August 11th, 2009 — 10:51 pm
If there is one thing that I did not expect to take off, it is the selling of cars on eBay. While GM had good intentions in the beginning, they certainly did not know how to execute them well enough to actually make a different. Sales this far have been pretty look and while eBay states that there have been about 630,000 visits and 960,000 searches of listed trucks and cars, the sales themselves are still pretty slow – on eBay at least.
One thing that I do not think that GM realized when they first started this ploy is the fact that people – unless they are rich, do not want to spend 30 – 40k on a car or truck that they have never even seen. Most of the time, when people are looking for a new car – or even a used car, they want to get in and drive it around or at least see it in person – be able to touch it. They do not want to do this online and that is where the biggest problem is.
All I can say – good luck GM, I really hop that you figure something out … seriously!
Comment » | GM
June 6th, 2009 — 09:14 am
The largest car manufacturer in the United States declares bankruptcy as the market opens morning of June 1. The federal comes to the rescue with a $30.1 billion funding to help one of the pillars of the American auto industry through the tough times.
The good assets of the company will end up and be owned by the bond holders, UAW, Canadian government, and the U.S. Treasury Department. The move will give way to the restructuring of the company. Some of the old assets like factories, brands, and dealerships will be under supervision of the court, be closed or be sold.
The U.S. government will be having a 61% stake of GM. Canada and the government of Ontario will get a 12% share in exchange of a $9.5 billion funding.
The bankruptcy is seen by the Obama administration as a way for the car company to rise again from its neck deep financial woes.
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Comment » | Financial Crisis, GM
November 16th, 2008 — 09:34 pm
Record plunge in sales and tight cash flow situation, big car manufacturers like GM, Ford, and Chrysler are pleading for help from the US federal government. They need billions more in addition to the $25 billion loan to build more fuel efficient cars.
Democrats in Congress are pushing for a bill that will release a $25 billion loan for the big car companies in exchange that they will give the government ownership stakes. They are hoping for the fast passage of the auto bail out bill.
The plan is to get a chunk from the $700 billion allocated for the Wall Street life line to help the big car manufacturers. The White House has declared that it is open to the idea. President-elect Obama calls for more help to be given to the soul of US manufacturing.
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Comment » | Chrysler, Ford, GM
If there is one thing that I did not expect to take off, it is the selling of cars on eBay. While GM had good intentions in the beginning, they certainly did not know how to execute them well enough to actually make a different. Sales this far have been pretty look and while eBay states that there have been about 630,000 visits and 960,000 searches of listed trucks and cars, the sales themselves are still pretty slow – on eBay at least.