Yakima Based General Motors Dealership Not Hurt By GM Bankruptcy
YAKIMA, Wash-- General Motors Company filed for Chapter 11 Bankruptcy Monday morning. The government now owns a controlling share of GM.
"What we are not doing, what I have no interest in doing is running GM," said President Obama.
President Obama said the goal is to sell it back once the company is on it's feet again. Over 1,000 GM dealerships have been notified of closure. Bob Hall Motors of Yakima was told their contract to sell GM's GMC line would not be renewed in 2010. However, Hall's Chevrolet line shouldn't be affected.
Local GM dealer Lee Peterson survived the cuts. He said it was a decision based on supply and demand.
"The 1,100 franchises that were notified were related to a performance issue," said Peterson.
Peterson said his business will remain the same warranties, mechanical work and buyer incentives. However, GM is dropping the Pontiac line in 2010.
"Well interestingly enough our Cadillac has been our best selling car in the last year or two," said Peterson.
President Obama said he can see a stronger GM in the future and Peterson agreed.
"I am absolutely confident that if well managed a new GM will emerge," said Obama.
"I can see the day when GM will be all private ownership again," said Peterson.
Peterson said the government plans to start selling GM stock back to the public within 18 months. As of now Peterson's will continue selling and servicing GM vehicles.