GM offeing dealers on closing list up to $1 million to go away

GMdealership One million dollars—that's how much some of General Motors dealers
are being offered to voluntarily go out of business according to
published reports.

Just days after filing for bankruptcy the giant automaker is hoping
to shutter almost 2400 or its 6000 dealerships by offering them
anywhere form $100,000 to $1 million to go away. Last month the company
started the process of shutting down dealerships by informing about
1000 dealers that they are on the chopping block.

You can see a list of those dealerships HERE.

Now the company has sent the dealers another letter (the carrot) offering them cash to voluntarily go out of business.

"This is a very fair settlement we believe we're offering to the
dealers," GM Chief Financial Officer Ray Yong said Tuesday in a
conference call with analysts and media.

According to the Wall Street Journal:

"In the letter, GM tells dealers on the closing list they can no longer
buy new vehicles but have until October next year to sell down their
inventory, according to a dealer who received one of the letters.

Dealers have until June 12 to accept or decline the offer. If they
decline, the dealers will have to take their chances fighting GM in
bankruptcy court. Chrysler LLC dealers in the same position have had
little luck challenging the auto maker in Chapter 11 proceedings.
Chrysler is taking advantage of bankruptcy to close 789 of its 3,200

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