March 31st should bring answers

[HummerMann]

As a long time H2 owner and Hummer enthusiast, tomorrow should bring us some answers that we've been wondering about since June, as to whether we own collectibles, or someone will take over Hummer and keep the brand going. I'm going to go out on a limb and predict an announcement tomorrow of an Indian or Chinese Company buyout of the Hummer brand from GM.

[Big Jag]

I doubt we will have any answers tomorrow.

[[__--MUD--__]]

I hope I'm wrong, but I'm betting GM is just gonna flush Hummer down the ****ter not accepting any buyout offers.

Write off an inflated loss or sell for a lesser money?

[timgco]

DENVER - They came to the Colorado Convention Center to talk about the car industry. But no one who was planning to attend the second annual Rocky Mountain Automotive Summit knew just how many important things they'd have to talk about.
- Obama puts GM, Chrysler on short leash

The CEO of General Motors stepped down and President Barack Obama announced his plans for GM and Chrysler just moments before the summit began.

"We were disappointed about the news regarding Rick Wagoner and General Motors but not totally surprised," Colorado Auto Dealers Association President Tim Jackson said.

Jackson thinks Wagoner was bound to take the fall, since GM and Chrysler requested a combined total of more than $21 billion in federal loans after the companies had already received a total of more than $17 billion in bailout money.

"These are challenging times. And I think they needed a sacrificial lamb and he [Wagoner] was that sacrificial lamb," Jackson said.

In an announcement Monday morning, Obama said GM and Chrysler had not made enough progress in restructuring their companies. He revealed the government has now given GM 60 days to develop a new restructuring plan that involves reducing the company's debt.

Chrysler has 30 days to work out a plan that includes a merger with Italian automaker Fiat.

Both American car companies will be given enough "adequate working capital" to continue operating while developing their plans.

Obama also mentioned a government-supported bankruptcy as a means of solving the problems of the struggling automakers.

"I know that when people hear the word 'bankruptcy,' it can be a bit unsettling," Obama said, "so let me explain what I mean. What I am talking about is using our existing legal structure as a tool that, with the backing of the U.S. government, can make it easier for General Motors and Chrysler to quickly clear away old debts that are weighing them down so they can get back on their feet and onto a path to success."

John Medved, who owns Medved AutoPlex and was named Colorado Auto Dealer of the Year, says bankruptcy isn't a good option for car dealers who have already purchased their inventory from the automakers.

"If they go into bankruptcy and reconfigure the corporation, I don't know what my relationship would be with the manufacturer," he said. "I'd have a tremendous amount of product that I'd already purchased and would be paying interest on, but I don't know where I'd be."

Medved, Jackson and Obama all say allowing the failure of any of America's so-called "big three" automakers, GM, Chrysler and Ford, would be wrong. Jackson and Medved think the key to helping automakers lies with the American people.

"There's nothing wrong in the auto industry that a solid spike in consumer confidence won't cure," Jackson said.

Medved says people in the market for a new car also need to know that "it's OK to buy something American-made."

John Scherer, the CEO of Video Professor, thinks the government should create incentives for people to buy from GM, Chrysler or Ford, possibly in the form of a $10,000 tax credit.

"It'll put salesmen back to work, mechanics back to work, Detroit back to work, because they're going to have to make more automobiles," Scherer said. "Down the road, is it going to cost the government? Yes. They gave you a tax credit of $10,000, they gave me a tax credit of $10,000. But in the meantime, they didn't spend the money we don't have."

Whether the companies go into bankruptcy or not, Obama said that people who buy or already own Chrysler or GM vehicles should not worry about their warranties.

"You will be able to get your car serviced and repaired, just like always. Your warranty will be safe," he said. "In fact, it will be safer than it's ever been. Because, starting today, the United States government will stand behind your warranty."

[dochummer]

I just want to know why the H*** the president of the united states is talking to us about our car warranties instead of doing his job. I can see it now, commercials for GM vehicles with Obama as the spokesman - move over blackberry....

[HummerMann]

In a press conference this morning, GM CEO Fritz Henderson confirmed that despite a promise from ex-CEO Rick Wagoner in February to announce a decision by the end of the first quarter, GM has still not made up its mind about what to do with the HUMMER brand.

“We have been in dialog with several interested parties,” said Henderson, adding that GM would not have an announcement today, “but frankly, we’re within weeks (of making a decision).”


Maybe by June????????????????? Well, at least they're not axing it yet................