Word: pontiac
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...peace) Ford Torino (it too), finally came the day when you wiped your hands of automotive grease and traded in the wrenches for your first new set of wheels and breathed in its intoxicating new-car smell. Having grown up in the backseat of my father's 1957 Pontiac, I had little doubt that my first new car, too, would proudly sport the arrowhead marque...
...Pontiac brand retired on Monday by General Motors was born as the Oakland Car Co. in Pontiac, Mich., in 1907. GM acquired the company two years later. Its 1926 Pontiac model was so popular that the GM division changed the Oakland name in favor of that of the 18th century Ottawa Indian chief. And its GTOs, Firebirds and Bonnevilles were among the leaders of the pack of 1960s muscle cars. (See the 50 worst cars of all time...
...Unfortunately, my first new car - a 1979 Pontiac Sunbird - was an unfitting $5,300 homage to the old warrior. It was a lemon, a cut-rate and an ill-aimed stab at beating the Japanese competition in the growing market for smaller cars spawned by rising fuel prices. None of the Pontiac heritage had rubbed off on the Sunbird. After the car saw several years of gentle driving, mostly by my wife, an interior door handle popped off. The fan knob went kaput, and the radio played only intermittently. The final indignity was when the hood release broke, making...
...also struggles to avoid bankruptcy and meet a June 1 deadline from the government for restructuring its operations. In its Monday announcement, GM said that by 2010 it intends to close 13 car plants, eliminate 21,000 jobs, reduce its dealer network by 42%, and eliminate the Pontiac brand. It also announced that it has reached an agreement with the U.S. Treasury to convert 50% of the outstanding government loans to the company - or about $5 billon - into GM stock. As a result of this swap, the U.S government would become the majority shareholder of GM. The automaker also said...
...Should GM go into bankruptcy, the plan would involve forming one company around bad assets, such as Hummer and Saturn, and dumping the retiree health-care liabilities into it. That company could be sold off or wound down. A second company would comprise the better performing Chevrolet, Buick, Cadillac, Pontiac and GMC brands. That ongoing firm could be partly owned by the bondholders, the UAW and other creditors...