Posted tagged ‘Pontiac’

GM to Sell Cars on eBay

August 10, 2009

It appears that more than 225 General Motors dealers in California will sell vehicles through the eBay online auction site in a four-week trial.

From CNN:

Under the program, which begins Tuesday, consumers will be able to bargain with the dealers for Chevrolet, Buick, GMC and Pontiac cars and trucks from model years 2008, 2009 and 2010. The program ends Sept. 8.

The new car shopping website, gm.ebay.com, will feature a “wide selection” of up to 20,000 new GM vehicles at “competitive prices,” the companies said in a press release.

Customers will be able to buy cars outright at the advertised price using the Web site’s “Buy It Now” option. Alternatively, customers can suggest a price under the “Best Offer” option, which may then be negotiated with the dealer.

“Together with eBay Motors, GM and our dealers are reinventing the car-buying experience for our California customers,” said Mark LaNeve, GM vice president of U.S. sales, in a statement.

GM emerged from bankruptcy protection on July 10, concluding a 40-day stay in Chapter 11 with the sale of its key operations to a new company majority-owned by the U.S. Treasury. The company pledged to win back American consumers and taxpayers.

The automaker has sold certain new and certified-used GM models on eBay Motors in the past. But the scale of the new program marks a significant shift for the online auction house, which is traditionally focused on used cars and auto parts.

Advertisements

GM To Cut More Than 1100 US Dealers

May 15, 2009

General Motors notified 1,100 of its 6,000 dealerships today that it is terminating their contracts with the struggling automaker.

From CNN:

GM spokeswoman Susan Garontakos said that the dealers receiving notice Friday are being told that their contracts will not be renewed in October 2010. Many of them are expected to close shop this year.

The company has told the Obama administration that it plans to cut its network down to 3,600 dealers by next year.

Much of the rest of the cuts will come from GM’s plans to sell or close four brands – Saturn, Hummer, Saab and Pontiac.

Those four brands have about 600 dealerships that do not include other GM brands. But most Pontiac and Hummer dealers will stay in the GM family because they have one of the four remaining GM brands as part of their operation.

General Motors to Cut Jobs, Discontinue Pontiac Brand

April 27, 2009

General Motors has announced this morning that it will cut 21,000 U.S. factory jobs by next year and phase out its storied Pontiac brand.

The company will also ask the government to take more than half its stock in exchange for half of GM’s government debt as part of a major restructuring plan.

From the Associated Press:

The struggling automaker said it will offer 225 shares of common stock for every $1,000 in notes held by bondholders as part of a debt-for-equity swap that aims to retire most of GM’s $27 billion in unsecured debt.

The announcements came in a filing Monday with the Securities and Exchange Commission.

GM is living on $15.4 billion in government loans and faces a June 1 deadline to restructure and get more government money. If the restructuring doesn’t satisfy the government, the company could go into bankruptcy protection.

GM said in a news release that it will ask the government to take 50 percent of its common stock in exchange for canceling half the government loans to the company as of June 1.

In addition, GM is offering the United Auto Workers stock for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year.