GM to force more than 1,000 dealers to close (immediately -- and 1,600 more by 2010)

Associated Press ^ | April 28, 2009 | Tom Kirsher

[hopespringseternal]

Is the Excursion still made?

Nope.

[golfisnr1]

Someone tell me if I am wrong. The outcome of this is that between the Government and the Unions they own 89% of GM.
The Bond Holders get 10%.
Under a Chapter 11 Bankruptcy Bondholders have precedent over all assets.
Who owns the Bonds. Probably Pension Funds and individual investors. Investors Getting screwed?

[REPANDPROUDOFIT]

Instead of using the billions of dollars for bailouts, they should have used it to fund tax credits. A person buying a car or truck from the Big Three should have been offered a tax credit right off the top of their federal return. Offer a variety of plans - A $1000 tax credit for 6 years, $2000 for three years, $3000 for two years, etc. Figures and timespans could vary. I personally would like to see them offer more. But, the point is to make it an attractive incentive that would get people into the dealerships and move badly overstocked inventory.

This would help the auto industry from the bottom up. Maybe these dealers would have been able to stay open. It wouldn't just pour money into the health care fund. AND, MOST IMPORTANTLY, THE TAXPAYER WOULD HAVE A NEW CAR!

Instead, they offered to let us deduct the sales tax on next year's tax return. Oh, goody!

[foghornleghorn]

Women and minorities, ah, yes. And just how many “minority” owned dealerships will be cut? And if they are allowed to survive, guess whose market share they will pick up? Non minority dealers? Perhaps giving back wealth to “its rightful owners”? I may be wrong, but it wouldn’t surprise me.

[Gritty]

GM is going from 6,246 to 3,605 dealerships and shedding 137,330 dealership employees

I'm sure this is not a problem. All these unemployed dealership employees need to do is step right into those shovel ready high paying Green jobs.