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NADA Statement By Chairman Harold Wells on Oldsmobile Phase Out

13 December 2000

NADA Statement By Chairman Harold Wells on Oldsmobile Phase Out

    WASHINGTON, Dec. 12 The following is a statement by
National Automobile Dealers Association Chairman Harold Wells on the
Oldsmobile Phase Out:

    There are 2,801 Oldsmobile dealers in the U.S. -- and their welfare is our
top concern. It is imperative that GM treat all Oldsmobile dealers fairly and
that they be properly compensated.
    It is equally important to take care of the Oldsmobile owner. In the past
four years, more than 1.2 million Oldsmobiles have been purchased. At a
minimum, Oldsmobile owners need assurances that all warranties will be
honored, and necessary parts and service will continue to be available.
    This is a very sad day. Oldsmobile has been an integral part of America's
rich automotive heritage. Its production spans more than 100 years, virtually
the entire history of the U.S. automobile industry. We must remember that
there are a whole lot of very good people -- dealers, employees, their
families, and customers alike -- who have remained loyal to this GM brand for
many, many years. A decision like this is crushing to them. GM needs to move
quickly to take into account the millions of dollars that dealers have
invested in facilities, equipment, personnel, and training. They deserve
nothing less than fair compensation.

    HISTORICAL FOOTNOTES:

    *     The first Oldsmobile was produced in 1897 by the Olds Motor Company,
          which was organized by Ransom E. Olds. Olds manufactured four cars
          that year.

    *     In 1901, Oldsmobile became the first mass producer of gasoline cars,
          with the famous model known as the Curved Dash. It was the most
          popular car in America. (Sticker price: $650)

    (NOTE: Mr. Wells has been an Oldsmobile dealer since 1956.)