GM Provides Dealers With Advances for Cash for Clunkers
General Motors said today that it will begin providing cash advances to cover its dealers' Cash for Clunkers rebates until they are reimbursed by the government.
General Motors said today that it will begin providing cash advances to cover its dealers' Cash for Clunkers rebates until they are reimbursed by the government.
The move is in response to dealer complaints about non-payments from the program, which began in July. GM officials said the company intends to provide these advances for qualifying new-vehicle sales already transacted under the CARS program, and will provide advances going forward as long as the CARS program is in effect.
"Our sales performance in the past two months has exceeded our internal forecast by over 60,000 vehicles, largely driven by the CARS stimulus program," said Mark LaNeve, vice president of U.S. Sales. "We want to do all we can to provide customers with timely new-vehicle deliveries and dealers the liquidity they need to run their businesses. This will continue the sales momentum of our new fuel-efficient vehicles such as the Chevrolet Cobalt, Equinox and Buick Enclave."
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