17% of All Cadillac Dealers Decide to Take Buyout Offer, Rather Than Sell Electric Cars
About 150 out of 880 US Cadillac dealers decided against investing $200,000 in dealer upgrades that GM required ahead of launching Cadillac EVs
GM recently gave their 880 franchised Cadillac dealers an ultimatum - embrace the EV future or take a buyout offer to exit the brand. 17% of dealers decided it was time to say goodbye to Cadillac. However, it should also be noted many of those dealerships will still likely sell other GM brands, such as Chevy, Buick and GMC. GM corporate is asking its Cadillac dealers to spend about $200,000 on upgrades, including charging stations and repair tools, to get their stores ready for all-electric Cadillac models. GM’s flagship brand is set to sell its first EV model, Lyriq, starting in the Spring of 2022.
“I’m not 100% convinced electric cars will be the silver bullet everyone says they will be, but I do think they will become an important part of the business…We’re looking to get bigger and, hopefully, be around for the future.” - Minnesota Cadillac dealer Todd Snell
“It looks to me like to me this electric-vehicle market might be fixing to take off…So I decided I’m going to hang with Cadillac.” - South Carolina Cadillac dealer Claude Burns
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The TLCMKT Newsletter is written by Dawood Mian, Founder & CEO of TLCMKT. I cover the NYC ridesharing industry and related news. Search TLCMKT for TLC cars, parts, service, accessories, professional services, reviews & more. Find great deals at TLCMKT.COM.