read well as a headline in the two dailies in The Motor City.

According to Reuters, "The $11.7 billion the struggling automaker said it had as of end-June has seen a substantial decline because of the company's deteriorating performance marked by a 35 percent slide in October sales and increasing cash incentives.

Since Ford (NYSE:F) recently sold Jaguar and Range Rover and GM (NYSE:GM) is trying to sell Hummer, breaking auto firms into parts does have recent precedent. Ford reportedly got about $2 billion off its two small luxury brands. But, that was before the worst part of the auto sales downturn hit.

Chrysler has several small units like its Mopar parts division, but the value in the company is its three units: Jeep, Chrysler, and Dodge. Some of the Chrysler models like the "300" series still sell well. Dodge has pick-up and sports car franchises which may not be worth much. The Jeep brand may be more valuable than the other two. Demand for four-wheel drive vehicles may not be strong in the U.S., but it is in a number of emerging countries.

Valuing Chrysler is difficult because it is impossible to say what majority shareholder Cerberus would take for its 80%. It is safe to say that, based on Ford and GM's market caps, Chrysler is not likely to go for more than $3 billion, even in pieces.

Douglas A. McIntyre is an editor at 247wallst.com.