NINETY EIGHT REGENCY

GM to close Hummer 'for real,' begins clearance sale

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GM to close Hummer 'for real,' begins clearance sale

Chrissie Thompson

Automotive News -- April 6, 2010 - 3:39 pm ET

UPDATED: 4/6/10 5:07 p.m. ET

DETROIT -- General Motors Co. is shutting down its Hummer SUV brand for good, taking the last of its four discarded U.S. brands off the market.

GM had said it would consider offers to buy Hummer after a deal to sell the brand to Sichuan Tengzhong Heavy Industrial Machinery failed to receive Chinese government approval in February. Now GM has decided to move forward with closing the brand, Hummer spokesman Nick Richards said.

With the brand shutting down, Hummer CEO Jim Taylor has retired, effective immediately, Richards said.

Jim Bunnell, GM's general director of network support, broke the news to Hummer dealers on a conference call this morning, Richards said. Bunnell said GM had not found any viable buyer, according to dealers who listened to the call. Hummer has 153 U.S. stores.

GM put Hummer up for sale a year before its June bankruptcy. It has sold Saab and is shutting down Pontiac and Saturn as part of its U.S.-steered rescue.

“This is for real,” Texas dealer Will Churchill said. “I cried big crocodile tears.”

To clear out the remaining 2,200 new Hummers still in stock, Richards said Hummer will run incentives through the end of April. Consumers can get 0 percent financing for 72 months or choose consumer cash. GM is offering $4,000 off 2010 H3s and H3Ts, $5,000 off 2009 H3Ts and $6,000 on 2009 H2s or H3s.

In the next couple of days, Hummer will run ads in 20 key markets promoting the discounts. “Last chance to buy a Hummer,” Churchill said.

Hummer 153 U.S. dealers had already signed wind-down agreements that give them some cash, and those now go into effect, Richards said.

Some dealers had been delaying the start of life without Hummer until they heard the final verdict from GM. Churchill said he'll focus on his Cadillac and Honda franchises, servicing Hummer customers through Cadillac. Texas dealer Carl Sewell said he's exploring all options for getting new franchises for his two stand-alone Hummer stores.

“We're not quite there yet. We're chasing,” Sewell said.

GM put Hummer up for sale a year before its June bankruptcy. It has sold Saab and is shutting down Pontiac and Saturn as part of its U.S.-steered rescue.

Taylor took over Hummer in late 2008 after playing key roles at Cadillac, including general manager.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100406/OEM/100409924/1400#ixzz0kMM02qxo

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GM to Wind Down HUMMER After Unsuccessful Buyer Search

Tue, Apr 6, 2010Hummer News

GM announced privately to its dealers this morning via conference call that it would begin the wind-down process of the HUMMER brand after an exhaustive search to find a buyer was unsuccessful. According to dealers we spoke with, GM indicated they would soon receive letters containing the announcement and an explanation of the wind-down process.

Earlier this morning, we learned that many senior HUMMER staff members had been reassigned, and the conference call to dealers confirmed that GM does indeed to shut down the HUMMER brand indefinitely.

We will bring you more information as we know more.

link:

http://www.hummerguy.net/hummer-news/gm-to-wind-down-hummer-after-unsuccessful-buyer-search

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