General Motors exits bankruptcy protection

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Medicinal & Recreational.
Oct 11, 2008
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Seattle, WA
DETROIT - The new General Motors will be far faster and more responsive to customers than the old one, and it will make money and repay government loans faster than required, CEO Fritz Henderson said Friday as the company emerged from bankruptcy protection.

Henderson said the automaker completed its 40-day stay under court supervision far faster than anyone thought it could, saying it would repay about $50 billion in government loans ahead of a 2015 deadline.

He told reporters the company now will focus more on customers, including a partnership with the online auctioneer eBay for people to buy vehicles by auction online.

The new GM will build more cars and trucks that consumers want and launch them faster than in the past, the CEO said.

“We recognize that we’ve been given a rare second chance at GM, and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done,” he said.

He announced that the company’s management ranks will be cut by 35 percent, or 450 executives, including the elimination of its North American president position. Henderson said he will take responsibility for North American operations.

Henderson also said the automaker was launching a “Tell Fritz” Web site to allow owners and the public to share their concerns with senior management and he planned to go out on the road every month. GM also planned to test a partnership with eBay that could “revolutionize” how people buy cars online, he said.

“We need to listen to the questions, ideas and the concerns of the people who matter the most,” Henderson said.

The new company will focus on three top priorities, customers, cars and culture, Henderson said.

“If we don’t get this right, nothing else is going to work,” he said during a morning news conference at GM’s Downtown Detroit headquarters. “Business as usual is over at General Motors.”

General Motors exits bankruptcy protection - Autos- msnbc.com
 

Steel Cranium

Well-Known Member
Nov 12, 2008
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NorthEast Ohio
Wow, that was fast. Probably proves that they really didn't need the protection but took advantage to use it like a big stick, getting out of some bad vendor relationships, more leverage when working with the union, reducing numbers of memberships. At least they're recognizing that times have changed - a dealership is not required within a ten-minute drive of everyone, cars can be sold in other ways thru partnerships - web, warehouse clubs, etc.

Now if they can reduce the number of lines/nameplates that they have and concentrate on their offerings with a reduction in factory options/colors, they can compete with the Honda's of the world. Just like when pumping your own gas was introduced (and not embraced by most), Honda/Acura's limited option, color, and interior offerings were not embraced at the beginning, but now obviously accepted. Keeping the variances down in the factory is good business, and Honda stuck to their guns. Now, we'll see if GM's plan is all talk or the future.
 

JoeTan

Well-Known Member
Oct 14, 2008
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partnering with eBay might show that their cars are worth a lot less than they think BUT it would be good for the auto transport industry and make car shipping much cheaper.
 

JoeTan

Well-Known Member
Oct 14, 2008
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Yeah, time for a new deal as in full pension when you have 50 years logged. 20 years and you retire is some unrealistic hosshit.
 

Casual Fan

Surprisingly nice
Oct 14, 2008
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Roanoke, VA
I wish them all the best and hope they pay the government back ahead of schedule. (Being a GM hater is like being a Bush hater--what's done is done whether you liked the GM bailout or the Bush presidency. Let's move ahead.)

Check out the new Malibu--it's supposed to be a great car.

Chevrolet Malibu Review - Edmunds.com
 

HecticArt

Administrator
Oct 19, 2008
40,619
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but not to me, please... :shock:

I was kidding, but had to check anyway. She's a great singer, but a car wreck waiting to happen. Fortunately, the gis for topless uaw, didn't turn up any assembly line guys with no shirts. (I live in the town Jeep built, I know these guys, they are my friends, I drink with them, please keep your shirts on!)

There were a few hotties on the first page, and then Amy showed up on the second page. Wow. That woman needs to get of the junk.
 

jef

Power Pig, Hello!
Oct 12, 2008
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But if you live near Detroit, you'll be able to pick it up for next to nothing.

Are you kidding? They'll find a way! Wayne Assembly and the Michigan Truck Plant sit right across the street from Jack Demmer Ford in Wayne, MI. Before they started a recent retooling, good luck trying to get a discount on delivery of the vehicles moved just a few hundred yards. :D
 

HecticArt

Administrator
Oct 19, 2008
40,619
12,063
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Toledo, Ohio
Are you kidding? They'll find a way! Wayne Assembly and the Michigan Truck Plant sit right across the street from Jack Demmer Ford in Wayne, MI. Before they started a recent retooling, good luck trying to get a discount on delivery of the vehicles moved just a few hundred yards. :D

Mostly kidding. I bet that if you arrange to pick up from the source there will be some savings, but I'm sure they will still jack you with the fees.
 

Jon

Well-Known Member
Dec 16, 2008
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Colorado
Next on my list would be the Ford Fusion hybrid or the Ford Escape hybrid. If GM comes out with some decent hybrids before then I might look at them, too. Or I might look at the Volkswagen Jetta SDI since Diesel is back below regular gas.
 

HecticArt

Administrator
Oct 19, 2008
40,619
12,063
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Toledo, Ohio
I've always driven Fords (Since 1984) and had great luck with them. I'd like to trade mine in for a new one, but am planning on holding out a bit longer till the hybrids are a bit better. Hopefully in the next 2 years the hybrids or all electrics will be pretty impressive. I'm getting upward of 33mph on the highway now and I'd like to at least double it with my next car. I may lease the next one. With some of the advances that are around the corner, the next 5 - 10 years are going to be pretty exciting for the auto industry. Still planning to buy American too.