BUSINESS

Buick to Buy Up EV Holdouts

September 5, 2022

GM is serious about its all-electric future, and they’re willing to buy out any Buick dealers who aren’t fully on-board.

Franchise car dealers all across America will have to invest pretty heavily in order to sell and service the coming wave of electric vehicles. From training technicians and sales staff to buying special tools and installing enough charging stations to make sure customers’ cars are ready to drive off the lot, the costs can add up to some pretty hefty numbers – and some Buick dealers aren’t ready to commit that kind of money to stay relevant.

For those dealers that aren’t feeling the electric future, GM has an offer: let GM buy you out.

That offer was reportedly made last Friday afternoon by Duncan Aldred, VP of global Buick and GMC, who held a virtual meeting with Buick dealers to outline GM’s plan for the struggling car brand, according to two dealers who spoke with the Detroit Free Press (GM spokesperson, Michelle Malcho later confirmed those reports).

The next ninety days will be critical for Buick franchisees, as it seems like they’ll all be getting a quote from GM to sell back their stores. In the first 30 of those days, all Buick dealer principals will be asked to sign a nondisclosure agreement prohibiting them from discussing any offer they receive. In the next 30, they’ll receive GM’s buyout offer, and get 30 days to decide whether to keep plugging along (Ha!), or take the money and run.

“Not everyone necessarily wants to make that journey,” said Aldred. “Depending on where they’re located or the level of expenditure that the transition will demand … if they want to exit the Buick franchise, then we will give them monetary assistance to do so.”

You can watch a video presentation from Buick outlining its electric vision, below, then let us know what you think of GM’s plans to buy out the nay-sayers in the comments section at the bottom of the page.