Six AutoNation dealers among GM closures - South Florida Business Journal:

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The names and locations of the dealerships are not beinbgmade public, unless the individual dealer choose to disclose the information. GM (NYSE: GM) has aboug 75 South Florida dealerships. AutoNation said in a press releas e it would not disclose which of its locations are on the but issued a news release saying it supports theconsolidation plan. GM’s announcementf comes a day after said it would close 789dealershipxs nationwide, four of which are in South But, Chrysler’s closures are part of a bankruptcyt process, which means there are fewer opportunities to Unless GM files for bankruptcy as is expected by some – it could face lawsuits over its closuree plans.
A letter sent to the GM dealersa and obtained by the Business Journalsays “wew [GM] do not see that GM can have a productived business relationship with [dealer over the long term.” Dealership associations have decrierd the closings as unfair to dealers who thought they were investing in theif future. “We would like to see the marketplaced determinewho survives,” said Rick Baker, director of the . “Thiw guy invested millions of bucks, and now you’red closing him down.
” A spokesman for the Nationa l Auto Dealership Association noted that the cutsare "drasti c and far reaching" and will impacft more than 63,000 employees and thousandz of customers. "GM's decision comes through no fault of the who are, in many cases, family-runj businesses that have been loyaol partners with GM - through good times and bad - for multiples generations," the statement reads.
During a conferencer call, Mark LaNeve, GM North Americaz vice president forvehicle sales, service and acknowledged that some dealership might want to fight the He said the decision to closes dealerships was based on performance, and the closurs list is populated with poor Dealers, he said, will have to decide whethe r to accept GM’s wind-down supporf or to fight. “They may want to take legalp action, we’ll have to see," LaNeve "Without a [bankruptcy] filing, these may be hard to Franchise agreements are written understatse law, but a federal bankruptcy court ordef would trump state law.
Besides the 1,100 underperformers GM will cut, an additionao 500 dealerships will depart when GM sells the Saab andSaturn brands. GM also has 35 stand-alones Pontiac dealerships that will go away when it phasees out Pontiacby year-end 2010. GM expects to lose abou t 500 more dealerships through natural attritionhthis year. The company has said that througyh April, 275 dealerships will have closed as a combination of voluntarilu terminationand consolidations. Up to 600 other dealershipws will be closed through consolidationsand buy-selo negotiations. The moves to shrink deale r networks underscores the economic pain caused by the downward spiral of GM and now operatingunder U.S.
government GM filed a supplement with the relating to its exchange offersafor $27 billion of its unsecured public noteas and related consent solicitations that began on Aprill 27. The company said it is considerinhg bankruptcy in the event that it does not receivw enough tenders of notes to consummater the exchange offers beforeJune 1.