Government Motors reports sales decline 25% from August 2009 when the “Cash for Clunkers” program was in full swing.
U.S. auto sales were likely the slowest in 28 years with closeout sales, failing to entice buyers into the showrooms.
Last month I wrote here that GM hoped to raise $16 Billion Dollars according to an IPO filing with the Securities & Exchange Commission.
In April, Government Motors were running false and misleading ads claiming to have paid taxpayers back the Billions of Dollars they owed when in-fact, GM merely returned $4.7 Billion Dollars of taxpayers money to the Treasury by dipping into a separate pot of bailout money provided to the ailing automaker through the TARP program.
More here from Bloomberg/Business Week
