With the “Cash for Clunkers” program no longer in existence, automakers need new gimmicks to attract customers. General Motors has announced that they will be offering a very tempting offer — a 60-day money back guarantee.
According to GM, customers can purchase a new Chevrolet, Cadillac, GMC or Buick vehicle. If they aren’t satisfied, they will be able to give the vehicle back and get a complete refund. GM is hoping that this will make more customers consider purchasing a General Motors vehicle.
Said Bob Lutz of GM: “We think if consumers give us a fair chance and look at the facts …read more

Just less than two weeks ago, General Motors Co. announced plans for a compact Buick crossover vehicle and quickly brought in about 100 consumers to take a sneak peek of its new product. However, GM has already erased the unnamed crossover from its memory after a flood of bad reviews and poor consumer sentiment.
According to GM, the move came after the company realized how consistently the crossover was being criticized by consumers. GM was also not shy about patting its own back, stating that the speed of the company’s response to the overwhelmingly negative response to the Buick crossover highlights …read more

On Tuesday, General Motors dealers in California will reportedly start using eBay to sell new cars. After declaring bankruptcy, General Motors said they will change they way they operate to become more efficient. This move to eBay, the largest online marketplace on the internet, is part of that plan.
About 90% of General Motors dealers in California will take part in the eBay program. While the Tuesday launch hasn’t officially been announced, multiple sources indicate the announcement will take place on Monday.
The cars will be searchable on GM.eBay.com. Additionally, there will reportedly be a built in function to include the Cash …read more

General Motors Co. has given bidders for their Opel division two days to submit final offers. The three bidders – Magna International Inc., RHJ International SA and Beijing Automotive Industry Holding Co. – have until close of business on Monday, July 20.
Germany, which has agreed to give $2.1 billion in loans for Opel’s sale, is said to be encouraging GM to pick Magna, the Ontario-based auto parts maker.

Once the three final bids are received, they will be reviewed with the Germany government, other countries, the EU Commission and Opel/Vauxhall Trust Board. The trust board will be given the preliminary analysis …read more

As General Motors tries to rebound from its bankruptcy process, many different ideas are being bounced around. One idea that is gaining momentum is the idea of selling new GM cars on eBay.
While selling cars on eBay isn’t a new concept, usually cars that are being sold on eBay are used cars. Selling new cars in a true auction format would be a new avenue for General Motors.
Right now, nothing is set in stone. General Motors and eBay haven’t come to an agreement about how the relationship would work. Additionally, it appears as if GM would limit the idea to …read more

Before the global economic crisis, GM and Toyota jointly operated the New United Motor Manufacturing Inc. (NUMMI) plant in California. GM’s bankruptcy and restructuring, though, has led it to pull out of the vehicle-assembly plant, leaving Toyota to decide whether or not it will be a wise decision to renew its contract with the manufacturers.
 
GM and Toyota established the NUMMI operation in 1984, but ever since then, the venture has mostly lost money for both companies. Toyota posted in first annual loss in 58 years last year, marking relatively dire straits for a historically successful company. Slow vehicle sells and …read more

Beijing Automotive Industry Holding Co. has submitted an offer for General Motors Corp.’s Opel division. The Chinese company’s bid gives the automaker more options in case their negotiations with Magna fail.
Ontario-based Magna International Inc. was selected by the German government a few months ago as the preferred bidder for Opel. Magna is Canada’s largest auto parts manufacturer. Though the talks between GM and Magna continue, they have be slowed due to disagreements concerning the rights to use GM’s technology.
The German government is backing the rescue of Opel, providing a $2.1 billion (1.5 billion euro) loan to keep the division afloat …read more

While the majority of GM bondholders are certainly in favor of GM’s plan to quickly sell off all of its assets in bankruptcy court, a ragtag group of bondholders called the “Unofficial Committee of Family & Dissident GM Bondholders” has expressed its disdain for the plan. Yesterday, the group filed a formal objection to the court.
 
GM’s proposal involves section 363 of the U.S. bankruptcy code, which stipulates the procedure for an accelerated “363 sale” of the company’s assets. That means that GM intends to completely avoid the standard Chapter 11 bankruptcy protection plan.
 
Instead of GM’s speedy sale plan, the group …read more

When it comes to stock market indexes in the Unites States, the Dow Jones industrial average is king. On Monday, General Motors and Citigroup got the heave-ho from the Dow Jones.
This isn’t a very surprising turn of events. With GM and Citigroup now being highly involved with the United States federal government, most market experts believed this to be a logical step.
Market experts also weren’t surprised by the two replacements — Travelers Co and Cisco Systems. Cisco Systems is an addition that makes a lot of sense because of its connection to the growing internet world. Travelers Co, which is …read more

On Monday, multiple reports indicate that President Barack Obama will announce that he will support General Motors restructuring effort as the United States automobile maker goes through its bankruptcy proceedings. He’s also reportedly going to announce that the nation’s taxpayers will own 60% of GM once it emerges from bankruptcy.
To help GM emerge from bankruptcy in less than 90 days and be prepared to turn itself around, Obama is expected to announce that GM will be infused with $30 billion. That latest infusion will climb the amount invested in General Motors to around $50 billion.
To survive in the competitive automobile …read more