InfoAnda - General Motors To Close Over 1,000 Dealerships

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat General Motors To Close Over 1,000 Dealerships May 15, 2009 12:30 p.m. EST --- Advertisment --- Mitchell Jaworski - AHN Reporter Detroit, MI (AHN) - General Motors is sending notices to 1,100 of its dealers on Friday to tell them their franchise agreements will not be renewed, essentially closing the dealerships as they will no longer be affiliated with GM. The news comes just a day after Chrysler notified 789 of its dealers their franchise agreements will be terminated. Unlike with Chrysler, where many dealers sell multiple brands, most GM dealers sell that brand exclusively so losing the franchise likely means the dealership will be lost as well. The list of dealers losing their franchise hold an estimated 120,000 automobiles in inventory worth about $2.5 billion, a person close to the matter told Bloomberg.com. Friday's notifications are the first step in part of GMs restructuring plan to reduce the number of U.S. dealerships from 6,200 to 3,600 by 2010. The remaining dealer cuts are expected to come from GM's Hummer and Saturn dealerships, while the automaker also anticipates there are 400 dealers that will volunteer to shutdown. The move by GM is expected to impact the American job market even more than the Chrysler cut. The National Auto Dealers Association estimates that U.S. dealerships employ an average of 48 people. Chrysler's dealer closing is expected to cost nearly 38,000 jobs. The GM closing may reach upward of 52,000 lost jobs. General Motors has taken drastic actions in recent months as it works toward an acceptable restructuring plan and operating environment by the June 1 bankruptcy deadline set by regulators. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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