New Car Dealers Struggling To Get 2010 Models



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GM and Chrysler are Closing Dealerships, But How Does it Affect You?

GM and Chrysler are going to close dealerships. The U.S. government says they have to do this to become viable companies. But how do these two automakers decide which dealerships they’ll close? And how does a dealership closing affect you, the consumer?

Consumers may think that because Chrysler is in bankruptcy court, there will be a huge liquidation sale on the vehicles so they can get rid of the inventory before they close the dealerships. Unfortunately for bargain hunters, this is not what goes on in Chapter 11 bankruptcy, or reorganization bankruptcy. Chapter 11 bankruptcy allows the debtor (ie: Chrysler) to restructure its debt in court…

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GM’s lengthy plant closures will ripple out

General Motors’ decision to shut down 13 assembly plants for up to 11 weeks this summer will disrupt far more than the lives of nearly 24,000 workers, rippling out to damage part suppliers, local businesses and state economies.

The Detroit automaker had little choice. GM, surviving on $13.4 billion in federal loans, must steady itself, slash costs and align production levels with the shrunken demand if it wants to live much longer. The announcement Thursday comes as GM races the government’s June 1 deadline to squeeze deeper concessions from bondholders and the United Auto Workers union.

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GM’s financial struggles may cost thousands of retirees their pensions

Thousands of General Motors retirees in the Tampa Bay area are watching the unthinkable unfold.

Their paternalistic former employer, financial lifeline and symbol of America’s once-dominant manufacturing base is in its toughest fight for survival ever.

GM has warned it could run out of cash next year, and creditors could force the company into bankruptcy if it violates terms of some of its debt next month. Short of a massive federal bailout, the automaker’s stock could be worthless by next year, analysts have predicted. Even a Chapter 11 bankruptcy reorganization may not help unearth new financing because of the global credit crunch. That could mean liquidating the 100-year-old company.

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GM Posts Biggest Annual US Auto Loss

gm.jpgGM Posts Record US Automotive Loss
of $38.7B for 2007, Offers Buyouts to
74,000 US Workers

DETROIT (AP) — General Motors Corp. reported
a $38.7 billion loss for 2007 on Tuesday, the largest
annual loss ever for an automotive company, and
said it is making a new round of buyback offers to
U.S. hourly workers in hopes of replacing some of
them with lower-paid help.

The earnings report and buyback offer came as GM struggles to turn around its North American business as the economy weakens.

Full story:
http://biz.yahoo.com/ap/080212/earns_gm.html