Post by dgriffin on Apr 25, 2009 22:13:17 GMT -5
APRIL 25, 2009
Pontiac Headed for Junk Yard
Fabled Muscle-Car Brand Is Being Eliminated Amid GM's Cutbacks
General Motors Corp. is readying plans to ditch its fabled Pontiac, an 82-year-old division that last flourished selling sporty, muscle cars, people familiar with the matter said Friday.
During its heyday three decades ago, Pontiac was the launching ground for young auto designers and executives including John DeLorean. But its sales have tumbled 70% since their peak in 1978, and the unit in recent years has been a steady money loser.
GM has more than three months' supply of Pontiacs on dealer lots, according to Edmunds.com. Last month, the average Pontiac sold for 22% off the sticker price, compared with the industry average of 16%, Edmunds said.
GM spokesman Jim Hopson said no final decision on Pontiac's future has been made. But he said nothing is guaranteed. "Everything has been put under review," Mr. Hopson said.
online.wsj.com/article/SB124060030328753755.html