Thank goodness it is finally done! After nearly 30 days of pleadings, discussions, and conditions, the deal is done. GM and Chrysler can begin drawing up to $13.4 billion by the end of December and early January. I just hope the healing, especially with the retailers begins as quickly. My domestic clients from around the country have been continually reporting challenges selling new vehicles to consumers worried that they would have no warranty from a company in bankruptcy. The daily drone about the D3 and BK has been enough to drive away hoards of uncertain customers.
The problem is partially fixed. From everything I am hearing GMAC will be able to raise enough capital to become a bank holding company by early to mid January to then qualify for the TARP assistance. That will be another important piece of the puzzle.
I commend Bush for taking the action. I just wish it had been 30 days ago so as not to have punished the retailers so long. It is now up to the D3 to prove their plans will work. I for one, believe they will.
Now to the folks that question whether the D3 will produce anything that the American public will want – you really haven’t been paying attention, nor driven a GM or Ford product lately, have you?
Good selling!
GG
www.greggoebel.com
