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GM plans to cut 1,100 stores in restructuring plan

By ASSOCIATED PRESS   Friday, May 15, 2009 - 9:29 a.m.
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DETROIT (AP) -- A day after Chrysler LLC told a quarter of its dealers that it won't renew their contracts, owners of General Motors Corp. dealerships are awaiting word on whether they will be next.

GM said it will notify 1,100 U.S. dealers on Friday that their franchise agreements will not be renewed. Dealers expect to hear either by telephone or FedEx letters that will begin arriving Friday morning.

GM spokeswoman Susan Garontakos said the company will not make public a list of dealers to be cut, leaving the decision to release information to individual business owners.

The company has scheduled a conference call for noon Friday to explain its dealer reduction strategy.

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(90)
chad_vader
May 18, 2009 at 2:28 p.m.
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Zoom - that may be true for some, but there really is an anti-US movement in our OWN country. Plus, instead of getting some of the wealth down to the middle class people want to see everyone be poor like themselves. Meanwhile, the rich get richer and just have a good ol' laugh at us on their yacht. This country is going down hill.

chad_vader
May 18, 2009 at 2:24 p.m.
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Skiddz, wow! way to prove what a babbling idiot sounds like. Idiots like you who make generalizations from bar talk is what is wrong with our society. I saved for a rainy day and so didn't many others. Can you tell me how much the labor cost is in each vehicle? Eliminate all labor cost from a Suburban you get $1,800 - Wow! that is exactly what raises the cost of vehicles. Yes we get houses and stuff, but lot's of that is from local suppliers, sales people and businesses. So you must be happy they are being hurt too.
And I love my Monte Carlo, best car I ever owned. Maybe what you thought was ugly was just a reflection you saw when you looked at it.

Zoom
May 17, 2009 at 9:52 a.m.
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chad_vader, People gave Toyotas a try because they got tired of buying unreliable crap from Detroit over and over again. Unfortunately, GM had to lose 20% of their market share before they caught on.

Skiddz
May 16, 2009 at 6:36 p.m.
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Hey you know whats cool? The people that work at GM made how much a hour? TO do what? Put a wheel on, put a seat in, pull the trigger on their one and only tool that does the work for them. AND THEN they leave work.... In their new 09 Tahoe... Oh no something broke on the engine... They go to Fagan or Burtness to get it fixed. Obviously the guy that is going to diagnoss your problem and fix your car has to be some what smart and skilled correct? I mean he has to use his brain to complete his job. So why is it, that the guy that works and Burtness or Fagan only gets 10-15 bucks a hour but the guy that doesn't use his brain and just pulls the trigger on his one tool can make 2 or 3 times the mechanics wage... You gm workers and your greed discust me... You have brand new cars, houses and things to fill them. Yet you all don't have money saved up for a rainy day??? you have made how much for how long and don't have enough to survive?? BUT the people I know that make half ora 1/4 of what you make some how save up enough for a rainy day like this economy.... I think their is somethign wrong with that picture and I am glad it is finally changing...

Skiddz
May 16, 2009 at 6:27 p.m.
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CHAD VADER - THEY DO make a car as ugly as the Prius. Its call the Monte Carlo, Malibu, Cobalt, Impala, Aveo, and just about all their cars EXCEPT the Camaro and Corvette. Oh and then they come out with this new Camaro... Fagan has one for what? ALMOST 30K and it only comes with a V6 wow... WEAK. I think my 2003 GMC Denali pickup truck has more HP then the SPORTS CAR....Hmm meadium duty pickup has a higher performance motor then the same companys SPORT car.... And yes I know they make a V8 with 400+hp.. but they want damn near 40K... gimme a break what a rip off.... Considering 60% of its probaly plastic...Oh wait I know why its so much... I have to pay for the guy that builds it to make $30 dollars a hour.

spikesmom
May 16, 2009 at 5:26 p.m.
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I do know the whole story and there isn't much more to say about it. I'm not saying they should get a free ride but when the dealership tells them they only use one lender and that they should probably go elsewhere, either the dealership is lying or just didn't feel like selling a car that day.

chad_vader
May 16, 2009 at 5 p.m.
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janesvillean, people bought Toyota because it's the cool thing to do, just lemmings getting in line to complain about the Big 3 American companies. Yes Toyota did come with some advances, but if GM put out a car as ugly as the Prius they would have been vilified like when they had the Azteck. If Toyotas are perfect then they must not have any repairmen at the dealerships, why need them?

chad_vader
May 16, 2009 at 4:54 p.m.
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spikesmom, there probably is more to the story than what you are telling or what your ex told you. I was a GM employee and never got turned down for a loan. There were others I worked with that DEFINITELY should have been turned down for ANY loan, and lots more in between. Just because you are an employee of a company does not give you a free ride for a loan.

spikesmom
May 16, 2009 at 4:21 p.m.
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Hannah - they don't have perfect credit but good enought credit to be considered by GM. It doesn't matter. They both love their new cars and they will have them a long time. My ex got a lot of grief pulling into the plant lot with a Ford but what else was he supposed to do.

spikesmom
May 16, 2009 at 2:16 p.m.
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My ex-husband is a former GM Janesville employee. He and his wife tried to buy a GM vehicle at a Beloit dealership early last year. The dealership refused to work with them on financing. A nearby Ford dealership was more than willing to work with them. They now have 2 new Fords. If that's how GM treats it's employees, good luck to people that aren't employees.

noggi
May 16, 2009 at 7:22 a.m.
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I would like to take a tour of the people`s homes who scream "buy American" and see what they have that is made ex USA.I guess your ox is getting gored.

I`ll buy what strikes my fancy - this isn`t a "stick with the Cubs" loyalty thing.

janesvillean
May 16, 2009 at 12:46 a.m.
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One may well wish to "buy American", but there's no question that the American car companies made the decision harder than it should have been. People didn't buy Toyota because they hated America.

janesvillegirl72
May 15, 2009 at 8:18 p.m.
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This may be a simplistic view but here I go anyway. I buy American, always have. I drive a Janesville made Tahoe. I have never worked at the plant but wanted to support the company that supported so many in our community. My thoughts on driving a foriegn vehicle are also simplistic, there is a profit margin on each vehicle, right? Is that profit eventually siphoned into our economy or the economy of the parent company which reaps those profits? I feel that more money is siphoned back into our economy by companies that are owned in majority by Americans. Again just a simplistic view, go ahead and slaughter it if you must, but I still won't let my own father park his Honda in my driveway.

dmfd24
May 15, 2009 at 6:58 p.m.
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Thanks Emmo46! Skiddz everyone in America in some way should thank the UAW for what they have. If they didn't receive the money and benefits that they did non of us would have anything. UAW workers have always set the bar for what the rest of blue collar America makes. Now that bar is slipping. Instead of hating them say hey thats what I should be getting paid and fight for that.

EMMO46
May 15, 2009 at 6:41 p.m.
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DMFD24 - I agree completely. I probably shouldn't have said "nice try" but rather nice "nice buy".

Skiddz
May 15, 2009 at 6:40 p.m.
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DMFD, I know you don't know me so I will let that last comment slide. I as a matter of a fact I ONLY buy vehicles, that "claim" to be American made. I have 5 vehicles that all have GM SBC's in them from Boats to Trucks to Cars. So I don't think you can say I am the one starting to buy import. I bought the "American made" vehicle only to find out that American company went overseas before I could have a say in anything...And why would that company "the big 3" go over seas before I had a say in anything? Quality issue's with American workers? Cost to pay a Gm worker to drive a '09 Tahoe or Avalanche and get a new car every year and have a 200K house? Noo that wouldn't drive a copmany away.. I know if I was opening a factory in a time like this I sure would hire "joe" from janesville who wants $30 a hour for how many hours a day compaird to the guy from China who wants $5 a hour for twice the hours...

Zoom
May 15, 2009 at 6:31 p.m.
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smiles6, GM didn't publish which dealers will not get their franchise contracts renewed. Also, the contracts are not done until the end of 2010, so not much will happen, unless GM files Chapter 11. Then the courts will be able to cut dealers sooner rather than later.

gmretirednow
May 15, 2009 at 6:23 p.m.
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smiles6
The dealers were supposed to be notified by fed x today if they are ones to be closed. If more detailed info is needed, i would look at www.gminsidenews.com or www.freep.com

freep is the Detroit Free Press...

dmfd24
May 15, 2009 at 6:04 p.m.
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Emmo46...That is exactly my point. If people would have kept buying American all along these companys would never had to start out sourcing. I know its almost impossible to find things that are 100% American made but people need to have a little more pride in themselves and this country. Take a little more time to find things made in America and spend a little more money if you have to. This is the strongest nation in the world. Lets keep it that way and do your part.

dmfd24
May 15, 2009 at 5:58 p.m.
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Skiddz your still an idiot! If jerks like you wouldn't have started to not buy American 50 years ago then everything would still be made in America. This is not off subject either this was all started by a comment that people should buy American and GM would not have to not renew 1100 GM dealerships franchise agreements. So DAMNIT if you have an opportunity to buy an American product even if its not 100% American than you should. And who is asking for a hand out? I have no affiliation with GM at all. I drive a Dodge.

EMMO46
May 15, 2009 at 5:55 p.m.
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DMFD - Nice try on the Carhartt. Maybe your jeans were made in the US, but not too many of their products are.
"Due to competition from other apparel manufacturers and pressure to drive down prices, many of Carhartt's non-core apparel items have been increasingly outsourced abroad. Some countries where outsourcing is and has been done are: Honduras, Guatemala, Dominican Republic, China, and the Philippines.

Carhartt now operates a total of 4 facilities in two Mexican states. They operate these plants with over 2,000 Mexican employees.

Wikipedia

Skiddz
May 15, 2009 at 5:32 p.m.
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This getting off subject. My point is that if you are going to preach buy only American then damit you better be buying only American. And if the Tahoe I bought from here in Janesville is supposed to be a Janesville made. I don't want to see those dang Canada or Mexico percentages of assemble stickers.

Oh and your little free speech demo was nice, I am going to stay here. Where I am free to make something of myself, and free to watch you ask for a hand out..

smiles6
May 15, 2009 at 5:30 p.m.
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Does anyone know which GM dealerships got cut in our greater Janesville- Madison area? Anyone?????

smiles6
May 15, 2009 at 5:28 p.m.
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Does anyone know any of the GM dealerships that are getting cut?????? Anyone?

dmfd24
May 15, 2009 at 5:17 p.m.
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Every thing I buy I try to buy with an American made posted on it. But unfortunately many things are just not made in America anymore. I do almost all the shopping that I can at Farm N Fleet where 90% of there merchandise is American made. So....skiddz if you like your foreign crap so much and you don't believe in supporting America and its work force this is still a free country where you are allowed to voice your beliefs and its so free that you are allowed to leave it at anytime!

Skiddz
May 15, 2009 at 5:04 p.m.
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I know the preacher at the local church doesn't believe in jesus part time...

Skiddz
May 15, 2009 at 5:04 p.m.
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DMFD if your pants are the only 100% American made product you own.. How can you preach to others on what to buy?

Skiddz
May 15, 2009 at 5:02 p.m.
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hahaha I love it. Out of the thousands or 100's of thousands of dollars of stuff you own. You only come up with your pants are 100% American made.... Umm I think that 100% American made bandwagon left ALONG time ago.

dmfd24
May 15, 2009 at 4:56 p.m.
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Yes...but less the computer and cell phone all these things used to be made in America. Why should we allow more of our things to be made in other counties. Stand up and unite and by as many things as you can that are still American made and like gmretire said not American Honda but companies that the money stays here in America. 52,000,000,000 dollars a year go back to Japan even if the car is made in America. Oh...and fyi my Carhart jeans were made in America.

Skiddz
May 15, 2009 at 4:50 p.m.
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DMFD where did your computer,tv,cell phone, clothes, and FUEL that you put in your american car come from? America? I think not..

dmfd24
May 15, 2009 at 4:47 p.m.
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Oh.....and skiddz fyi your an idiot

dmfd24
May 15, 2009 at 4:35 p.m.
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Clear examples of why people should by American Vehicles. How many owners are going to be bankrupt after this and how many more people are going to lose there jobs. People driving foreign cars should be ashamed of themselves!

smiles6
May 15, 2009 at 4:26 p.m.
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I haven't read most of this blog set...does anyone know of any area dealerships that will be closed?

Skiddz
May 15, 2009 at 4:07 p.m.
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I love it, all the GM union workers are all about American made. They got 30-50bucks a hour to make a car that was already pre built outside of this country. They say they are so proud of American made. And then they take those huge paychecks and go to Best Buy to buy that latest American Made electronics right? Or to Siker to buy the latest American Made furniture right? Just filling your house with American made I bet all of you are....

Skiddz
May 15, 2009 at 4:02 p.m.
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gmretirednow I sure hope you looked at everything you own before you said everyone who loves jap crap can move. WHAT ABOUT THE COMPUTER YOUR ON, THE TV YOU WATCH, THE PHONE TO TALK ON... GIMME A BREAK. I own a Janesville Tahoe and hmm what does it say... How much of it was made OUTSIDE AMERICA. EVEN the car that was made in our OWN CITY was not all American. So get off your soap box.

gmretirednow
May 15, 2009 at 3:48 p.m.
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Well I do feel bad for the dealers who will be cut, and especially for the area newspapers such as the gazette. If they lose major advertisers such as car dealers, down they go too. Just look at most large city papers and you will see the biggest percentage of paid ads are from auto dealers. So just like auto workers being out of work, many more will be too. And Woody, I totally agree, if American people would buy the American made vehicles, and I dont mean made in America Honda, I mean cars from the big 3, then we would not be having these posts in here. We would be having posts about "hey, the Economy sure is picking up now", "glad GM is doing well now," and other positive statements like that. So you all who love your Jap Crap, move to Japan or China!!!!

Skiddz
May 15, 2009 at 2:50 p.m.
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MomoF5 thats kind of like how the execs feel about bringing another product back to this city. Nobody cares thats why its not back here...

momof5
May 15, 2009 at 2:43 p.m.
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skiddz: it is probably because no one cares about the youtube video that's why.

Skiddz
May 15, 2009 at 2:27 p.m.
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Oh by the way, I love how everyone tells me to get over myself. But NOT ONE OF YOU had commented about the youtube video. NOT ONE of you can argue that I am wrong with that... :) have a nice day.

Skiddz
May 15, 2009 at 2:21 p.m.
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Hey Bob kieth nice site, atleast some of us know we can make a differnce, or atleast want to try.

suchislife
May 15, 2009 at 2:15 p.m.
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Skiddz -
How right you are.. Sad really, as everyone is crying to "save" these companies that are "to big to fail" do they really realize what they are doing? I think not!!

keithrg13
May 15, 2009 at 2:14 p.m.
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Too bad greengina8, no one seems to get your very basic point. If we all have seven dollar an hour part-time jobs (or no jobs at all) for the foreseeable future, one can't really buy any thing. Everyone, and I mean everyone seems oblivious to this simple current economic reality. And now after all the dealerships are boarded up it is suggested another 150,000 former sales and service people will be shaking hands with the already unemployed.
Where the hell does everyone on this comment thread work that you can buy anything anytime now days? Please send me a job application.

And as well, there seems to be no product in the near future that will pull us out of this economic mess - The consumer product industry of the 1950s; the auto industry of 1960s; the small manufacturers and the Cold War industries of the 1970s; the high tech computer industries of the 1980s; the dot com industries of the 1990s; and, the wireless and cellular industries of early 2000s. There has always been something to fall back on - until now! I hope we do not have to fight a major war again, we will have to get our bullets and cigarettes from China and our tank engines from Mexico.
Oh no you don't; don't tell me windmills, bicycles, and Yoga classes will save us this time.
Bob Keith
cooldadiomedia.com

Skiddz
May 15, 2009 at 2:10 p.m.
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Suchislife don't worry the way this contry is going, every soccer mom in jaesville will have their safty tape around every bad word or negative comment even if its not ment to be negative. This is part of the transition to socialism. They take your rights aways. for you have no rights in this world. Only privliges...

Skiddz
May 15, 2009 at 2:07 p.m.
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Horselvngrl, I said nothing about myself. In a time like this, myself is the last person I think of. In a time like this we should be thinking about others not ourselfs. Horselvngrl, please come up with a comment for the story, not a comment against someone for speaking their mind. But then again we are on our way to noncapatilistic socialist country, so it wont be long before I can't say what I want. Its good to see this is "The first time I can be proud of our country" err wait I didn't say that our first lady did...

suchislife
May 15, 2009 at 2:05 p.m.
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Hay "site staff" how about a little thing called freedom of speech, you may have heard of it..

h0rselvngrl
May 15, 2009 at 1:55 p.m.
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Skiddz: Seriously get over yourself. Your post is non sense. If you only knew....

EMMO46
May 15, 2009 at 1:52 p.m.
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The Japanese companies are sweating the rapid gains of Korean manufacturer Hyundai/Kia in quality, price, and sales. And, the Chinese will not be far behind.

suchislife
May 15, 2009 at 1:47 p.m.
(This comment was removed by the site staff.)
hiredgun
May 15, 2009 at 1:34 p.m.
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Japanese name brand vehicles are produced right here in the good ol’ USA. Nissan, for example, has plants in Smyrna, Franklin, and Dechard, TN as well as Canton MS.

Toyota has US plants in San Antonio TX, Huntsville AL, Lafayette and Princeton IN, and Buffalo WV. It has plans for plants in Blue Springs and Tupelo, MS. It also has a joint operation with (guess who?) General Motors in Fremont CA.

And need I remind you that Isuzu trucks were being produced right here in Janesville until only a short time ago?

Moreover, independent testing groups such as Consumer Reports have consistently rated Japanese vehicles, over the years, higher in terms of quality, safety, economy, and reliability than any of the so-called Big Three US brands

American consumers have turned against GM, etc., because they want vehicles that Detroit has been unwilling to provide. And so Detroit automakers must now pay the piper for their sins.

Jakiao
May 15, 2009 at 1:28 p.m.
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Just to clarify my question about GM importing Chinese-made cars. The cars are not made by GM but rather by a Chinese auto company that GM has partnered with. It's different than GM importing cars made by GM at plants in other countries.

Skiddz
May 15, 2009 at 1:15 p.m.
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I invite everyone to watch this, http://www.youtube.com/watch?v=oqTDroaJe... you will all see why GM will never come back to this city. Its sad but all of you local emplyees of GM did a large part in making GM run away from here with your job. I mean honestly, if you owned a company would you want to build it here in Janesville where it cost HOW MUCH to pay the employees? Your quality might be good, but your constant complaining and greed is something the overseas factorys don't have. I mean the only reason you guys want the GM plant back here is so you don't have to worry about getting a job. When its obvious nobody in this world wants a car built buy "you." But thats ok cause most factory workers are libs anyways and love to be dependant appon that state or company. Heavon forbid that they make a living off the sweat of their own brow.. So why are we giving your company BILLIONS or our money and they just close our dealers, and move our plants to foreign land...

EMMO46
May 15, 2009 at 1:14 p.m.
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vlygrl6780 - exactly my point. Short story...a number of years ago my friends gave me a hard time because I had been buying imports.
So, I bought a Ford...and guess what? The engine was made in Brazil, the transmission was made in Mexico, the electrical stuff was mostly made in Asia, body parts were made who knows where, and the car was assembled in Canada.

But I had an AMERICAN CAR!

vlygrl6780
May 15, 2009 at 1:04 p.m.
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Alot of American cars are "imports". If you want to use that way of thinking than alot of the foreign cars are "american made".

vlygrl6780
May 15, 2009 at 1:03 p.m.
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greegina...you will care where your next used car comes from...Every day that the new car market goes down, the market on those used cars go down as well. Even the monthly rebates that dealers offer will affect the price of the used cars that are sitting on car lots. This is where people are mistaken...by making the comment that you don't care...to me, then you have no right to be on here voicing your opinion if you don't care.

EMMO46
May 15, 2009 at 1:02 p.m.
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GM's big-deal new Camaro is an IMPORT! Made in Canada.

suchislife
May 15, 2009 at 1:01 p.m.
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Please don't tell me there are still people out here that didn't see this coming!!! How big of letters do they need to write on the wall with?

vlygrl6780
May 15, 2009 at 12:59 p.m.
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momof5...you are right. The foreign car industries are losing like crazy too. Funny how the news reports the big problems with the dip in sales for the American Car Companies....but you never see a news report about all the billions of dollars that Toyota is losing and all the lay offs that Toyota dealerships around the area have made in the last 6-12 months.

Jakiao
May 15, 2009 at 12:57 p.m.
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woodsman: I've been wanting to ask you. What do you think of the recent news that GM intends to start selling Chinese-imported cars under the GM brand? If I bought a Chinese-made car sold by GM, am I buying an American car because it's branded under GM, or am I buying a foreign car? Does this choice by GM affect your views of GM? Source: http://www.forbes.com/feeds/afx/2009/05/...

greengina8
May 15, 2009 at 12:57 p.m.
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I don't really care. I'll never be able to afford a new car in this economy anyway. I don't really care where my next used car comes from as long as it gets me from a to b with better than average gas mileage.

vlygrl6780
May 15, 2009 at 12:57 p.m.
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MacDaddy....my comment on the sticker price was directed towards a previous comment that you cannot buy an american car for cheaper. As far patronizing anyone..not sure that i made a comment at all about auto dealerships moving to other countries to build. Know that the amount of people employed by the car industry does not just include the factory workers.

Zoom
May 15, 2009 at 12:56 p.m.
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The bigger problem is that GM produces two or three of the same duds at once, under different brands.

greengina8
May 15, 2009 at 12:55 p.m.
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Nobody really needs a new car anymore because there is a glut of used vehicles on the market and most people can't afford new cars. All auto sales are slumping, but do you see the foreign auto makers tanking the way US auto makers are?

Kramer
May 15, 2009 at 12:48 p.m.
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GM's problem is that the've produced as many duds as they have studs. For every Avalanche there is an Equinox.

momof5
May 15, 2009 at 12:42 p.m.
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Greengina: That should tell you that american auto comanies are NOT producing a product that people want.

Really? Why then have the imports also seen a significant dip in their sales? GM has produced how many MotorTrend Car of the Year vehicles? JD Power awards? Consumer Reports?

Kramer
May 15, 2009 at 12:39 p.m.
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American vs. Japanese....its not that simple. Many lines of Toyota's and Honda's are made right here in the states while many lines of GM and Ford vehicles are made outside the US. "Buy American" isn't black and white.

Unless...you are wanting to support the economy by purchasing the vehicle most likely to generate revenue for our neighborhood mechanics.

Unless...You've noticed that GM and Ford US Plants are Union while the Toyota and Honda plants typically utilize free market employment...

There's nothing wrong with buying the best car for your money....I've always gone Toyota because of the reliability. That said, Ford has made great strides and my next care might be a '10 Fusion. (and the new Malibu isn't bad quality-wise either...if it wasn't so ugly)

Macdaddy
May 15, 2009 at 12:23 p.m.
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vlygrl: The issue isn't the sticker price as much as how dependable the cars are and how fast they depreciate. After 3-5 years an import will be worth more of the value you originally paid for it compared to an American made car (if you call them that). Not to mention how many of these "American" car companies are opening plants elsewhere while closing plants in the US, why buy from them? Foreign car companies are expanding production and employees in the US. So patronize them!

vlygrl6780
May 15, 2009 at 11:50 a.m.
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woodsman...I LOVE YOU! you are soooo right.

woodsman
May 15, 2009 at 11:48 a.m.
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If you want a great car,that gets 30 miles a gallon and doesn't sink when driving over the puddles,get a newer MONTE Carlo. Why settle for jap. crap,when you can drive AMERICAN with great gas millage + comfort!!

vlygrl6780
May 15, 2009 at 11:48 a.m.
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Wow I'm glad that most of you here can sit here a complain about this and not care that the automotive industry is not something to concern yourself with. The auto industry as a whole provides jobs to 2.5 MILLION people in America. And as far as the pricing of foreign vs american..this american cars are almost always lower price.

woodsman
May 15, 2009 at 11:42 a.m.
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cardtrader and all alike you! You are the problem,not the solution. It's people like you,and your thinking that got this country in this mess. Buy jap.,what a statement,your a disgrace to your country to make such a statement. When the next jobs get shipped over seas,you and your kind can follow,we "DON'T" need your type here!! LOAN,"NOT" BAIL OUT,GET IT STRAIGHT PEOPLE!!!!

greengina8
May 15, 2009 at 11:37 a.m.
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Why should we reward companies that can't manage their money? Buy a car that you can afford and if it's foreign, the body will probably rust off before the motor gives out. Example- Nissan, Toyota, Honda. Great gas mileage, lower prices, not gas guzzlers. So what if it's not made here? That should tell you that american auto comanies are NOT producing a product that people want.

OnWisconsin
May 15, 2009 at 11:30 a.m.
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Meant BUY "jap"

OnWisconsin
May 15, 2009 at 11:29 a.m.
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Ya cardtrader, but "jap", that will make the situation better. How about you move to Japan to open up another job for someone else who wants to buy American?

woody
May 15, 2009 at 11:28 a.m.
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Sorry. GM is worth 660 million, not 6.6 million.

woody
May 15, 2009 at 11:25 a.m.
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As of now, GM is only worth 6.6 million. GMAC Bank is re-badged as Ally Bank thinking the new name will help business.

anonomouse
May 15, 2009 at 10:40 a.m.
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Does this mean GM is not coming back to Janesville? I thought I read the door was still open for a return.
__________
LOL

TheJoker
May 15, 2009 at 10:26 a.m.
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Does this mean GM is not coming back to Janesville? I thought I read the door was still open for a return.

momof5
May 15, 2009 at 10:26 a.m.
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jakioa: could you define squander and give me SPECIFIC examples of how GM, specifically, squandered the bailout money?

The confusing things to me is that Washington is forcing the manufacturers to close dealerships (via revoking or not renewing franschisees) but when they gave 300 some billion to Wall Street, none of those banks were forced to close branches. It is great to learn from your mistakes but why continue to allow Wall Street to abuse their status/bailout??

momof5
May 15, 2009 at 10:22 a.m.
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Without the bailout money, this would have happened sooner and at a greater capacity. GM is trying, I believe, to avoid bankruptcy protection. They are cutting every possible place they can (or so it seems). Chrysler took the bailout and still, in the eyes of the government, did a crappy job of restructuring to become viable again. This isn't the first bailout for Chrysler either. So, if anyone wants to bash any of the automakers, bash Chrysler--because obviously they didn't learn their lesson the first TWO times they were bailed out!

Really cardtrader? That's a little immature, don't you think? "Buy a Jap?" Eloquently spoken!

debbied56
May 15, 2009 at 10:21 a.m.
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If GM does not cut costs it will not get any more support. This is another way for them to cut waste.

cardtrader
May 15, 2009 at 10:10 a.m.
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And they want our support! Sorry people buy Jap

Jakiao
May 15, 2009 at 9:46 a.m.
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As if anybody expected them to not squander the money we gave them. The banks did it and got away with it. The "Big 3" are just taking notes and following suit.

emac
May 15, 2009 at 9:37 a.m.
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I guess I'm confused. Didn't we give the "Big 3" billions of dollars so this wouldn't happen?

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