EURODA Offers 500 million euros for Stake in GM

In an effort to plug the 300 million euro financing hole that is holding up GM Europe crisis talks with the German government and potential buyers Magna and Fiat, the company’s European dealer association “Euroda” has renewed its offer of a shareholding in a future Opel/Vauxhall corporation.

“As mid-sized dealers, we’re ready to play our part in saving Opel. That is why we’re once again calling upon the federal government to take our offer of 500 million euros seriously. This is a historic chance for the automotive industry to let dealers and manufacturers work together to take entrepreneurial responsibility in shaping the future of Opel,” says Jaap Timmer, president of Euroda.

On 15 May 2009 at their spring conference in Vienna, the dealers had issued a mandate to their association to make a competitive offer to the government of the Federal Republic of Germany and General Motors. The concept provides for the association members from 25 European countries to pay the amount of 150 per vehicle sold into an investment fund for a new Opel/Vauxhall company over a three-year time period. The association presumes that the investment would reach a total of up to 500 million euros.