Senate committee to hear from GM, Chrysler executives on dealer closings

September 24th, 2009 Treasury IG to review GM, Chrysler dealer closingsWASHINGTON — The inspector general for the Treasury Department's $700 billion bailout fund said Thursday that he will review the decisions of General Motors and Chrysler to close a large portion of their auto dealerships as part of their restructuring plans. Neal Barofsky told the Senate Banking, Housing and Urban Affairs Committee that he will audit the process the two automakers used when they decided to significantly shrink their base of dealerships earlier this year.

July 22nd, 2009 GM, Chrysler defend dealer cutsWASHINGTON — General Motors and Chrysler defended their plans Wednesday to eliminate about 3,000 dealerships, calling it a vital piece of their strategy to rebound from government-led bankruptcies. "This is a painful process that spares no particular group," Michael Robinson, General Motors Co.'s vice president and general counsel, said to critics in Congress.

July 21st, 2009 Obama auto task force warns against dealer planWASHINGTON — The Obama administration urged Congress Tuesday not to intervene in the closings of hundreds of General Motors and Chrysler dealerships, warning it could undermine the automakers' ability to rebound. Ron Bloom, the leader of the White House's auto task force, told a House Judiciary subcommittee that a plan approved by the House to restore dealerships would set a "dangerous precedent" and could jeopardize the taxpayers' recovery of billions in federal aid to GM and Chrysler as they emerge from bankruptcy.

July 17th, 2009 House committee wants GM, Chrysler documentsWASHINGTON — A House committee asked the Obama administration Friday to release documents on the federal bailouts of General Motors Co. and Chrysler Group LLC, seeking more details on decisions that led to the auto industry bankruptcies.

June 30th, 2009 Chrysler Financial to cut 9 percent of workforceDETROIT — Chrysler's former financial arm says it will reduce its workforce by 9 percent as it restructures and closes a customer service center in Overland Park, Kansas. Chrysler Financial, a company separate from Chrysler Group, says the moves come as it no longer serves as the automaker's preferred lender for financing Chrysler vehicle purchases and dealer inventories.

June 22nd, 2009 Chrysler dealer appeals franchise terminationsNEW YORK — A pair of former Chrysler LLC dealerships are appealing a bankruptcy judge's order terminating their franchises and those of more than 700 others. Tarbox Motors and Tarbox Chrysler Jeep filed a notice of appeal on Friday, saying that they were appealing the decision to U.S.

June 12th, 2009 GM, Chrysler executives defend dealership closingsWASHINGTON — Under withering criticism in Congress, General Motors and Chrysler executives on Friday called the closings of hundreds of dealerships painful steps needed to right-size the auto giants. Down-on-their luck dealers said the moves would needlessly devastate their local economies and livelihoods.

June 11th, 2009 Dealer shutdowns mean extra towing for some ownersDETROIT — There are 789 fewer Chrysler dealers this week. And by the end of next year, there will be 1,100 fewer General Motors dealers.

June 8th, 2009 Senate panel to question Obama auto task forceWASHINGTON — A Senate committee plans to question two members of the White House's auto task force about using taxpayer money to restructure General Motors and Chrysler. The Senate Banking Committee will hear from Ron Bloom, a senior adviser to the auto task force, and Edward Montgomery, who serves as the Obama administration's director of recovery for auto communities and workers.

June 4th, 2009 Government-led carmaker bankruptcies face skepticsWASHINGTON — Government-led bankruptcies of General Motors and Chrysler are drawing opposition in Congress, where bailout-weary lawmakers want explanations for the billions in more federal aid and the planned shuttering of hundreds of car dealerships. A group of Republicans wants to give Congress veto power over the expenditure of any bailout money by the government to buy a stake in a company.

June 3rd, 2009 GM, Chrysler say slashing dealerships necessaryWASHINGTON — Partners no more, bankrupt automakers and small-town car dealers who are being stripped of their livelihood brought the anguish of their sinking fortunes into the halls of Congress on Wednesday and sparred over the companies' plans to slash franchises nationwide. "This is our last chance to get it right," General Motors Corp.

June 3rd, 2009 Motion to terminate dealer franchises postponedNEW YORK — A hearing on Chrysler's request to terminate the franchises of 789 of its dealers has been pushed back by a day. U.S. Judge Arthur Gonzalez will hear arguments Thursday on the Auburn Hills, Mich.-based automaker's motion to eliminate the franchises.

June 3rd, 2009 Senate reviews closing of GM, Chrysler dealershipsWASHINGTON — Top executives from General Motors and Chrysler face tough questions from lawmakers about sweeping plans to close hundreds of car dealerships as the auto companies undergo government-led bankruptcies. The executives will appear before a Senate committee Wednesday to talk about their dealership plans.

June 3rd, 2009 Judge to rule on termination of franchisesNEW YORK — A bankruptcy judge is getting ready to decide whether Chrysler can terminate the franchise agreements of 789 of its dealers. U.S. Judge Arthur Gonzalez is expected to hear testimony Wednesday from Chrysler executives and dealers.

May 2nd, 2009 Chrysler Financial to suspend dealer financingFARMINGTON, Mich. — Chrysler Financial says it's temporarily suspending financing for Chrysler dealers effective immediately.