GM's Website Story: Die Wahrheit Ber Opel?
Folks, TTAC has serious competition. GM just issued a press statement, headlined “GM and Opel Launch Website to Support Fact-Based Discussion.” (As opposed to what? Faith-based?) The lead-in of the statement isn’t really conducive to getting to the main part, but in the interest of fact-based reporting, here it is: “The current need for bridge-financing for GM’s European operations is rooted in a catastrophic economic crisis, the worst of its kind in more than 70 years. Given the significance of the situation politically and for society, it’s only natural that rumor, speculation and urban myths should begin to circulate at this time. In addition to informed reporting based on fact there is also misinformation and repetition of statements that are clearly not based on fact.” Still with us?
Amazing. Now while you are still around, let us tell you that the purportedly fact-based website is called gmeuropefactsandfiction.com. According to the blurb, “the site is a resource for the media, for bloggers and anyone who reports our news. It is also for employees, suppliers, dealers and anyone who has an interest in our business in Europe.” The site is also a one-way street. You may read. But, no, bad boy, you may not leave a comment. GM has obviously learned from Chrysler’s “Thank you America” disaster that blew up in their face.
Just imagine what kind of comments that little tidbit would get:
“Fiction: GM sold or used as collateral Opel patents (intellectual property) as part of the U.S. loan agreements.”
“Fact: GM has made no disclosures about which of its assets it has provided as collateral in the U.S. loan agreements.”
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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March 31, 2009 is only 3 weeks and 4 days away... Tick tick tick tick tick..... I suspect that the local GM stealerships are going to be offering some hellacious deals on or about April fools day. Or close permanently. Interestingly, the local Chevrolet dealer decided to buy a very rural Chrysler store about 20 miles away, and the 2nd dealership was about 5 miles from the major town where I work, and it was a Suzuki store. The Chevy store also has a big Kia franchise in town, and immediately the papers were signed, shazaaam! The Suzuki store was emptied of cars, shuttered and closed completely down. I drove by on a Sunday after church, did a double take (the cars had been there Friday on the way home from work). Went by and peeked in - there were plants awaiting watering they'd never get; "deals" (paperwork) on desks; brochures in their racks.... but no cars. Not new, or used. Now I wonder if this same dealer is only going to have Kias (and Hondas) to sell in future... maybe he'll wish he hadn't turned away Suzuki...
Is anyone else sick of the term "bridge loan?" Sort of like "crossover," it seems just as vague and cynical and made-up as it actually is. Do they really think we don't know it's a bailout? Contrary to the popular belief about the housing bailout, it's only a loan if you pay it back.
@menno Don't be so sure about March the 31st. Remember, the "car czar" can allow a one month extension. I'm actually looking forward to Vauxhall/Opel imploding. Naturally, I feel for all those people who'll lose their jobs, but quite frankly, I'm bored of this whole "financial meltdown". No-one big has gone down. Something like Vauxhall/Opel going down would make life a bit more interesting. What would also be interesting is seeing what makes would benefit from the elimination of Vauxhall/Opel. My money is on Ford.....unfortunately. One myth they could blow on their "facts and fiction" website is the "we have more 30mpg cars than any other make". Only because they have so many models! When you work it out over a percentage over a line up, GM come off pretty poor! But why am I shocked? GM? Manipulating figures? Don't worry, Katie. It's just Chinatown.......