GM to Shut Down Saturn After Penske Walks Away
Sep 30, 2009
September 30, 2009: General Motors has announced it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquire it fell apart. Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. This is very disappointing n ... Continue reading
"Cash For Clunkers" Rewarding Consumers With Up To $4.5k For Turning In Old Vehicles - VIDEO STORY
Aug 6, 2009
DETROIT - August 6, 2009: After more than a year of declining car sales and closing dealerships, the auto industry may be getting a second wind. With the success of "Cash for Clunkers", cars sales are on the rise. Officially known as the Car Allowance Rebate System, the program rewards people for turning in older gas g ... Continue reading
While Truth About CASH FOR CLUNKERS Funds Remains Unclear More Money is Approved
Jul 31, 2009
AUTO CENTRAL - July 31, 2009: Late yesterday the Associated Press published a report stating that the CARS "Cash for Clunkers" program was being suspended because funds had run out (just days after the program commenced). AP cited an annonymous source. This source has still not been revealed. The story was published ev ... Continue reading
The New General Motors Company Launches Today - COMPLETE PRESS CONFERENCE VIDEO
Jul 10, 2009
New GM to Focus on Customers, Cars and Culture GM gets back to the business of building great cars and trucks, serving customer needs New company created from GM's strongest assets Four core brands backed by the nation's largest and strongest dealer network Streamlined organization on a global basis for faster decision ... Continue reading
Jun 19, 2009
DETROIT - June 19, 2009: Although the U.S. Government has guaranteed the warranties of all General Motors vehicles during its reorganization period, some consumers are still worried about car servicing and resale value. However, despite dealership closings and brands disappearing, GM will still have the largest dealer ... Continue reading
The Fox is Now Guarding the GM Henhouse
Jun 12, 2009
By Marc J. Rauch Exec. Vice President/Co-Publisher THE AUTO CHANNEL General Motors is in need of a complete overhaulâ¦obviously. They need to get rid of the dead-weight in both product and personnel, which they appear to be trying to do if you donât count Buick and Pontiac. They have to regain the trust of inv ... Continue reading
Survey Shows Public Wary of Government Running Auto Companies
Jun 11, 2009
More Than Half of Consumers Think Auto Companies' Bailouts were Bad Idea TUSTIN, CA - June 11, 2009: A just-completed national survey shows American consumers are skeptical of the U.S. governmentâs involvement in the auto industry, with 81 percent of respondents agreeing that the faster the government gets out of ... Continue reading
Jun 9, 2009
General Motors and Penske Agree to Deal for Saturn
Jun 5, 2009
Transaction would save more than 13,000 jobs; preserves renowned brand and retail network DETROIT - June 5, 2009: General Motors Corp. and Penske Automotive Group today confirmed details of a proposed transaction under which Penske would acquire the Saturn brand. If completed, the deal would save more than 350 dealersh ... Continue reading
GM Reaches Saturn Sale Agreement With Penske Says WSJ
Jun 5, 2009
Detroit Jun 5, 2009; Esha Dey writing for Reuters reported that General Motors Corp (GM.N) (GMGMQ.PK) has reached a preliminary deal to sell its Saturn distribution network to the No. 2 U.S. dealership group Penske Automotive Group (PAG.N), the Wall Street Journal said, citing people familiar with the matter. GM and Pe ... Continue reading
General Motors' Board of Directors Statement
Jun 1, 2009
Attributable to Kent Kresa, Chairman DETROIT - June 1, 2009: âThe General Motors Board of Directors authorized the filing of a chapter 11 case with regret that this path proved necessary despite the best efforts of so many. Today marks a new beginning for General Motors. A court-supervised process and transfer of ... Continue reading
GMAC Financial Services Statement on General Motors Chapter 11 Filing
Jun 1, 2009
DETROIT, June 1 -- GMAC Financial Services is a creditor of General Motors Corp. (GM) and as such is taking the appropriate steps to protect GMAC's interests during GM's restructuring. GM has submitted a motion to the U.S. Bankruptcy Court that, pending approval, would allow its direct business with GMAC to continue in ... Continue reading
President Obama to Hold Media Briefing Prior to General Motors' BK Press Conference
May 31, 2009
WASHINGTON - May 31, 2009: According to a White House media advisory, President Obama will begin his remarks at approximately 11:55 a.m. EDT. General Motors Corp. President and CEO, Fritz Henderson, will host a press conference, beginning immediately following President Obama's media briefing. ... Continue reading
AP Reports That Monday is Definitely "B-Day" for General Motors
May 31, 2009
DETROIT - May 31, 2009: The Associated Press is reporting tonight that tomorrow morning, at 8AM EDT, the company that was once the world's largest, will file for bankruptcy protection. According to the story, GM plans to name turnaround executive Al Koch to serve as its chief restructuring officer through the protectio ... Continue reading
GM President and CEO Fritz Henderson to Hold Media Briefing Monday - Will This Be THE Announcement?
May 31, 2009
DETROIT - May 29, 2009: General Motors President and CEO Fritz Henderson will host a press conference on Monday, June 1. The conference will be around mid-day at the GM Building, 767 Fifth Avenue, in New York. Although no specific details regarding the briefing have been announced, given the fast and furious rumors of ... Continue reading
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