GM Sets New May 1 Deadline For HUMMER Sale

[dwaxman1]

Last week General Motors’ plans to sell HUMMER to China’s Sichuan Tengzhong Heavy Industrial Machines Co., Ltd. (Tengzhong) broke down due to disapproval from Chinese regulators and this led to a hasty announcement that the premium SUV brand would be wound down.



Much can change in a week it seems because today we have news that there remains several parties still interested in acquiring HUMMER and that a new sale deadline of May 1 has been set. Additionally, the franchise agreements of the remaining 153 U.S. HUMMER dealerships have also been extended until May 1.



"We're going to do everything in our power to bring this home in the next couple of months," HUMMER CEO Jim Taylor told Automotive News.



GM’s new CEO Ed Whitacre wants to see a quick solution for HUMMER and there’s a strong chance the brand could still be would down. If this happens, the process would be similar to what GM did for Saturn and Pontiac. Existing inventories would be cleared out with generous rebates and remaining dealers would be paid varying settlement amounts.



GM would also continue to honor HUMMER warranties, while providing service support and spare parts to remaining owners around the world.

[T.C.]

[quote name='dwaxman1' date='04 March 2010 - 07:36 AM' timestamp='1267706167' post='13857']

Last week General Motors’ plans to sell HUMMER to China’s Sichuan Tengzhong Heavy Industrial Machines Co., Ltd. (Tengzhong) broke down due to disapproval from Chinese regulators and this led to a hasty announcement that the premium SUV brand would be wound down.



Much can change in a week it seems because today we have news that there remains several parties still interested in acquiring HUMMER and that a new sale deadline of May 1 has been set. Additionally, the franchise agreements of the remaining 153 U.S. HUMMER dealerships have also been extended until May 1.



"We're going to do everything in our power to bring this home in the next couple of months," HUMMER CEO Jim Taylor told Automotive News.



GM’s new CEO Ed Whitacre wants to see a quick solution for HUMMER and there’s a strong chance the brand could still be would down. If this happens, the process would be similar to what GM did for Saturn and Pontiac. Existing inventories would be cleared out with generous rebates and remaining dealers would be paid varying settlement amounts.



GM would also continue to honor HUMMER warranties, while providing service support and spare parts to remaining owners around the world.

[/quote]









NEED A BUYER!!!!!!!!!!

[duncanpa]

Okay...let's start a grassroots consortium and pool our money to see if we can purchase the Hummer Brand as a cooperative and have real savings for everyone Hummer. I have $5.75 in Canadian Tire money to start the process...TC..where's your 2.3 million??? <img src='http://www.canadianhummerclub.com/forum ... /blink.gif' class='bbc_emoticon' alt=':blink:' />

[dwaxman1]

A collection? maybe a door to door collecting empty beer bottles, just like the old Hockey days.. that will get some cash!

[T.C.]

YOU GUYS ARE NUTS