In a bid to save General Motors’ struggling European brands, Opel and Vauxhall dealers have devised a plan to purchase a minority stake in both auto companies. The plan calls for the dealers to raise 400 million euros for the investment, or roughly $511 million.
Euroda, a group that represents 4,000 Vauxhall and Opel dealers in 25 countries, championed the plan to buy a minority stake in the ailing automakers. If the plan gets approved – a final vote is scheduled for May 15th – each dealer would be required to contribute 150 euros for every vehicle sold over the next three years, according to Automotive News.
Although the minority stake wouldn’t be enough to take control of the automakers, Euroda is hopefully the investment would show governments, employees and customers just how much support the two brands have.
GM Europe is currently seeking 3.3 billion euros from European governments to cover Opel/Vauxhall’s cash shortfall.
