GM Restructuring
As you may know by now, President Obama's administration asked GM CEO Rick Wagoner to step down, and has since been replaced by Fritz Henderson (previously the COO). This came at the advisory of Steven Rattner, the investment banker hired to lead the Treasury Department's auto-industry task force. President Obama said the success of GM's reinvention is vital to the company's existence as well as U.S. and global economies. GM will be addressing long-term viability and fulfilling its financial obligations to bond holders, unions, and stakeholders.
My condolences to those of you who fell victim to the April Fools' Day joke that Obama ordered GM and Chrysler out of NASCAR. There has been no word as to how this restructuring and cutting of expenditures will affect programs such as this--but if the American public doesn't start buying up Chevys, it won't take a presidential order to shut down these programs.
Coming on the heals of this announcement, came the GM Total Confidence plan--an unprecedented offer that VP Mark LaNeve says "reinvents the ownership experience." For the first 24 months of ownership, up to $500 a month in payment protection is offered to those who lose their job because of economic reasons. Vehicle Value Protection is offered halfway through the financing contract, protecting against the loss in retail value during trade-in due to the uncertainty of the used-car market. A 5-year, 100,000-mile powertrain warranty with roadside assistance offers the best coverage in the industry. Last but not least, OnStar assistance is standard, including Automatic Crash Response. Check out GMconfidence.com for more details.
Blast From The Past
As a special treat for our longtime readers who may remember Project Thunderchicken--former Editor Johnny Hunkins' screaming-yellow 396 LT1 Formula--we have an update from its current owner, Alan Forsyth. After eliminating some of the emissions equipment and trading the road-race suspension for a more dual-purpose setup, Alan has managed to shave a full second off the e.t. The naturally aspirated LT1 has now been 10.98 at 124 mph with Forsyth in the driver's seat. For stories on this exciting project car, go to www.primediabackissues.com or www.gmhightechperformance.com.
News?
Please send all news and corrections to: scott.parker@sorc.com, or mail to: GM High-Tech Performance, 9036 Brittany Way, Tampa, FL 33619.