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In a press conference that began four hours and eighteen minutes after the filing, the GM Chief Executive Officer, Fritz Henderson, stressed that he intended for the bankruptcy process to move quickly. The eight-mile rule prohibits same-franchise dealers from locating within eight miles of each other.In 2001 General Motors formally declared Project 2000 would be implemented as part of a brand-channeling strategy designed to consolidate its network of privately owned individual franchise dealerships and reduce the number of locations from 7,300 to 3,800.In January, the BBB even issued a warning to bargain hunters to be on the alert for false deals, noting that liquidation sales often are marked up for the sales. you always will find great values plus professional and friendly service. has been remarketing leisure craft for banks, insurance agencies and individuals since 1982.Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for Detroit-headquartered General Motors would have been the courts in Michigan or Delaware, where it is incorporated.
Your pre auction estimates met or exceeded the values on each vehicle.The revenue generated from selling that inventory would be used to repay the loan.Self-liquidating loans are not always a good credit choice.These loans are intended to finance purchases that will quickly and reliably generate cash.
A business might use a self-liquidating loan to purchase extra inventory in anticipation of the holiday shopping season.
Project 2000 served as the primary mechanism for combining single-point Buick-Pontiac-GMC dealer locations together forming a single corporate brand division (BPG).