As a GM Lessee, I got a personal note from Troy Clarke, Group President of General Motors North America. I didn’t know he had my email address.
…we need your help now. Simply put, we need you to join us to let Congress know that a bridge loan to help U.S. automakers also helps strengthen the U.S. economy and preserve millions of American jobs.
Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid. (emphasis his)
Despite our successful efforts to restructure, reduce costs and enhance liquidity, U.S.rely on access to credit, which is all but frozen through traditional channels.
Troy, that’s funny. I went to lease a Cadillac CTS and a Chrysler 300C and what they told me was that neither GM nor Chrysler will lease me a car, but banks like US Bank will. I went to Infiniti three weeks ago and they leased me a car. I tried to buy American but to no avail.
The Americans stopped leasing cars well before the credit crisis.
The consequences of the domestic auto industry collapsing would far exceed the $25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:
• One in 10 American jobs depends on U.S. automakers
• Nearly 3 million jobs are at immediate risk
• U.S. personal income could be reduced by $150 billion
• The tax revenue lost over 3 years would be more than $156 billion
Discussions are now underway in Washington, D.C., concerning loans to support U.S. carmakers. I am asking for your support in this vital effort by contacting your state representatives.
Troy, I think it would be a great idea to contact my State Representative. I agree that we need to do something for you because our government is responsible for some of your issues. I also believe America needs to stay in the automotive manufacturing business. If for no other reason, its a matter of pride, and probably national security.
But you guys have made some really boneheaded moves over the decades and have allowed the unions to run the show. Take a lesson from Northwest Airlines. Price the jobs at what they are worth, let the strike begin, and fire the ones that don’t show up. There are plenty of good people looking for work.
If you won’t, you don’t deserve to exist, you’re not getting my business and you don’t deserve help from taxpayers.
Nonetheless, my wish would be that you get your loan, but only under the following conditions:
- Congress suspends CAFE regulations with an eye to abolishing them completely so that you can focus on making great cars that your customers actually want. Let them buy an Aveo from Hundai. If they can make money schilling them, all the power to them.
- The Unions will have to make a choice. Reduce pay and benefits to bring labor costs in line with the rest of the market word wide or be gone.
- Rick’s gotta go. You need a CEO with a spine. Someone who knows how to run a chainsaw.
- You still have too many brands. Lose Hummer and combine Pontiac and Buick or Pontiac and Chevrolet. Combine Chevy Trucks with GMC. Lose the fat. Badge engineering has to go, once and for all.
- You have to agree never to cancel the Corvette. I want one. A new one. Some day.
- Fix the radio in my Suburban.
Thanks for the email. I hope the wife and kids are well.