GM Will Advance Cash to Clunkered Dealers

Half of those that appealed will be allowed to stay open

(NEWSER) - About 600 GM dealerships are getting a second life. Of the 1,160 dealers who appealed orders to shut down as part of bankruptcy proceedings, approximately half will be allowed to stay open. But one dealer tells the Detroit News that it's no cause for celebration until the conditions are made clear, possibly as soon as today. More»

Auto giant speeds $1.2B per quarter repayment sked

(NEWSER) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today posted a $1.2 billion loss in its first quarterly report since leaving bankruptcy in July—far better than anticipated in what the AP notes is a sign the automaker's turning around. More»

(NEWSER) - The final numbers for the Cash for Clunkers are in, and they’re pretty rosy, the Los Angeles Times reports. Dealers had until yesterday to file for rebates, and the total was 690,114 new cars sold—and 690,114 clunkers traded in—for a total of $2.9 billion, just shy of the congressional allotment of $3 billion. “This is one of the best economic news stories we've seen,” says Transportation Secretary Ray LaHood. More»

(NEWSER) - Just as the "cash for clunkers" program sparked a boom in auto sales, its cancellation will likely depress the industry, CNNMoney reports. As of today, the last day of the government-funded incentive, rebate applications for 625,000 trade-ins totaling $2.58 billion had been submitted. “We're definitely going to have a hangover,” a dealer says. “I think you're going to be able to shoot a cannon through here and not hurt anybody.” More»

(NEWSER) - Cash for Clunkers revved into overdrive during its final weekend, the New York Times reports. After Thursday’s announcement that the Car Allowance Rebate System would end tomorrow at 8pm, consumers across the country raced to dealerships, resulting in long lines, epic haggling sessions, and hours of overtime work. “Everybody who was thinking about it is rushing through the door,” a salesman says. “The only problem is we’re running out of cars.” More»