Guess What? An American tried to buy Pontiac. GM said, No Sale!!!

Earlier this week, Michigan Car Dealer Jim Waldron tried to buy GMs killed brand Pontiac from GM. His idea was to buy the brand, and numerous plants from GM. He planned on hiring his own staff to restart the brand. GM said no becuase, they wanted to finish Government restructuring before any moves.

This reminds me a little of the movie about Preston Tucker. The trial speech where, he mentioned how everything is a Good ol' boys network, and the Big companies allied with the Government wont let the little guys here in America have a chance. While, foreign competition comes in and takes. In this case, takes more.

What do you think?
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91z4me - 5/3/2009 4:47:55 PM

+3 Boost

The original article contradicts itself as well as other reports. First it says "Waldron said he and a group of six investors presented a plan this week to purchase the GM brand and only the brand from GM." Then it says "Waldron says he and the investors plan on purchasing vacant plants and hiring a workforce to start manufacturing Pontiacs on their own if the offer is accepted."

So are they buying plants or not, other sources have said they are just wanting the name (along with the merchandising and other valuable licensing associated with it).

My guess is that GM doesn't want to give up the merchandising rights to hallowed names like GTO, Trans Am, and Formula Firebird (which have value for production of other products). If they close the brand they keep all that with no liability, but if they sell the brand to this guy and make an agreement to sell him X number of W, Y, Z cars then they have liability for those products for as long as the contracts last (potentially opening themselves up to further losses).

tundrahq - 5/4/2009 11:39:29 AM

+1 Boost

The whole argument is a gross over-simplification. Any reasonable offer of "buying" Pontiac must entail purchasing Pontiac's standing debts, taking on Pontiac's UAW commitments, etc. Buying the brand name only is like saying "Hey, give me the plans and the brand name and I'll go make my own Pontiacs without any of your workers or plants or debts - sound fair?" Only a flaming idiot would think that offer was legitimate. Poor article I'm sorry to say.

DinamoR - 5/3/2009 6:50:30 PM

-1 Boost

pontiac sucks. just kill that miserable piece of garbage already, and give rise to new companies like Tesla and Fisker.

Joe_Limon - 5/3/2009 8:03:20 PM

+5 Boost

Hahaha, way to be ahead on things :) Pontiac is already dead.

91z4me - 5/3/2009 10:32:37 PM

+5 Boost

Yeah lots of similarities between an upright 2 door, 4 seat, FWD economy coupe (weighing in around 3k) and a low slung 2 door, MR, compact sports car (weighing several hundred pounds less).

I can't believe nobody has made the connection before.

Do you just go into every thread and see if you can turn the discussion to Hyundai?

Type707 - 5/4/2009 4:33:11 PM

+1 Boost

No to Americans....Yes to foreigners...WTF?