Local dealers part of ‘new GM’
General Motors dealers in Selma, Reliable Olds and Turner Motors, will remain part of the new G.M. to emerge out of the bankruptcy reorganization filed Monday. GM Chairman Kent Kresa said it could take a year from the time the new GM emerges from bankruptcy before it becomes public again. Most of the shares in the new company will be owned by the U.S. and Canadian governments and the United Autoworkers’ retiree health care trust. Eventually, GM plans to go public again.
“We are going to be here,” said Bill Porter of Reliable Olds, adding that his dealership received a letter saying it would be part of the new GM.
The new GM will include Chevrolet, Cadillac, Buick and GMC, plus others, according to the company.
Similarly, Milam Turner III at Turner Motor Co. said his business has picked up over the last couple of weeks.
On Tuesday, Turner sold the first 2010 Camaro SS in the area to Ray Harrelson, who bought it as a graduation present for his son, Heath. The V-8 gets 25 miles to the gallon on the highway; while the V-6 gets 29 miles to the gallon on the highway.
Its body style harkens back to the old 1967-69 models. The Camaro was discontinued for close to a decade. Now it’s back, even with GM declaring chapter 11 bankruptcy, and it’s bringing people into the dealership.
“This is the new GM,” Turner said has he nodded toward the Camaro. “We look forward to the future.”
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