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GM CEO Rick Wagoner Resigns -- US Govt Presses On
Here is a copy of a blog post I saw commenting on today's Auto industry bailout situation:
"I think we learned that one president’s deadline is not the same as another president’s deadline. There are two big holes in Chrysler’s plan. One is that if Fiat takes control of 35 percent of Chrysler, Daimler still owns 19 percent. Technically, Fiat becomes a foreign-owned company propped up with $6 billion U.S. dollars. The second big gaping hole in a Chrysler-Fiat plan is that historically, American car dealers have never been able to successfully sell foreign cars. The scrapyard of failed attempts to sell foreign cars at U.S. dealers includes the Nash Metropolitan, Dodge Cricket, Plymouth Sapporo, Plymouth Arrow, Ford Cortina, Ford Capri, Mercury Capri (from Australia), Ford Pantera, Opel, Buick/Opel by Isuzu, and more. Chrysler even attempted to sell Alfa-Romeo’s on their lots in the early 1990s. Of course, some folks will say, “This time it’s different,” which is what they said when Renaults made in Kenosha were supposed to save AMC. Anyone who believes that Fiats made in North America can compete against Hondas and Toyotas made in the US on the sales floor is mistaken. Chrysler-badged Fiats will also have to traverse an enormous speedbump of negative equity branding. There are enough of us who remember Fiats from 20 years ago as cars that never completely passed their reliability tests because they rusted out.
Then, there’s GM, and that situation isn’t much better."
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
"Resigning" puts a happy face on what really happened. King Obama and Chancellor Geithner fired him. Not that firing Wagoner is a bad thing - the GM board should have done that years ago. The bad thing is the King and Chancellor part
That said, I owned an Alfa-Romeo years ago - a 1972 Montreal. It was without a doubt THE most fun car I ever owned. Ran circles around my 1977 TransAm. Lasted longer too. The TA ended up in a German junkyard in 1985, couldn't handle the autobahn speeds. I sold the Montreal in 1988, for nearly twice what I paid for it.
//greg//
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
I'm not convinced of the "American car dealers have never been able to successfully sell foreign cars." part.
For instance, in 2008 Mercedes Benz sold 225,128 vehicles in the US, and that's down 11.2% over 2007's 253,433 vehicles.
BMW sold 336,265 cars in 2008 in the US.
Those two alone account for 7.7% of the entire amount of 7,667,066 vehicles sold in the US.
That's a pretty significant number considering that is only two of the import car companies.
Best of luck.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
Other than this I gots nutin' to say. I'm hiding and watching to see how long it takes for other industries to be told what they can and can't do and how much their workers are allowed to make.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
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I'm not convinced of the "American car dealers have never been able to successfully sell foreign cars."
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I think what is being referred to is when a car manufacturer tries to supplement the shortcomings of its line by implanting another line in. Bad example but take the Izuzu Passport as an SUV in Honda's line, or the Mitsubishi line in Chrysler.
Nonetheless exactly what is a US car manufacturer anyway, the Detroit auto companies have operations all over the world are they really US, or just had their roots in North America.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
No time to respond here, too busy stocking up on food and ammo.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
I don't like to be an "I told You So" person, but I'm beefing up my ammo supply too since the "Change" is coming about.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
There's lot's of space up here in Cannuckistan, the banks are still making huge profits, the economy is slow but better than down there and there's good indicators we will rebound ahead of the rest of the economy's.
Best of luck.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
Murf will they let me bring my safe? Several large cal handguns several Bolt rifles many shotguns and several AR's plus 1500+ lbs of ammo, bullets, primers, powder. I'll leave tools tractor and rest of stuff here. I'm only moving with the important stuff. Maybe I'll squeeze in my reloading stuff also.
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GM CEO Rick Wagoner Resigns -- US Govt Presses On
N-o-t s-o f-a-s-t Murf ol' boy. I watch more Canadian TVOntario and The CBC than US. You Canucks are just as worried about your economy as we are ours. Yes your banks are in better shape, but as far as employment goes there are BIG worries about the auto-related industries--such as Chrysler completely pulling out and perhaps GM too if contracts aren't revisited.
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