Detroit Hummer bites the dust
Instead, GM sprang for the easy bucks by offering all-equipped, full-sized SUVs, trucks, and vans, which produced $15,000 or more gross ...
Instead, GM sprang for the easy bucks by offering all-equipped, full-sized SUVs, trucks, and vans, which produced $15,000 or more gross profit per vehicle.
Then when fuel prices rose to over $4 a gallon, these gas hogs piled up on dealer lots, residual values for trade-ins plummeted, and sub prime borrowers stopped making their loan payments. Like a huge oil tanker changing direction, GM burned through billions as it slowly changed direction. It was too little, too late.
Like the leader of a political party, if you don't beat the competition, you are expected to smile and exit gracefully.
Wagoner didn't understand that. He had to be pushed out by the Obama House that used billions of dollars in bailout cash as both a carrot and stick.
Add to that the company jet snafu when he flew to Washington in a multi-million dollar private jet to appear before a government committee with a begging bowl in his hand.
He probably still doesn't 'get it'.