According to Judge Gerber the plan was the only way to preserve GM’s business. The plan will now allow GM to create a new company minus a pile of debt and expensive contracts.

According to Brian Pasch, CEO of the Pasch Consulting Group, who operates a popular consumer website following the Cash for Clunkers bill:

“From data collected on www.cashforclunkersfacts.com, Chevrolet cars and trucks are the 4th most popular brand on consumers minds who qualify for a Car Allowance Rebate System (CARS) credit. (see chart) From consumer feedback we believe that interest in GM vehicles will increase once the public has knowledge that their bankruptcy plan approval. The news may settle some fears that the company would not be able to stand behind a new car that a consumer would purchase starting July 24, 2009.”

GM Leadership

Fritz Henderson will remain chief executive officer. It is our belief that it will be a difficult challenge for Henderson to rebuild the GM brand and consumer confidence in the company’s future. Since the Department of Treasury owns 60% of the company, it would make common sense that this cloud be lifted before the CARS rebate program starts on July 24, 2009. GM can now leverage the CARS incentives. They will first have to fine tune their consumer pitch explaining how the bankruptcy process will allow GM to emerge a stronger and better operated company.

According to the official press release: “A healthy domestic auto industry remains vital to the global economy and we deeply appreciate the support the U.S., Canadian and Ontario governments and taxpayers have given GM, and the sacrifices that have been made by so many. This has been an especially challenging period, and we’ve had to make very difficult decisions to address some of the issues that have plagued our business for decades. Now it’s our responsibility to fix this business and place the company on a clear path to success without delay,” said GM CEO Fritz Henderson.

Official GM Bankruptcy Press Release

Here is the full press release as posted on the GM media website. Download GM Press Release

Honda, Ford and Chevrolet cars were the second, third and forth choices by consumers which is an easrly indicator of which car dealers would benefit most if the bill was approved.  See chart below:
 

Email Alerts

Consumers who would like an email notification when the bill is approved and signed into law, should use our Email Alert signup form in the upper corner of this website.

Cash For Guzzlers Participating Dealers

Consumers who want the best information on their trade and the car they want to purchase, should complete the form on the left.   Fill in the car you would be trading in and indicate the car that you want to purchase.

We’ll have a local Cash for Guzzlers Participating Dealer contact you.   They will be able to assist you with your new car purchase once the bill is signed into law.

A Cash for Guzzlers Participating Dealer will qualify your trade and present you with a competitive price quote. There is no obligation or fee for the service. Please make sure you include your state and phone number or we can not match you to a local provider.  This way you will be prepared when the bill passes to take advantage of the limited time cash voucher.