Opel/Vauxhall dealers planning to buy minority stake in ailing automakers
03/11/2009, 4:57 PM
By Drew Johnson
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.
03/11, 6:15 PM
posted by:
Vosotros
So Vauxhall is just Opel for the UK, right? Are they sold elsewhere? curious.
03/11, 6:46 PM
posted by:
JakeK66
^No, just the UK. Brings up an interesting point on if they should just change the name of either or both so they could be one instead of advertising two seperate companies. Would be cheaper :/ but then the Brits are too stubbarn to share a brand with the continentals.
03/11, 9:26 PM
posted by:
Borat
It could be that there was brand owned by GM in UK and Opel was not the best choice in fifties, when half of Britain was in ruins. It is Vauxhall, but on continent and in Britain they were selling well. Why do you think dealers are placing skin in the game?
03/12, 12:01 AM
posted by:
orangecones
Faith or stupidity? Somehow I doubt this is a very smart plan, but whatever makes them feel better.
03/13, 2:31 AM
posted by:
sharpie
This reminds me of the small Mazda stake sold to a group of businesses a few months ago. I think it shows that there are still followers for these brands, unlike Saturn . . .