General Motors to Offer Buyouts to U.S. Buick Dealers
2022.09.02 18:14
General Motors (GM) to Offer Buyouts to U.S. Buick Dealers
By Michael Elkins
The Wall Street Journal (WSJ) reported Friday that General Motors (NYSE:GM) will offer buyouts to U.S. Buick dealers as an alternative for franchise owners who don’t want to make investments that will be needed as the brand goes all-electric.
Global Buick chief Duncan Aldred confirmed in an interview with the WSJ that all of Buick’s roughly 2,000 U.S. franchise dealers will be given the opportunity to take a buyout. Mr. Aldred is scheduled to outline the plan during a virtual dealer meeting Friday afternoon.
GM announced back in June the goal to exclusively sell electric vehicles by 2030. To achieve this goal will require some substantial investments in equipment, including charging stations and upgrades, Mr. Aldred said.
“Not everyone necessarily wants to make that journey, depending on where they’re located or the level of expenditure that the transition will demand,” he said. “So if they want to exit the Buick franchise, then we will give them monetary assistance to do so.”
