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While President Obama and General Motors CEO Fritz Henderson are both expected to hold press conferences today, officially GM has already filed for Chapter 11 Bankruptcy Protection.
Once the world's largest automaker and a symbol of the success of free market economics, GM is now a symbol of failure. In the 1950s it employed over 500,000 people and produced more than half of all the vehicles sold in the United States. Now it also holds the dubious title of the world's third-largest bankruptcy - and the largest bankruptcy for a manufacturing company.
General Motors, backed by yet another government loan from the U.S. Treasury is expected to get the same fast-tracked bankruptcy proceedings as the smaller U.S. automaker Chrysler - which filed for Chapter 11 just one month ago and which already appears to be emerging. Just yesterday a judge approved the sale of Chrysler's assets to a group comprised of Fiat, the U.S. government and the UAW. The Chrysler Chapter 11 proceedings were seen by many as a practice for the much larger General Motors corporation.
As a part of the Chapter 11 filing GM will receive $30 billion from the Obama administration, giving it a 60 percent stake in the once-great automaker. The Canadian government will take a 12 percent stake by... [Read More]
General Motors will cut 1,124 dealerships loose by October of 2010. The struggling automaker on the verge of bankruptcy sent letters out to the dealerships last week as it searches for ways to reduce it's current dealer network of 5,969 to just 3,600.
GM says it will not renew dealership agreements with the 1,124 companies when their contract renewal comes up in October of next year.
The dealerships being cut are considered to be poor performers and accounted for just 7 percent of GM's U.S. sales last year.
Another 470 dealerships are also scheduled to be let go as GM parts with the Hummer, Saab and Saturn brands. An additional 35 stand-alone Pontiac dealerships will also be cut.
Those dealerships not already notified aren't necessarily safe, however, as the remaining 4,300 stores is still 700 over the 3,600 cap.
The news of GM's numerous dealership closings came just one day after Chrysler announced it would drop 789 U.S. dealerships.
Days after General Motors announced it would cut it's number of dealerships in the U.S. by 1,124, GM Canada is following suit. The number of Canadian GM dealerships being closed may sound much smaller at 292, however, with roughly 700 dealerships nationwide, the cuts represent a 42 percent dealership reduction.
GM Canada says the Sales & Service agreements it holds with the dealerships will not be renewed once they expire in October of 2010.
GM Canada says it focused on cutting dealerships in urban areas with higher populations, in an effort to continue to offer GM vehicles in rural communities as well. Considering the country's large land mass and relatively small population, however, visiting a GM dealership after October 2010 may mean a much longer drive for some rural residents.
"The end result in Canada will be a more competitive dealer network with higher volumes, while continuing to maintain the strongest and broadest dealer network in the country better equipped to serve GM customers," reads a GM Canada statement.
For the next few days the automotive news coming out of New York City won't be from Wall Street, but from the Jacob Javits Convention Center - where the 109th annual New York International Auto Show is being held.
Instead of horror stories about tumbling stock prices and poor sales figures, there is genuine automotive news about exciting new vehicles and forward-thinking concept cars.
It might surprise you to learn that even in a downturned economy the NY Auto Show will play host to dozens of new model unveilings, many of which we have already brought you news on - plus a select few that are being kept under wraps until the covers come off on the show room floor.
In the first category, some of the most highly-anticipated include the 518hp Mercedes-Benz E63 and 555hp BMW X5 M and X6 M, as well as the GMC Terrain, Yukon Denali Hybrid and the 2010 Subaru Legacy.
In the later category are the Nissan 370Z Roadster and 370Z NISMO edition, as well as a sporty four-door luxury coupe from Acura, dubbed the ZDX.
And don't forget the concept cars, like the Mitsubishi Outlander GT Prototype, Hyundai Nuvis and the Scion concept based on the Toyota iQ micro-car.
AutoGuide brings you live coverage from the auto show floor with all the... [Read More]
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